Amundi Acquires New Shares in Corcept Therapeutics Incorporated $CORT

Key Points

• Amundi acquired 11,392 shares of Corcept Therapeutics in the first quarter, worth approximately $459,000. Institutional investors collectively own 93.61% of the company.
• Company insiders sold 385,545 shares worth $33.15 million over the past 90 days, including substantial sales by an insider and the CFO; insiders retain 20.70% ownership.
• Corcept reported quarterly EPS of $0.36, beating estimates of $0.02, while revenue rose 31.7% year over year to $256.15 million. Analysts’ consensus rating is “Moderate Buy,” with an average price target of $119.17.

Amundi acquired a new position in Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm acquired 11,392 shares of the biotechnology company's stock, valued at approximately $459,000.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Advisory Services Network LLC bought a new position in Corcept Therapeutics during the third quarter valued at approximately $25,000. Larson Financial Group LLC grew its position in Corcept Therapeutics by 2,326.3% in the 3rd quarter. Larson Financial Group LLC now owns 461 shares of the biotechnology company's stock worth $38,000 after purchasing an additional 442 shares during the period. Gould Capital LLC grew its position in Corcept Therapeutics by 50.0% in the 3rd quarter. Gould Capital LLC now owns 600 shares of the biotechnology company's stock worth $50,000 after purchasing an additional 200 shares during the period. Torren Management LLC purchased a new stake in Corcept Therapeutics during the 4th quarter valued at $25,000. Finally, CIBC Private Wealth Group LLC raised its stake in Corcept Therapeutics by 128.5% during the 3rd quarter. CIBC Private Wealth Group LLC now owns 770 shares of the biotechnology company's stock valued at $64,000 after buying an additional 433 shares during the last quarter. Institutional investors own 93.61% of the company's stock.

Insider Activity at Corcept Therapeutics

In other Corcept Therapeutics news, insider William Guyer sold 20,000 shares of Corcept Therapeutics stock in a transaction on Tuesday, July 7th. The shares were sold at an average price of $93.13, for a total value of $1,862,600.00. Following the sale, the insider directly owned 3,985 shares in the company, valued at approximately $371,123.05. The trade was a 83.39% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Atabak Mokari sold 80,000 shares of the business's stock in a transaction on Thursday, July 30th. The stock was sold at an average price of $114.71, for a total transaction of $9,176,800.00. Following the completion of the sale, the chief financial officer owned 16,130 shares in the company, valued at approximately $1,850,272.30. The trade was a 83.22% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 385,545 shares of company stock worth $33,151,584 over the last ninety days. 20.70% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

CORT has been the topic of several research analyst reports. UBS Group set a $135.00 price target on Corcept Therapeutics in a report on Thursday, May 28th. Weiss Ratings reaffirmed a "hold (c-)" rating on shares of Corcept Therapeutics in a report on Wednesday, June 24th. Piper Sandler reiterated an "overweight" rating and set a $165.00 price objective (up from $88.00) on shares of Corcept Therapeutics in a research report on Thursday, July 30th. Truist Financial raised Corcept Therapeutics to a "strong-buy" rating in a report on Monday, June 15th. Finally, Zacks Research raised Corcept Therapeutics from a "strong sell" rating to a "hold" rating in a research report on Monday, May 4th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, two have given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $119.17.

Corcept Therapeutics Stock Down 2.1%

Shares of Corcept Therapeutics stock opened at $111.86 on Wednesday. The stock's 50-day simple moving average is $91.00 and its 200-day simple moving average is $60.63. Corcept Therapeutics Incorporated has a 52 week low of $28.66 and a 52 week high of $122.21. The company has a market capitalization of $12.09 billion, a price-to-earnings ratio of 266.34 and a beta of 0.45.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last posted its quarterly earnings results on Wednesday, July 29th. The biotechnology company reported $0.36 EPS for the quarter, topping analysts' consensus estimates of $0.02 by $0.34. Corcept Therapeutics had a return on equity of 8.26% and a net margin of 6.52%.The company had revenue of $256.15 million for the quarter, compared to analysts' expectations of $221.15 million. During the same period in the previous year, the firm earned $0.29 EPS. The firm's revenue was up 31.7% compared to the same quarter last year. On average, equities analysts expect that Corcept Therapeutics Incorporated will post 1.13 earnings per share for the current year.

About Corcept Therapeutics

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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