Corcept Therapeutics Incorporated $CORT Shares Acquired by Acadian Asset Management LLC

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 grew its position in Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) by 45.4% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 166,490 shares of the biotechnology company's stock after buying an additional 52,000 shares during the quarter. Acadian Asset Management LLC owned 0.16% of Corcept Therapeutics worth $19,011,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Brooklyn Investment Group lifted its holdings in shares of Corcept Therapeutics by 99.5% in the 1st quarter. Brooklyn Investment Group now owns 373 shares of the biotechnology company's stock worth $43,000 after buying an additional 186 shares during the period. MassMutual Private Wealth & Trust FSB lifted its stake in shares of Corcept Therapeutics by 102.0% during 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 last quarter. Covestor Ltd lifted its stake in shares of Corcept Therapeutics by 1,741.2% during the 1st quarter. Covestor Ltd now owns 626 shares of the biotechnology company's stock worth $72,000 after purchasing an additional 592 shares during the last quarter. IFP Advisors Inc lifted its stake in shares of Corcept Therapeutics by 1,150.8% during the 1st quarter. IFP Advisors Inc now owns 738 shares of the biotechnology company's stock worth $84,000 after purchasing an additional 679 shares during the last quarter. Finally, Raiffeisen Bank International AG purchased a new stake in shares of Corcept Therapeutics during the 4th quarter worth $104,000. 93.61% of the stock is currently owned by hedge funds and other institutional investors.

Corcept Therapeutics Stock Performance

NASDAQ:CORT traded down $3.34 during mid-day trading on Monday, hitting $69.53. 698,142 shares of the company's stock traded hands, compared to its average volume of 1,261,457. The company has a fifty day moving average of $70.62 and a 200 day moving average of $69.76. Corcept Therapeutics Incorporated has a twelve month low of $37.82 and a twelve month high of $117.33. The company has a market capitalization of $7.33 billion, a P/E ratio of 61.53 and a beta of 0.29.

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

Analyst Ratings Changes

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

Insiders Place Their Bets

In related news, insider William Guyer sold 35,007 shares of the company's stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $71.77, for a total transaction of $2,512,452.39. Following the transaction, the insider directly owned 5,487 shares of the company's stock, valued at $393,801.99. This represents a 86.45% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Joseph K. Belanoff sold 40,000 shares of the company's stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $68.53, for a total value of $2,741,200.00. Following the transaction, the chief executive officer directly owned 2,861,370 shares in the company, valued at $196,089,686.10. This represents a 1.38% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 222,215 shares of company stock valued at $15,572,699. 20.80% of the stock is currently owned by corporate insiders.

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.