Avidity Partners Management LP Makes New Investment in Corcept Therapeutics Incorporated $CORT

Key Points

• Avidity Partners opened a new position in Corcept Therapeutics, buying 22,000 shares valued at about $766,000 in the fourth quarter.
• Wall Street sentiment remains constructive, with analysts assigning a Moderate Buy consensus and an average price target of $88.83; several firms recently raised their targets to as high as $135.
• Despite the bullish outlook, insiders have been selling shares recently, including two executives who sold a combined 45,000 shares in early June, while the company’s latest quarterly results missed EPS and revenue estimates.

Avidity Partners Management LP acquired a new position in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 22,000 shares of the biotechnology company's stock, valued at approximately $766,000.

A number of other large investors also recently bought and sold shares of the company. Bridge City Capital LLC raised its position in Corcept Therapeutics by 53.7% during the 4th quarter. Bridge City Capital LLC now owns 29,535 shares of the biotechnology company's stock worth $1,028,000 after buying an additional 10,324 shares during the last quarter. Atlas Capital Advisors Inc. purchased a new position in Corcept Therapeutics during the 4th quarter worth $31,000. The Manufacturers Life Insurance Company raised its position in Corcept Therapeutics by 4.3% during the 4th quarter. The Manufacturers Life Insurance Company now owns 22,139 shares of the biotechnology company's stock worth $770,000 after buying an additional 903 shares during the last quarter. Morgan Stanley raised its position in Corcept Therapeutics by 34.1% during the 4th quarter. Morgan Stanley now owns 1,592,059 shares of the biotechnology company's stock worth $55,404,000 after buying an additional 405,081 shares during the last quarter. Finally, State Street Corp raised its position in Corcept Therapeutics by 0.5% during the 4th quarter. State Street Corp now owns 2,986,056 shares of the biotechnology company's stock worth $103,915,000 after buying an additional 15,656 shares during the last quarter. Hedge funds and other institutional investors own 93.61% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on CORT shares. UBS Group set a $135.00 price target on shares of Corcept Therapeutics in a research note on Thursday, May 28th. HC Wainwright upped their price target on shares of Corcept Therapeutics from $75.00 to $95.00 and gave the stock a "buy" rating in a research note on Tuesday, June 2nd. Canaccord Genuity Group upped their price target on shares of Corcept Therapeutics from $110.00 to $135.00 and gave the stock a "buy" rating in a research note on Thursday, May 28th. Zacks Research raised shares of Corcept Therapeutics from a "strong sell" rating to a "hold" rating in a research note on Monday, May 4th. Finally, Truist Financial raised shares of Corcept Therapeutics to a "strong-buy" rating in a research note on Wednesday, March 25th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, Corcept Therapeutics presently has a consensus rating of "Moderate Buy" and an average target price of $88.83.

Insider Transactions at Corcept Therapeutics

In related news, insider William Guyer sold 20,000 shares of the stock in a transaction dated Tuesday, June 2nd. The shares were sold at an average price of $70.60, for a total value of $1,412,000.00. Following the sale, the insider directly owned 3,985 shares of the company's stock, valued at approximately $281,341. This represents a 83.39% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Sean Maduck sold 25,000 shares of the stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $70.21, for a total transaction of $1,755,250.00. Following the completion of the sale, the insider directly owned 8,977 shares in the company, valued at approximately $630,275.17. The trade was a 73.58% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 242,965 shares of company stock worth $14,802,964 in the last 90 days. Insiders own 20.70% of the company's stock.

Corcept Therapeutics Trading Down 0.4%

Shares of NASDAQ CORT opened at $82.91 on Friday. The stock has a market cap of $8.90 billion, a price-to-earnings ratio of 236.89 and a beta of 0.50. Corcept Therapeutics Incorporated has a 52 week low of $28.66 and a 52 week high of $91.00. The company's 50-day moving average price is $55.70 and its 200 day moving average price is $52.26.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last issued its quarterly earnings data on Thursday, April 30th. The biotechnology company reported ($0.30) EPS for the quarter, missing analysts' consensus estimates of ($0.11) by ($0.19). The business had revenue of $164.90 million during the quarter, compared to analyst estimates of $185.83 million. Corcept Therapeutics had a net margin of 6.14% and a return on equity of 7.40%. Corcept Therapeutics's revenue was up 4.9% on a year-over-year basis. During the same period in the previous year, the company posted $0.17 earnings per share. As a group, research analysts expect that Corcept Therapeutics Incorporated will post 0.62 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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