Acadian Asset Management LLC Purchases 52,000 Shares of Corcept Therapeutics Incorporated $CORT

Key Points

• Acadian Asset Management LLC increased its stake in Corcept Therapeutics by 45.4%, now owning 166,490 shares valued at approximately $19 million.
• Corcept Therapeutics reported a net margin of 18.51% and earnings of $0.29 per share in its latest quarterly earnings, surpassing expectations.
• Research analysts have a consensus buy rating on Corcept Therapeutics, with price targets ranging from $121 to $140 per share.

Acadian Asset Management LLC lifted its holdings in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) by 45.4% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 166,490 shares of the biotechnology company's stock after purchasing an additional 52,000 shares during the period. Acadian Asset Management LLC owned about 0.16% of Corcept Therapeutics worth $19,011,000 at the end of the most recent reporting period.

Several other institutional investors also recently added to or reduced their stakes in CORT. Brooklyn Investment Group boosted its stake in Corcept Therapeutics by 99.5% in the first quarter. Brooklyn Investment Group now owns 373 shares of the biotechnology company's stock valued at $43,000 after acquiring an additional 186 shares during the last quarter. MassMutual Private Wealth & Trust FSB raised its holdings in shares of Corcept Therapeutics by 102.0% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 620 shares of the biotechnology company's stock worth $71,000 after purchasing an additional 313 shares during the period. Covestor Ltd lifted its stake in Corcept Therapeutics by 1,741.2% in the first quarter. Covestor Ltd now owns 626 shares of the biotechnology company's stock valued at $72,000 after purchasing an additional 592 shares during the last quarter. IFP Advisors Inc grew its holdings in Corcept Therapeutics by 1,150.8% during the first quarter. IFP Advisors Inc now owns 738 shares of the biotechnology company's stock valued at $84,000 after purchasing an additional 679 shares during the period. Finally, Raiffeisen Bank International AG purchased a new stake in Corcept Therapeutics in the fourth quarter worth $104,000. Institutional investors own 93.61% of the company's stock.

Insider Activity

In other Corcept Therapeutics news, insider Sean Maduck sold 20,000 shares of the business's stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $70.49, for a total value of $1,409,800.00. Following the completion of the transaction, the insider owned 7,681 shares of the company's stock, valued at $541,433.69. The trade was a 72.25% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Joseph K. Belanoff sold 40,000 shares of the stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $70.53, for a total transaction of $2,821,200.00. Following the completion of the transaction, the chief executive officer directly owned 2,821,370 shares in the company, valued at $198,991,226.10. The trade was a 1.40% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 222,215 shares of company stock worth $15,572,699. Company insiders own 20.50% of the company's stock.

Corcept Therapeutics Stock Up 3.9%

NASDAQ:CORT traded up $2.77 during mid-day trading on Wednesday, hitting $74.09. 258,584 shares of the stock traded hands, compared to its average volume of 1,253,779. The business's 50-day moving average price is $70.72 and its 200 day moving average price is $69.84. The company has a market cap of $7.81 billion, a PE ratio of 65.72 and a beta of 0.29. Corcept Therapeutics Incorporated has a 12-month low of $40.15 and a 12-month high of $117.33.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last announced its quarterly earnings results on Thursday, July 31st. The biotechnology company reported $0.29 EPS for the quarter, beating the consensus estimate of $0.23 by $0.06. The firm had revenue of $194.43 million during the quarter, compared to the consensus estimate of $199.40 million. Corcept Therapeutics had a net margin of 18.51% and a return on equity of 20.10%. The business's quarterly revenue was up 18.7% compared to the same quarter last year. During the same period last year, the firm earned $0.32 EPS. Corcept Therapeutics has set its FY 2025 guidance at EPS. Analysts anticipate that Corcept Therapeutics Incorporated will post 1.36 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on CORT shares. Piper Sandler lowered their price objective on Corcept Therapeutics from $131.00 to $121.00 and set an "overweight" rating on the stock in a research note on Friday, August 1st. Canaccord Genuity Group upped their price target on shares of Corcept Therapeutics from $137.00 to $140.00 and gave the company a "buy" rating in a research note on Wednesday, September 10th. Five equities research analysts have rated the stock with a Buy rating, According to MarketBeat, Corcept Therapeutics has a consensus rating of "Buy" and an average price target of $135.25.

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.