328,565 Shares in Corcept Therapeutics Incorporated $CORT Purchased by Bank of America Corp DE

Key Points

• Bank of America purchased 328,565 Corcept Therapeutics shares during the second quarter, valued at approximately $28.6 million and representing about 0.30% of the company.
• Institutional investors and hedge funds own 93.61% of Corcept, with BlackRock initiating a stake worth roughly $1.08 billion and First Trust increasing its holdings by 213.5%.
• Corcept reported quarterly earnings of $0.36 per share and revenue of $256.15 million, surpassing estimates and increasing revenue 31.7% year over year. Analysts maintain a “Moderate Buy” consensus with an average price target of $138.17.

Bank of America Corp DE purchased a new position in Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 328,565 shares of the biotechnology company's stock, valued at approximately $28,569,000. Bank of America Corp DE owned approximately 0.30% of Corcept Therapeutics at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. BlackRock Inc. bought a new stake in Corcept Therapeutics during the second quarter worth approximately $1,080,964,000. First Trust Advisors LP boosted its stake in shares of Corcept Therapeutics by 213.5% during the 1st quarter. First Trust Advisors LP now owns 2,173,376 shares of the biotechnology company's stock worth $87,609,000 after acquiring an additional 1,480,059 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Corcept Therapeutics by 38.0% in the 4th quarter. Geode Capital Management LLC now owns 2,668,918 shares of the biotechnology company's stock worth $92,892,000 after acquiring an additional 734,646 shares during the last quarter. Norges Bank acquired a new position in shares of Corcept Therapeutics in the 4th quarter worth $24,213,000. Finally, Bank of New York Mellon Corp acquired a new position in shares of Corcept Therapeutics in the 2nd quarter worth $49,185,000. 93.61% of the stock is owned by institutional investors and hedge funds.

Corcept Therapeutics Stock Up 3.3%

CORT stock opened at $117.50 on Wednesday. The company has a 50 day moving average of $109.65 and a two-hundred day moving average of $76.61. The company has a market cap of $12.70 billion, a price-to-earnings ratio of 279.77 and a beta of 0.45. Corcept Therapeutics Incorporated has a 12-month low of $28.66 and a 12-month high of $126.38.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last posted its quarterly earnings results on Wednesday, July 29th. The biotechnology company reported $0.36 earnings per share for the quarter, topping analysts' consensus estimates of $0.02 by $0.34. Corcept Therapeutics had a net margin of 6.52% and a return on equity of 8.26%. The business had revenue of $256.15 million for the quarter, compared to the consensus estimate of $221.15 million. During the same period in the prior year, the business posted $0.29 earnings per share. Corcept Therapeutics's revenue for the quarter was up 31.7% compared to the same quarter last year. On average, research analysts anticipate that Corcept Therapeutics Incorporated will post 1.86 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on CORT shares. Wall Street Zen upgraded Corcept Therapeutics from a "hold" rating to a "strong-buy" rating in a research report on Saturday, August 1st. Wolfe Research downgraded Corcept Therapeutics from a "peer perform" rating to an "underperform" rating and set a $50.00 price objective on the stock. in a report on Monday, July 27th. Canaccord Genuity Group upped their price objective on shares of Corcept Therapeutics from $135.00 to $150.00 and gave the company a "buy" rating in a research note on Wednesday, July 29th. HC Wainwright reaffirmed a "buy" rating and set a $165.00 price objective on shares of Corcept Therapeutics in a research note on Friday, September 18th. Finally, Weiss Ratings cut shares of Corcept Therapeutics from a "hold (c)" rating to a "hold (c-)" rating in a report on Tuesday, September 8th. Five analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $138.17.

Insiders Place Their Bets

In related news, insider Joseph Lyon sold 10,000 shares of the firm's stock in a transaction that occurred on Monday, September 14th. The shares were sold at an average price of $113.49, for a total transaction of $1,134,900.00. Following the transaction, the insider owned 5,683 shares of the company's stock, valued at approximately $644,963.67. This trade represents a 63.76% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Sean Maduck sold 25,000 shares of Corcept Therapeutics stock in a transaction that occurred on Tuesday, September 1st. The shares were sold at an average price of $114.43, for a total transaction of $2,860,750.00. Following the completion of the sale, the insider owned 9,755 shares of the company's stock, valued at $1,116,264.65. This trade represents a 71.93% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 446,415 shares of company stock worth $50,674,595 in the last quarter. Corporate insiders own 20.70% of the company's stock.

Corcept Therapeutics Profile

Corcept Therapeutics Incorporated is a biopharmaceutical company focused on discovering and developing medicines that modulate the effects of the stress hormone cortisol. The company's research centers on the glucocorticoid receptor, which regulates cortisol activity and may play a role in metabolic, psychiatric, oncologic and other serious diseases.

Corcept's commercial product is Korlym (mifepristone), an oral glucocorticoid receptor antagonist approved in the United States to control hyperglycemia secondary to endogenous Cushing's syndrome in adults with type 2 diabetes or glucose intolerance who are not candidates for surgery or have not responded adequately to surgery.

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