38,040 Shares in Corcept Therapeutics Incorporated $CORT Acquired by Algert Global LLC

Algert Global LLC purchased a new position in Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 38,040 shares of the biotechnology company's stock, valued at approximately $3,308,000.

Other hedge funds have also recently added to or reduced their stakes in the company. BlackRock Inc. acquired a new stake in Corcept Therapeutics in the 2nd quarter valued at $1,080,964,000. Parallel Advisors LLC raised its holdings in Corcept Therapeutics by 2.5% during the first quarter. Parallel Advisors LLC now owns 3,977,404 shares of the biotechnology company's stock worth $160,329,000 after buying an additional 96,763 shares during the last quarter. State Street Corp raised its holdings in Corcept Therapeutics by 0.5% during the fourth quarter. State Street Corp now owns 2,986,056 shares of the biotechnology company's stock worth $103,915,000 after buying an additional 15,656 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of Corcept Therapeutics by 38.0% in the fourth quarter. Geode Capital Management LLC now owns 2,668,918 shares of the biotechnology company's stock valued at $92,892,000 after buying an additional 734,646 shares in the last quarter. Finally, First Trust Advisors LP lifted its stake in shares of Corcept Therapeutics by 213.5% in the first quarter. First Trust Advisors LP now owns 2,173,376 shares of the biotechnology company's stock valued at $87,609,000 after buying an additional 1,480,059 shares in the last quarter. Institutional investors and hedge funds own 93.61% of the company's stock.

Insiders Place Their Bets

In other news, Director David L. Mahoney sold 103,606 shares of the company's stock in a transaction dated Tuesday, August 18th. The stock was sold at an average price of $118.25, for a total transaction of $12,251,409.50. Following the sale, the director directly owned 1,133,539 shares in the company, valued at $134,040,986.75. This represents a 8.37% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Kimberly Park sold 26,685 shares of the stock in a transaction dated Wednesday, August 26th. The stock was sold at an average price of $122.55, for a total transaction of $3,270,246.75. Following the completion of the sale, the director directly owned 30,000 shares in the company, valued at approximately $3,676,500. The trade was a 47.08% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 497,786 shares of company stock worth $50,817,090 over the last quarter. Insiders own 20.70% of the company's stock.

Corcept Therapeutics Stock Down 2.6%

NASDAQ CORT opened at $113.88 on Friday. The company has a market cap of $12.31 billion, a PE ratio of 271.15 and a beta of 0.45. Corcept Therapeutics Incorporated has a 52 week low of $28.66 and a 52 week high of $126.38. The firm's 50-day simple moving average is $101.17 and its two-hundred day simple moving average is $67.37.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last announced its quarterly earnings results on Wednesday, July 29th. The biotechnology company reported $0.36 EPS for the quarter, beating analysts' consensus estimates of $0.02 by $0.34. The company had revenue of $256.15 million for the quarter, compared to analysts' expectations of $221.15 million. Corcept Therapeutics had a net margin of 6.52% and a return on equity of 8.26%. Corcept Therapeutics's revenue was up 31.7% compared to the same quarter last year. During the same period in the prior year, the company posted $0.29 EPS. As a group, equities research analysts anticipate that Corcept Therapeutics Incorporated will post 1.77 EPS for the current year.

Analyst Upgrades and Downgrades

CORT has been the topic of a number of analyst reports. Truist Financial initiated coverage on shares of Corcept Therapeutics in a report on Tuesday, August 18th. They issued a "buy" rating and a $164.00 target price on the stock. Weiss Ratings upgraded Corcept Therapeutics from a "hold (c-)" rating to a "hold (c)" rating in a research note on Thursday, August 20th. Zacks Research raised Corcept Therapeutics from a "strong sell" rating to a "hold" rating in a report on Monday, May 4th. Piper Sandler reissued an "overweight" rating and issued a $165.00 price objective (up from $88.00) on shares of Corcept Therapeutics in a research note on Thursday, July 30th. Finally, Wall Street Zen upgraded Corcept Therapeutics from a "hold" rating to a "strong-buy" rating in a report on Saturday, August 1st. Five investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Corcept Therapeutics presently has an average rating of "Moderate Buy" and a consensus price target of $138.17.

Corcept Therapeutics Company 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.

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