Bayforest Capital Ltd Acquires 5,739 Shares of Corcept Therapeutics Incorporated (NASDAQ:CORT)

Key Points

• Bayforest Capital Ltd increased its stake in Corcept Therapeutics by 422.3% in Q1, owning 7,098 shares worth $811,000 according to an SEC filing.
• Corcept Therapeutics reported earnings per share of $0.17, matching analyst expectations, with quarterly revenue of $157.21 million, which fell short of the forecasted $177.93 million.
• Analysts have varying projections for Corcept's stock, with price targets ranging from $130.00 to $145.00 and a consensus rating of "Moderate Buy".

Bayforest Capital Ltd boosted its position in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) by 422.3% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,098 shares of the biotechnology company's stock after purchasing an additional 5,739 shares during the period. Bayforest Capital Ltd's holdings in Corcept Therapeutics were worth $811,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Mackenzie Financial Corp lifted its stake in Corcept Therapeutics by 128.0% in the 1st quarter. Mackenzie Financial Corp now owns 14,155 shares of the biotechnology company's stock valued at $1,617,000 after purchasing an additional 7,948 shares during the last quarter. Sheaff Brock Investment Advisors LLC bought a new stake in shares of Corcept Therapeutics during the 1st quarter worth approximately $951,000. LPL Financial LLC lifted its position in shares of Corcept Therapeutics by 2.5% during the 1st quarter. LPL Financial LLC now owns 62,184 shares of the biotechnology company's stock worth $7,103,000 after buying an additional 1,502 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Corcept Therapeutics by 5.2% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 17,259 shares of the biotechnology company's stock valued at $1,971,000 after purchasing an additional 851 shares during the last quarter. Finally, Kapitalo Investimentos Ltda bought a new stake in Corcept Therapeutics during the 1st quarter worth $238,000. Institutional investors own 93.61% of the company's stock.

Wall Street Analyst Weigh In

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

Corcept Therapeutics Stock Performance

NASDAQ:CORT traded up $1.83 during mid-day trading on Friday, reaching $69.00. The stock had a trading volume of 2,107,319 shares, compared to its average volume of 1,377,180. The stock has a market capitalization of $7.32 billion, a P/E ratio of 59.48 and a beta of 0.15. The firm has a 50 day moving average price of $71.81 and a two-hundred day moving average price of $68.21. Corcept Therapeutics Incorporated has a one year low of $32.33 and a one year high of $117.33.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last released its quarterly earnings data on Thursday, July 31st. The biotechnology company reported $0.29 EPS for the quarter, topping the consensus estimate of $0.23 by $0.06. The firm had revenue of $194.43 million for the quarter, compared to the consensus estimate of $199.40 million. Corcept Therapeutics had a return on equity of 20.40% and a net margin of 19.33%. The company's quarterly revenue was up 18.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.32 earnings per share. Research analysts forecast that Corcept Therapeutics Incorporated will post 1.36 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Joseph Douglas Lyon sold 3,877 shares of Corcept Therapeutics stock in a transaction dated Thursday, July 17th. The stock was sold at an average price of $73.48, for a total value of $284,881.96. Following the completion of the transaction, the insider owned 10,066 shares of the company's stock, valued at $739,649.68. The trade was a 27.81% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Daniel N. Swisher, Jr. sold 2,200 shares of the company's stock in a transaction that occurred on Thursday, July 10th. The stock was sold at an average price of $71.08, for a total transaction of $156,376.00. The disclosure for this sale can be found here. Insiders sold a total of 173,038 shares of company stock valued at $13,237,621 over the last ninety days. 20.80% of the stock is owned by corporate insiders.

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.