58,081 Shares in Corcept Therapeutics Incorporated $CORT Bought by Jefferies Financial Group Inc.

Key Points

• Jefferies Financial Group opened a new position in Corcept Therapeutics, buying 58,081 shares valued at about $2.0 million in the fourth quarter.
• Analyst sentiment has improved: UBS upgraded the stock to buy and lifted its price target to $72, while Canaccord Genuity raised its target to $110. The consensus rating is now Moderate Buy with an average target price of $70.83.
• Corcept reported weaker-than-expected Q1 results, with EPS of -$0.30 versus estimates of -$0.11 and revenue of $164.9 million versus expectations of $185.83 million. Despite that, the stock was trading at $66.65, near its recent highs.

Jefferies Financial Group Inc. bought a new position in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 58,081 shares of the biotechnology company's stock, valued at approximately $2,021,000. Jefferies Financial Group Inc. owned about 0.06% of Corcept Therapeutics at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in CORT. JPMorgan Chase & Co. boosted its position in Corcept Therapeutics by 223.4% during the third quarter. JPMorgan Chase & Co. now owns 849,864 shares of the biotechnology company's stock worth $70,632,000 after purchasing an additional 587,053 shares during the period. Brown Capital Management LLC bought a new position in Corcept Therapeutics during the third quarter worth $19,950,000. Allspring Global Investments Holdings LLC boosted its position in Corcept Therapeutics by 111.8% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 507,967 shares of the biotechnology company's stock worth $19,404,000 after purchasing an additional 268,155 shares during the period. First Trust Advisors LP boosted its position in Corcept Therapeutics by 34.1% during the third quarter. First Trust Advisors LP now owns 720,224 shares of the biotechnology company's stock worth $59,858,000 after purchasing an additional 183,038 shares during the period. Finally, Public Sector Pension Investment Board boosted its position in Corcept Therapeutics by 13.7% during the third quarter. Public Sector Pension Investment Board now owns 365,838 shares of the biotechnology company's stock worth $30,405,000 after purchasing an additional 44,070 shares during the period. 93.61% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. UBS Group raised shares of Corcept Therapeutics from a "neutral" rating to a "buy" rating and lifted their price objective for the stock from $44.00 to $72.00 in a research report on Wednesday, May 13th. Zacks Research raised shares of Corcept Therapeutics from a "strong sell" rating to a "hold" rating in a research report on Monday, May 4th. Wolfe Research raised shares of Corcept Therapeutics from an "underperform" rating to a "peer perform" rating in a research report on Thursday, March 26th. Truist Financial raised shares of Corcept Therapeutics to a "strong-buy" rating in a research report on Wednesday, March 25th. Finally, Canaccord Genuity Group boosted their target price on shares of Corcept Therapeutics from $100.00 to $110.00 and gave the company a "buy" rating in a research report on Thursday, March 26th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $70.83.

Insider Activity at Corcept Therapeutics

In related news, insider William Guyer sold 20,000 shares of the business's stock in a transaction dated Tuesday, May 5th. The stock was sold at an average price of $51.83, for a total value of $1,036,600.00. Following the completion of the transaction, the insider owned 2,231 shares of the company's stock, valued at $115,632.73. The trade was a 89.96% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director G Leonard Baker, Jr. purchased 100,000 shares of the company's stock in a transaction that occurred on Tuesday, March 17th. The stock was bought at an average cost of $33.14 per share, with a total value of $3,314,000.00. Following the purchase, the director owned 1,146,631 shares of the company's stock, valued at $37,999,351.34. This represents a 9.55% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders sold a total of 86,198 shares of company stock valued at $3,887,769 over the last quarter. 20.70% of the stock is owned by corporate insiders.

Corcept Therapeutics Stock Performance

Shares of Corcept Therapeutics stock opened at $66.65 on Thursday. The firm has a 50-day moving average of $46.60 and a 200-day moving average of $52.22. The stock has a market cap of $7.15 billion, a PE ratio of 190.43 and a beta of 0.36. Corcept Therapeutics Incorporated has a 52-week low of $28.66 and a 52-week high of $91.00.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last announced its earnings results on Thursday, April 30th. The biotechnology company reported ($0.30) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.11) by ($0.19). The business had revenue of $164.90 million during the quarter, compared to the consensus estimate of $185.83 million. Corcept Therapeutics had a net margin of 6.14% and a return on equity of 7.40%. The company's revenue was up 4.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.17 EPS. Equities research analysts predict that Corcept Therapeutics Incorporated will post 0.52 earnings per share for the current fiscal year.

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.

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