American Century Companies Inc. Boosts Stock Position in Corcept Therapeutics Incorporated $CORT

Key Points

• American Century Companies Inc. has increased its stake in Corcept Therapeutics by 15.7%, owning 114,362 shares worth approximately $13.06 million after purchasing an additional 15,494 shares in the first quarter.
• Corcept Therapeutics has seen significant interest from institutional investors, with 93.61% of its stock now held by hedge funds and other institutions.
• Despite a mixed reaction from analysts, Corcept has an average rating of "Buy" and the consensus target price has been set at $134.50.

American Century Companies Inc. grew its stake in Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) by 15.7% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 114,362 shares of the biotechnology company's stock after acquiring an additional 15,494 shares during the quarter. American Century Companies Inc. owned about 0.11% of Corcept Therapeutics worth $13,062,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Canada Pension Plan Investment Board acquired a new position in Corcept Therapeutics in the fourth quarter valued at about $40,000. Gen Wealth Partners Inc acquired a new position in Corcept Therapeutics in the fourth quarter valued at about $67,000. MassMutual Private Wealth & Trust FSB boosted its position in shares of Corcept Therapeutics by 102.0% during 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 period. Covestor Ltd boosted its position in shares of Corcept Therapeutics by 1,741.2% during the first quarter. Covestor Ltd now owns 626 shares of the biotechnology company's stock worth $72,000 after buying an additional 592 shares during the period. Finally, IFP Advisors Inc boosted its position in shares of Corcept Therapeutics by 1,150.8% during the first quarter. IFP Advisors Inc now owns 738 shares of the biotechnology company's stock worth $84,000 after buying an additional 679 shares during the period. 93.61% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. Canaccord Genuity Group decreased their target price on Corcept Therapeutics from $142.00 to $137.00 and set a "buy" rating on the stock in a research note on Friday, August 1st. Truist Financial set a $135.00 target price on Corcept Therapeutics in a research note on Tuesday, May 6th. Wall Street Zen cut shares of Corcept Therapeutics from a "buy" rating to a "hold" rating in a report on Wednesday, May 14th. HC Wainwright dropped their price objective on shares of Corcept Therapeutics from $150.00 to $145.00 and set a "buy" rating for the company in a report on Tuesday, May 6th. Finally, Piper Sandler dropped their price objective on shares of Corcept Therapeutics from $131.00 to $121.00 and set an "overweight" rating for the company in a report on Friday, August 1st. Five analysts have rated the stock with a Buy rating, According to data from MarketBeat, Corcept Therapeutics presently has an average rating of "Buy" and a consensus target price of $134.50.

Insider Buying and Selling

In other Corcept Therapeutics news, Director Daniel N. Swisher, Jr. sold 2,200 shares of the firm's stock in a transaction on Monday, August 11th. The stock was sold at an average price of $72.30, for a total value of $159,060.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Joseph K. Belanoff sold 40,000 shares of Corcept Therapeutics stock in a transaction on Friday, August 1st. The stock was sold at an average price of $68.53, for a total transaction of $2,741,200.00. Following the sale, the chief executive officer 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. Insiders sold 222,215 shares of company stock valued at $16,311,201 over the last 90 days. 20.50% of the stock is currently owned by corporate insiders.

Corcept Therapeutics Stock Performance

CORT stock traded up $0.14 during mid-day trading on Friday, reaching $69.72. The company had a trading volume of 397,600 shares, compared to its average volume of 705,366. The company has a market capitalization of $7.35 billion, a price-to-earnings ratio of 61.70 and a beta of 0.29. The firm has a fifty day simple moving average of $71.00 and a 200 day simple moving average of $69.44. Corcept Therapeutics Incorporated has a fifty-two week low of $33.34 and a fifty-two week high of $117.33.

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