Formidable Asset Management LLC Invests $892,000 in Corcept Therapeutics Incorporated (NASDAQ:CORT)

Formidable Asset Management LLC bought a new stake in Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 7,807 shares of the biotechnology company's stock, valued at approximately $892,000.

A number of other large investors also recently made changes to their positions in CORT. Canada Pension Plan Investment Board purchased a new stake in shares of Corcept Therapeutics during the fourth quarter worth $40,000. National Bank of Canada FI bought a new position in shares of Corcept Therapeutics during the 4th quarter valued at $42,000. Gen Wealth Partners Inc acquired a new position in Corcept Therapeutics during the fourth quarter worth $67,000. Harvest Fund Management Co. Ltd bought a new position in Corcept Therapeutics during the fourth quarter valued at about $69,000. Finally, MassMutual Private Wealth & Trust FSB lifted its position in shares of Corcept Therapeutics by 102.0% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 620 shares of the biotechnology company's stock worth $71,000 after buying an additional 313 shares during the last quarter. Institutional investors and hedge funds own 93.61% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the stock. HC Wainwright lowered their target price 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. Piper Sandler lifted their target price on Corcept Therapeutics from $128.00 to $131.00 and gave the stock an "overweight" rating in a research report on Thursday, April 3rd. Canaccord Genuity Group raised their price objective on Corcept Therapeutics from $130.00 to $142.00 and gave the stock a "buy" rating in a research report on Tuesday, April 1st. Wall Street Zen cut Corcept Therapeutics from a "buy" rating to a "hold" rating in a research report on Wednesday, May 14th. Finally, Truist Financial set a $135.00 target price on Corcept Therapeutics in a research report on Tuesday, May 6th. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, Corcept Therapeutics has an average rating of "Moderate Buy" and a consensus price target of $138.25.

Insider Activity at Corcept Therapeutics

In related news, insider Sean Maduck sold 26,554 shares of Corcept Therapeutics stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $72.23, for a total transaction of $1,917,995.42. Following the completion of the transaction, the insider owned 85,622 shares in the company, valued at approximately $6,184,477.06. This trade represents a 23.67% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Joseph Douglas Lyon sold 5,000 shares of the business's stock in a transaction that occurred on Monday, June 2nd. The stock was sold at an average price of $78.04, for a total value of $390,200.00. Following the transaction, the insider directly owned 9,009 shares in the company, valued at approximately $703,062.36. This trade represents a 35.69% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 225,233 shares of company stock worth $17,016,443. Corporate insiders own 20.80% of the company's stock.

Corcept Therapeutics Stock Down 3.1%

Shares of Corcept Therapeutics stock traded down $2.24 during trading on Friday, reaching $70.86. 563,090 shares of the company were exchanged, compared to its average volume of 1,186,997. Corcept Therapeutics Incorporated has a twelve month low of $32.33 and a twelve month high of $117.33. The business has a 50-day moving average price of $72.75 and a 200-day moving average price of $67.23. The firm has a market capitalization of $7.51 billion, a price-to-earnings ratio of 61.09 and a beta of 0.15.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last announced its quarterly earnings results on Monday, May 5th. The biotechnology company reported $0.17 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.17. The company had revenue of $157.21 million during the quarter, compared to the consensus estimate of $177.93 million. Corcept Therapeutics had a return on equity of 20.40% and a net margin of 19.33%. The company's revenue for the quarter was up 7.1% compared to the same quarter last year. During the same period in the prior year, the company earned $0.25 earnings per share. On average, equities research analysts forecast that Corcept Therapeutics Incorporated will post 1.36 EPS for the current fiscal year.

About Corcept Therapeutics

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.