Bank of America Corp DE Grows Holdings in Corcept Therapeutics Incorporated $CORT

Bank of America Corp DE raised its stake in Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) by 33.6% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 111,736 shares of the biotechnology company's stock after acquiring an additional 28,078 shares during the period. Bank of America Corp DE owned approximately 0.10% of Corcept Therapeutics worth $4,504,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Avidity Partners Management LP bought a new position in Corcept Therapeutics in the 4th quarter worth approximately $766,000. Norges Bank bought a new stake in shares of Corcept Therapeutics in the 4th quarter worth about $24,213,000. Caitong International Asset Management Co. Ltd purchased a new stake in Corcept Therapeutics during the fourth quarter valued at approximately $8,757,000. BOKF NA purchased a new stake in Corcept Therapeutics during the 4th quarter valued at $1,061,000. Finally, Jefferies Financial Group Inc. bought a new stake in shares of Corcept Therapeutics in the 4th quarter worth about $2,021,000. 93.61% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, insider Sean Maduck sold 30,955 shares of the firm's stock in a transaction on Tuesday, August 25th. The stock was sold at an average price of $125.58, for a total transaction of $3,887,328.90. Following the sale, the insider owned 9,755 shares in the company, valued at $1,225,032.90. This trade represents a 76.04% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Kimberly Park sold 26,685 shares of the company's stock in a transaction that occurred on Wednesday, August 26th. The stock was sold at an average price of $122.55, for a total transaction of $3,270,246.75. Following the transaction, the director directly owned 30,000 shares of the company's stock, valued at $3,676,500. This trade represents a 47.08% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 497,786 shares of company stock worth $50,817,090. 20.70% of the stock is owned by company insiders.

Corcept Therapeutics Stock Performance

Shares of CORT stock opened at $113.88 on Friday. Corcept Therapeutics Incorporated has a fifty-two week low of $28.66 and a fifty-two week high of $126.38. The company has a 50 day moving average price of $101.17 and a 200 day moving average price of $67.37. The stock has a market capitalization of $12.31 billion, a P/E ratio of 271.15 and a beta of 0.45.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last released its quarterly earnings data on Wednesday, July 29th. The biotechnology company reported $0.36 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.02 by $0.34. The business had revenue of $256.15 million during the quarter, compared to analysts' expectations of $221.15 million. Corcept Therapeutics had a return on equity of 8.26% and a net margin of 6.52%.The business's quarterly revenue was up 31.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.29 EPS. On average, research analysts forecast that Corcept Therapeutics Incorporated will post 1.77 EPS for the current fiscal year.

Analysts Set New Price Targets

CORT has been the topic of a number of research analyst reports. Truist Financial started coverage on shares of Corcept Therapeutics in a report on Tuesday, August 18th. They issued a "buy" rating and a $164.00 price target on the stock. Weiss Ratings upgraded Corcept Therapeutics from a "hold (c-)" rating to a "hold (c)" rating in a research note on Thursday, August 20th. Wolfe Research downgraded Corcept Therapeutics from a "peer perform" rating to an "underperform" rating and set a $50.00 price target on the stock. in a research report on Monday, July 27th. Piper Sandler reaffirmed an "overweight" rating and issued a $165.00 price objective (up from $88.00) on shares of Corcept Therapeutics in a research report on Thursday, July 30th. Finally, Zacks Research upgraded Corcept Therapeutics from a "strong sell" rating to a "hold" rating in a research note on Monday, May 4th. Five equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Corcept Therapeutics presently has a consensus rating of "Moderate Buy" and a consensus price target of $138.17.

Corcept Therapeutics Profile

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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