OP Asset Management Ltd Takes $318,000 Position in Corcept Therapeutics Incorporated $CORT

OP Asset Management Ltd bought a new stake in Corcept Therapeutics Incorporated (NASDAQ:CORT) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 7,893 shares of the biotechnology company’s stock, valued at approximately $318,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Royal Bank of Canada grew its stake in Corcept Therapeutics by 18.9% in the first quarter. Royal Bank of Canada now owns 15,385 shares of the biotechnology company’s stock valued at $1,757,000 after purchasing an additional 2,444 shares in the last quarter. Amundi bought a new position in shares of Corcept Therapeutics in the first quarter valued at $450,000. NewEdge Advisors LLC bought a new position in shares of Corcept Therapeutics in the first quarter valued at $518,000. EverSource Wealth Advisors LLC increased its holdings in Corcept Therapeutics by 273.3% during the second quarter. EverSource Wealth Advisors LLC now owns 1,441 shares of the biotechnology company’s stock worth $106,000 after buying an additional 1,055 shares during the last quarter. Finally, Marshall Wace LLP increased its holdings in Corcept Therapeutics by 795.3% during the second quarter. Marshall Wace LLP now owns 46,200 shares of the biotechnology company’s stock worth $3,391,000 after buying an additional 41,040 shares during the last quarter. Institutional investors own 93.61% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the stock. Wolfe Research upgraded shares of Corcept Therapeutics from an “underperform” rating to a “peer perform” rating in a research note on Thursday, March 26th. Truist Financial raised shares of Corcept Therapeutics to a “strong-buy” rating in a report on Monday, June 15th. Canaccord Genuity Group raised their target price on shares of Corcept Therapeutics from $110.00 to $135.00 and gave the company a “buy” rating in a research note on Thursday, May 28th. Zacks Research upgraded Corcept Therapeutics from a “strong sell” rating to a “hold” rating in a report on Monday, May 4th. Finally, Weiss Ratings reissued a “hold (c-)” rating on shares of Corcept Therapeutics in a research report on Wednesday, June 24th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $88.83.

Corcept Therapeutics Price Performance

Shares of Corcept Therapeutics stock opened at $86.95 on Wednesday. The business has a fifty day simple moving average of $65.34 and a two-hundred day simple moving average of $52.15. Corcept Therapeutics Incorporated has a 1 year low of $28.66 and a 1 year high of $91.00. The company has a market capitalization of $9.33 billion, a price-to-earnings ratio of 248.44 and a beta of 0.50.

Corcept Therapeutics (NASDAQ:CORT) last released its quarterly earnings data on Thursday, April 30th. The biotechnology company reported ($0.30) EPS for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.19). Corcept Therapeutics had a return on equity of 7.40% and a net margin of 6.14%.The company had revenue of $164.90 million for the quarter, compared to the consensus estimate of $185.83 million. During the same period last year, the firm earned $0.17 earnings per share. The company’s revenue for the quarter was up 4.9% compared to the same quarter last year. As a group, equities analysts anticipate that Corcept Therapeutics Incorporated will post 0.53 earnings per share for the current fiscal year.

Insider Activity at Corcept Therapeutics

In other Corcept Therapeutics news, Director James N. Wilson sold 10,000 shares of the stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $83.20, for a total value of $832,000.00. Following the transaction, the director directly owned 1,094,543 shares of the company’s stock, valued at $91,065,977.60. This represents a 0.91% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Atabak Mokari sold 40,000 shares of the firm’s stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $81.15, for a total transaction of $3,246,000.00. Following the sale, the chief financial officer owned 16,130 shares of the company’s stock, valued at $1,308,949.50. This trade represents a 71.26% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 275,000 shares of company stock worth $18,836,100 in the last quarter. 20.70% of the stock is owned by corporate insiders.

Corcept Therapeutics Profile

Corcept Therapeutics is a clinical-stage biopharmaceutical company focused on discovering and developing drugs that modulate the effects of cortisol, a hormone implicated in a range of severe metabolic, oncologic and psychiatric disorders. The company’s scientific platform centers on selectively targeting the glucocorticoid receptor to counteract the harmful consequences of excess cortisol, a strategy designed to address diseases with significant unmet medical needs.

The company’s flagship marketed product, Korlym (mifepristone), is approved in the United States for the treatment of hyperglycemia secondary to Cushing’s syndrome in patients who have type 2 diabetes or glucose intolerance and are not candidates for surgery.