Concurrent Investment Advisors LLC Buys New Stake in Corcept Therapeutics Incorporated (NASDAQ:CORT)

Concurrent Investment Advisors LLC purchased a new position in Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 5,970 shares of the biotechnology company's stock, valued at approximately $682,000.

Several other hedge funds have also recently made changes to their positions in CORT. Norges Bank purchased a new stake in shares of Corcept Therapeutics during the 4th quarter valued at about $42,055,000. GAMMA Investing LLC raised its position in 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 purchasing an additional 386,152 shares during the period. Raymond James Financial Inc. purchased a new stake in Corcept Therapeutics in the 4th quarter worth about $12,084,000. Jacobs Levy Equity Management Inc. raised its position in 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. Finally, Parallel Advisors LLC raised its position in Corcept Therapeutics by 3.7% in the 1st quarter. Parallel Advisors LLC now owns 3,972,416 shares of the biotechnology company's stock worth $453,729,000 after purchasing an additional 142,784 shares during the period. 93.61% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms recently weighed in on CORT. Wall Street Zen lowered shares of Corcept Therapeutics from a "buy" rating to a "hold" rating in a research report on Wednesday, May 14th. Canaccord Genuity Group increased their price objective on shares of Corcept Therapeutics from $130.00 to $142.00 and gave the stock a "buy" rating in a research report on Tuesday, April 1st. Truist Financial set a $135.00 price objective on shares of Corcept Therapeutics in a research report on Tuesday, May 6th. Piper Sandler increased their price objective on shares of Corcept Therapeutics from $128.00 to $131.00 and gave the stock an "overweight" rating in a research report on Thursday, April 3rd. Finally, HC Wainwright dropped their target price on shares of Corcept Therapeutics from $150.00 to $145.00 and set a "buy" rating on the stock in a research note on Tuesday, May 6th. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $138.25.

Corcept Therapeutics Price Performance

CORT stock traded down $0.13 during mid-day trading on Friday, reaching $71.88. The company had a trading volume of 679,544 shares, compared to its average volume of 1,189,716. The company has a market capitalization of $7.62 billion, a PE ratio of 61.97 and a beta of 0.15. The firm has a 50 day moving average of $72.67 and a 200 day moving average of $66.51. Corcept Therapeutics Incorporated has a 12 month low of $31.46 and a 12 month high of $117.33.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last issued its earnings results on Monday, May 5th. The biotechnology company reported $0.17 EPS for the quarter, hitting analysts' consensus estimates of $0.17. The business had revenue of $157.21 million for the quarter, compared to the consensus estimate of $177.93 million. Corcept Therapeutics had a net margin of 19.33% and a return on equity of 20.40%. The company's revenue for the quarter was up 7.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.25 EPS. Analysts anticipate that Corcept Therapeutics Incorporated will post 1.36 EPS for the current year.

Insider Activity at Corcept Therapeutics

In related news, insider Sean Maduck sold 26,554 shares of Corcept Therapeutics stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $72.23, for a total transaction of $1,917,995.42. Following the transaction, the insider directly owned 85,622 shares of the company's stock, valued at $6,184,477.06. This trade represents a 23.67% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Joseph Douglas Lyon sold 5,000 shares of Corcept Therapeutics stock in a transaction that occurred on Monday, June 2nd. The shares were sold at an average price of $78.04, for a total transaction of $390,200.00. Following the transaction, the insider directly owned 9,009 shares in the company, valued at approximately $703,062.36. The trade was a 35.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 223,033 shares of company stock valued at $16,860,067 over the last quarter. 20.80% of the stock is owned by insiders.

Corcept Therapeutics Company Profile

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.