Bayesian Capital Management LP Buys New Stake in Corcept Therapeutics Incorporated (NASDAQ:CORT)

Bayesian Capital Management LP acquired a new stake in Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 6,087 shares of the biotechnology company's stock, valued at approximately $307,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Black Diamond Financial LLC boosted its holdings in Corcept Therapeutics by 4.0% in the 4th quarter. Black Diamond Financial LLC now owns 5,200 shares of the biotechnology company's stock valued at $262,000 after purchasing an additional 200 shares in the last quarter. Quadrant Capital Group LLC lifted its holdings in shares of Corcept Therapeutics by 9.5% in the 4th quarter. Quadrant Capital Group LLC now owns 2,969 shares of the biotechnology company's stock valued at $150,000 after buying an additional 257 shares during the period. Summit Investment Advisors Inc. boosted its stake in shares of Corcept Therapeutics by 3.3% in the fourth quarter. Summit Investment Advisors Inc. now owns 8,459 shares of the biotechnology company's stock valued at $426,000 after buying an additional 268 shares in the last quarter. Arizona State Retirement System grew its holdings in Corcept Therapeutics by 1.1% during the fourth quarter. Arizona State Retirement System now owns 27,270 shares of the biotechnology company's stock worth $1,374,000 after acquiring an additional 289 shares during the period. Finally, Illinois Municipal Retirement Fund raised its position in Corcept Therapeutics by 0.8% in the fourth quarter. Illinois Municipal Retirement Fund now owns 47,527 shares of the biotechnology company's stock worth $2,395,000 after acquiring an additional 368 shares in the last quarter. 93.61% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the stock. HC Wainwright lowered their price target on shares of Corcept Therapeutics from $150.00 to $145.00 and set a "buy" rating on the stock in a research note on Tuesday, May 6th. StockNews.com raised Corcept Therapeutics from a "hold" rating to a "buy" rating in a research note on Tuesday, May 6th. Truist Financial set a $135.00 price objective on Corcept Therapeutics in a research note on Tuesday, May 6th. Canaccord Genuity Group boosted their target price on Corcept Therapeutics from $130.00 to $142.00 and gave the stock a "buy" rating in a research report on Tuesday, April 1st. Finally, Piper Sandler upped their target price on Corcept Therapeutics from $128.00 to $131.00 and gave the company an "overweight" rating in a report on Thursday, April 3rd. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Corcept Therapeutics currently has an average rating of "Buy" and a consensus price target of $138.25.

Insider Buying and Selling

In other Corcept Therapeutics news, insider Sean Maduck sold 18,303 shares of the stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $60.69, for a total transaction of $1,110,809.07. Following the transaction, the insider now owns 85,622 shares of the company's stock, valued at $5,196,399.18. This represents a 17.61% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, insider William Guyer sold 7,060 shares of Corcept Therapeutics stock in a transaction on Tuesday, May 6th. The shares were sold at an average price of $74.31, for a total value of $524,628.60. Following the completion of the sale, the insider now directly owns 5,487 shares of the company's stock, valued at approximately $407,738.97. This represents a 56.27% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 234,538 shares of company stock worth $20,326,462. 20.80% of the stock is owned by insiders.

Corcept Therapeutics Price Performance

Corcept Therapeutics stock traded up $2.14 during mid-day trading on Monday, hitting $72.37. 728,482 shares of the company were exchanged, compared to its average volume of 1,122,003. Corcept Therapeutics Incorporated has a 12-month low of $26.87 and a 12-month high of $117.33. The company has a market capitalization of $7.67 billion, a P/E ratio of 57.43 and a beta of 0.22. The business's 50 day simple moving average is $66.86 and its two-hundred day simple moving average is $60.97. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.70 and a quick ratio of 3.64.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last posted its quarterly earnings data on Monday, May 5th. The biotechnology company reported $0.17 EPS for the quarter, hitting analysts' consensus estimates of $0.17. Corcept Therapeutics had a return on equity of 24.54% and a net margin of 22.35%. The firm had revenue of $157.21 million during the quarter, compared to analysts' expectations of $177.93 million. During the same quarter last year, the business posted $0.25 EPS. The firm's quarterly revenue was up 7.1% compared to the same quarter last year. Analysts forecast that Corcept Therapeutics Incorporated will post 1.36 earnings per share for the current fiscal year.

Corcept Therapeutics Company Profile

Corcept Therapeutics Incorporated engages in discovery and development of drugs for the treatment of severe endocrinologic, oncologic, metabolic, and neurologic disorders in the United States. It offers Korlym tablets medication for the treatment of hyperglycemia secondary to hypercortisolism in adult patients with endogenous cushing's syndrome; and who have type 2 diabetes mellitus or glucose intolerance and have failed surgery or are not candidates for surgery.