37,588 Shares in Corcept Therapeutics Incorporated (NASDAQ:CORT) Purchased by Caitong International Asset Management Co. Ltd

Key Points

• Caitong International Asset Management Co. Ltd has acquired 37,588 shares of Corcept Therapeutics, valued at about $4.29 million, making it the firm's fourth-largest position.
• Corcept Therapeutics reported a quarterly EPS of $0.29, exceeding estimates, with a revenue of $194.43 million, showing an 18.7% increase year-over-year.
• Insider transactions at Corcept Therapeutics revealed that key executives have sold a total of 281,829 shares in the last ninety days, indicating significant insider trading activity.

Caitong International Asset Management Co. Ltd purchased a new position in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) in the first quarter, according to its most recent filing with the SEC. The firm purchased 37,588 shares of the biotechnology company's stock, valued at approximately $4,293,000. Corcept Therapeutics accounts for 3.2% of Caitong International Asset Management Co. Ltd's portfolio, making the stock its 4th largest holding.

A number of other large investors have also recently bought and sold shares of CORT. Jupiter Asset Management Ltd. increased its holdings in Corcept Therapeutics by 8,176.0% during the 1st quarter. Jupiter Asset Management Ltd. now owns 603,903 shares of the biotechnology company's stock worth $68,978,000 after purchasing an additional 596,606 shares in the last quarter. Invesco Ltd. boosted its stake in shares of Corcept Therapeutics by 76.5% in the 1st quarter. Invesco Ltd. now owns 1,246,234 shares of the biotechnology company's stock worth $142,345,000 after buying an additional 540,101 shares during the last quarter. GAMMA Investing LLC boosted its stake in shares of Corcept Therapeutics by 12,888.9% in the 1st quarter. GAMMA Investing LLC now owns 389,148 shares of the biotechnology company's stock worth $44,448,000 after buying an additional 386,152 shares during the last quarter. Nuveen LLC bought a new stake in shares of Corcept Therapeutics in the 1st quarter worth approximately $35,580,000. Finally, Jacobs Levy Equity Management Inc. raised its holdings in shares of Corcept Therapeutics by 12.5% in the 4th quarter. Jacobs Levy Equity Management Inc. now owns 1,376,881 shares of the biotechnology company's stock worth $69,381,000 after purchasing an additional 153,100 shares during the period. 93.61% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on CORT shares. HC Wainwright lowered their price target on shares of Corcept Therapeutics from $150.00 to $145.00 and set a "buy" rating on the stock in a report on Tuesday, May 6th. Canaccord Genuity Group reduced their price target on shares of Corcept Therapeutics from $142.00 to $137.00 and set a "buy" rating for the company in a research report on Friday, August 1st. Piper Sandler reduced their price target 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, August 1st. Wall Street Zen lowered shares of Corcept Therapeutics from a "buy" rating to a "hold" rating in a research report on Wednesday, May 14th. Finally, Truist Financial set a $135.00 target price on shares of Corcept Therapeutics in a research report on Tuesday, May 6th. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $134.50.

Corcept Therapeutics Price Performance

NASDAQ CORT traded down $0.25 during trading on Friday, hitting $71.75. 692,631 shares of the company's stock traded hands, compared to its average volume of 861,727. The stock has a fifty day moving average of $71.22 and a two-hundred day moving average of $69.33. Corcept Therapeutics Incorporated has a 12-month low of $33.34 and a 12-month high of $117.33. The firm has a market cap of $7.56 billion, a P/E ratio of 63.50 and a beta of 0.20.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last posted its quarterly earnings results on Thursday, July 31st. The biotechnology company reported $0.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.23 by $0.06. Corcept Therapeutics had a net margin of 18.51% and a return on equity of 20.10%. The business had revenue of $194.43 million during the quarter, compared to analyst estimates of $199.40 million. During the same period in the prior year, the business posted $0.32 earnings per share. The company's revenue was up 18.7% on a year-over-year basis. As a group, analysts expect that Corcept Therapeutics Incorporated will post 1.36 earnings per share for the current fiscal year.

Insider Activity

In other news, insider William Guyer sold 35,007 shares of the company's stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $71.77, for a total transaction of $2,512,452.39. Following the completion of the transaction, the insider directly owned 5,487 shares of the company's stock, valued at approximately $393,801.99. This represents a 86.45% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Joseph Douglas Lyon sold 5,823 shares of the company's stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $67.51, for a total transaction of $393,110.73. Following the transaction, the insider directly owned 10,066 shares of the company's stock, valued at approximately $679,555.66. This trade represents a 36.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 222,215 shares of company stock valued at $16,311,201. 20.80% of the stock is currently owned by 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.