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 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 37,588 shares of the biotechnology company's stock, valued at approximately $4,293,000. Corcept Therapeutics comprises 3.2% of Caitong International Asset Management Co. Ltd's investment portfolio, making the stock its 4th biggest holding.

Several other hedge funds have also recently added to or reduced their stakes in CORT. MassMutual Private Wealth & Trust FSB grew its position in shares of Corcept Therapeutics by 102.0% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 620 shares of the biotechnology company's stock worth $71,000 after buying an additional 313 shares during the period. Covestor Ltd grew its position in Corcept Therapeutics by 1,741.2% in the 1st quarter. Covestor Ltd now owns 626 shares of the biotechnology company's stock valued at $72,000 after purchasing an additional 592 shares during the period. IFP Advisors Inc lifted its stake in Corcept Therapeutics by 1,150.8% during the 1st quarter. IFP Advisors Inc now owns 738 shares of the biotechnology company's stock valued at $84,000 after acquiring an additional 679 shares in the last quarter. Canada Pension Plan Investment Board bought a new position in Corcept Therapeutics during the 4th quarter valued at $40,000. Finally, Gen Wealth Partners Inc bought a new position in Corcept Therapeutics during the 4th quarter valued at $67,000. Institutional investors own 93.61% of the company's stock.

Insiders Place Their Bets

In other Corcept Therapeutics news, insider William Guyer sold 35,007 shares of the company's stock in a transaction on Friday, August 8th. The stock was sold at an average price of $71.77, for a total value of $2,512,452.39. Following the completion of the sale, the insider directly owned 5,487 shares in the company, valued at approximately $393,801.99. This represents a 86.45% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Joseph Douglas Lyon sold 5,823 shares of the company's stock in a transaction on Friday, August 1st. The stock was sold at an average price of $67.51, for a total value of $393,110.73. Following the completion of the sale, the insider owned 10,066 shares of the company's stock, valued at $679,555.66. This represents a 36.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 222,215 shares of company stock worth $16,311,201. Insiders own 20.80% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on CORT. Piper Sandler reduced their target price on Corcept Therapeutics from $131.00 to $121.00 and set an "overweight" rating for the company in a report on Friday, August 1st. HC Wainwright lowered their price objective on 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 Corcept Therapeutics in a research report on Tuesday, May 6th. Wall Street Zen downgraded Corcept Therapeutics from a "buy" rating to a "hold" rating in a report on Wednesday, May 14th. Finally, Canaccord Genuity Group decreased their target price on Corcept Therapeutics from $142.00 to $137.00 and set a "buy" rating for the company in a report on Friday, August 1st. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $134.50.

Corcept Therapeutics Trading Down 0.3%

CORT traded down $0.25 on Friday, hitting $71.75. 692,631 shares of the company's stock traded hands, compared to its average volume of 861,727. The company's 50 day simple moving average is $71.22 and its 200-day simple moving average is $69.27. The firm has a market cap of $7.56 billion, a price-to-earnings ratio of 63.50 and a beta of 0.20. Corcept Therapeutics Incorporated has a one year low of $33.34 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 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.23 by $0.06. The business 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 20.10% and a net margin of 18.51%. The company's revenue was up 18.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.32 EPS. As a group, equities analysts anticipate that Corcept Therapeutics Incorporated will post 1.36 EPS for the current fiscal year.

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.