Caitong International Asset Management Co. Ltd Invests $8.76 Million in Corcept Therapeutics Incorporated $CORT

Key Points

• Caitong International Asset Management bought 251,632 shares of Corcept Therapeutics in the fourth quarter, a stake worth about $8.76 million. The position makes CORT its 9th-largest holding and about 2.1% of the portfolio.
• Insider selling has been notable, with Director David L. Mahoney and CEO Joseph K. Belanoff among those trimming shares. Over the last 90 days, insiders sold 301,198 shares worth roughly $20.15 million.
• Corcept Therapeutics shares were trading near $79.91, well above their 50-day and 200-day moving averages, after the company reported a quarterly loss and revenue below expectations. Analysts remain generally positive, with an average rating of Moderate Buy and an average target price of $88.83.

Caitong International Asset Management Co. Ltd purchased a new position in Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 251,632 shares of the biotechnology company's stock, valued at approximately $8,757,000. Corcept Therapeutics makes up about 2.1% of Caitong International Asset Management Co. Ltd's portfolio, making the stock its 9th biggest holding. Caitong International Asset Management Co. Ltd owned approximately 0.24% of Corcept Therapeutics as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently bought and sold shares of CORT. Royal Bank of Canada raised its position in shares of Corcept Therapeutics by 18.9% in the 1st quarter. Royal Bank of Canada now owns 15,385 shares of the biotechnology company's stock valued at $1,757,000 after purchasing an additional 2,444 shares in the last quarter. Amundi bought a new stake in Corcept Therapeutics in the first quarter valued at about $450,000. NewEdge Advisors LLC acquired a new stake in Corcept Therapeutics during the first quarter valued at approximately $518,000. EverSource Wealth Advisors LLC raised its stake in Corcept Therapeutics by 273.3% during the second quarter. EverSource Wealth Advisors LLC now owns 1,441 shares of the biotechnology company's stock valued at $106,000 after buying an additional 1,055 shares in the last quarter. Finally, Marshall Wace LLP raised its stake in Corcept Therapeutics by 795.3% during the second quarter. Marshall Wace LLP now owns 46,200 shares of the biotechnology company's stock valued at $3,391,000 after buying an additional 41,040 shares in the last quarter. Hedge funds and other institutional investors own 93.61% of the company's stock.

Insider Activity

In other news, Director David L. Mahoney sold 20,000 shares of the company's stock in a transaction dated Wednesday, June 17th. The shares were sold at an average price of $84.53, for a total transaction of $1,690,600.00. Following the completion of the transaction, the director owned 26,147 shares in the company, valued at approximately $2,210,205.91. This represents a 43.34% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Joseph K. Belanoff sold 26,198 shares of the stock in a transaction dated Wednesday, March 25th. The stock was 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 directly owned 2,918,326 shares in the company, valued at approximately $146,120,582.82. This trade represents a 0.89% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 301,198 shares of company stock worth $20,147,834 over the last 90 days. Insiders own 20.70% of the company's stock.

Corcept Therapeutics Price Performance

Shares of CORT stock opened at $79.91 on Friday. The company has a market cap of $8.58 billion, a P/E ratio of 228.32 and a beta of 0.50. The business has a 50 day moving average of $59.68 and a two-hundred day moving average of $52.34. Corcept Therapeutics Incorporated has a 52 week low of $28.66 and a 52 week high of $91.00.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last announced its quarterly earnings results on Thursday, April 30th. The biotechnology company reported ($0.30) earnings per share for the quarter, missing analysts' consensus estimates of ($0.11) by ($0.19). The company had revenue of $164.90 million for the quarter, compared to analyst estimates of $185.83 million. Corcept Therapeutics had a return on equity of 7.40% and a net margin of 6.14%.The firm's revenue for the quarter was up 4.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.17 earnings per share. Analysts expect that Corcept Therapeutics Incorporated will post 0.53 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on CORT shares. Wolfe Research upgraded Corcept Therapeutics from an "underperform" rating to a "peer perform" rating in a research report on Thursday, March 26th. Canaccord Genuity Group upped their price target on Corcept Therapeutics from $110.00 to $135.00 and gave the company a "buy" rating in a research report on Thursday, May 28th. Piper Sandler raised their price objective on Corcept Therapeutics from $73.00 to $88.00 and gave the stock an "overweight" rating in a research note on Friday, May 1st. Truist Financial raised shares of Corcept Therapeutics to a "strong-buy" rating in a report on Monday, June 15th. Finally, UBS Group set a $135.00 target price on shares of Corcept Therapeutics in a research note on Thursday, May 28th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat.com, Corcept Therapeutics presently has an average rating of "Moderate Buy" and an average target price of $88.83.

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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