Bokf Na Purchases New Stake in Corcept Therapeutics Incorporated $CORT

Key Points

• Bokf Na opened a new position in Corcept Therapeutics in the fourth quarter, buying 30,496 shares worth about $1.06 million.
• Institutional interest in CORT remains strong, with several large investors significantly increasing holdings; institutions now own 93.61% of the stock.
• Analyst sentiment is mixed but generally positive, with a Moderate Buy consensus and an average price target of $74.67, while the company recently missed quarterly EPS and revenue estimates.

Bokf Na purchased a new stake in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 30,496 shares of the biotechnology company's stock, valued at approximately $1,061,000.

Several other institutional investors also recently added to or reduced their stakes in CORT. AQR Capital Management LLC grew its position in Corcept Therapeutics by 546.9% during the third quarter. AQR Capital Management LLC now owns 1,507,209 shares of the biotechnology company's stock valued at $125,264,000 after buying an additional 1,274,215 shares during the period. JPMorgan Chase & Co. grew its position in Corcept Therapeutics by 223.4% during the third quarter. JPMorgan Chase & Co. now owns 849,864 shares of the biotechnology company's stock valued at $70,632,000 after buying an additional 587,053 shares during the period. UBS Group AG grew its position in Corcept Therapeutics by 413.8% during the third quarter. UBS Group AG now owns 549,938 shares of the biotechnology company's stock valued at $45,705,000 after buying an additional 442,898 shares during the period. Allspring Global Investments Holdings LLC grew its position in Corcept Therapeutics by 111.8% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 507,967 shares of the biotechnology company's stock valued at $19,404,000 after buying an additional 268,155 shares during the period. Finally, Brown Capital Management LLC bought a new position in Corcept Therapeutics during the third quarter valued at about $19,950,000. Institutional investors own 93.61% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. Canaccord Genuity Group increased their target price on shares of Corcept Therapeutics from $100.00 to $110.00 and gave the stock a "buy" rating in a research report on Thursday, March 26th. Piper Sandler increased their target price on shares of Corcept Therapeutics from $73.00 to $88.00 and gave the stock an "overweight" rating in a research report on Friday, May 1st. Wolfe Research upgraded shares of Corcept Therapeutics from an "underperform" rating to a "peer perform" rating in a research report on Thursday, March 26th. HC Wainwright increased their target price on shares of Corcept Therapeutics from $60.00 to $75.00 and gave the stock a "buy" rating in a research report on Monday. Finally, Zacks Research upgraded shares of 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, three have given a Buy rating and four have given a Hold rating to the company's stock. According to data from MarketBeat.com, Corcept Therapeutics currently has a consensus rating of "Moderate Buy" and an average target price of $74.67.

Corcept Therapeutics Stock Performance

Shares of CORT opened at $52.28 on Friday. Corcept Therapeutics Incorporated has a fifty-two week low of $28.66 and a fifty-two week high of $91.00. The firm has a 50 day moving average price of $40.09 and a 200-day moving average price of $53.80. The firm has a market cap of $5.61 billion, a price-to-earnings ratio of 149.38 and a beta of 0.36.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last issued its earnings results on Thursday, April 30th. The biotechnology company reported ($0.30) EPS for the quarter, missing the consensus estimate of ($0.11) by ($0.19). The firm had revenue of $164.90 million during the quarter, compared to analysts' expectations of $185.83 million. Corcept Therapeutics had a return on equity of 7.40% and a net margin of 6.14%.The firm's quarterly revenue was up 4.9% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.17 earnings per share. As a group, equities research analysts predict that Corcept Therapeutics Incorporated will post 0.48 earnings per share for the current year.

Insider Buying and Selling at Corcept Therapeutics

In other Corcept Therapeutics news, CEO Joseph K. Belanoff sold 26,198 shares of the stock in a transaction on Wednesday, March 25th. The shares were sold at an average price of $50.07, for a total transaction of $1,311,733.86. Following the completion of the sale, the chief executive officer owned 2,918,326 shares of the company's stock, valued at $146,120,582.82. This represents a 0.89% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director G Leonard Baker, Jr. purchased 100,000 shares of the company's stock in a transaction on Tuesday, March 17th. The shares were purchased at an average cost of $33.14 per share, with a total value of $3,314,000.00. Following the transaction, the director directly owned 1,146,631 shares in the company, valued at $37,999,351.34. This trade represents a 9.55% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders sold 86,198 shares of company stock valued at $3,887,769 in the last quarter. Company insiders own 20.70% of the company's stock.

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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