Cookson Peirce & Co. Inc. Increases Stock Holdings in Corcept Therapeutics Incorporated (NASDAQ:CORT)

Key Points

• Cookson Peirce & Co. Inc. increased its stake in Corcept Therapeutics by 544.3%, owning 235,819 shares valued at approximately $26.9 million as of the latest SEC filing.
• Multiple institutional investors, including Jupiter Asset Management Ltd. and Invesco Ltd., have significantly boosted their holdings in Corcept, showcasing strong interest and confidence in the biotechnology company's growth potential.
• Corcept Therapeutics reported earnings of $0.29 per share, surpassing analysts' expectations, with revenue growth of 18.7% year-over-year, indicating robust financial performance despite a slight dip in stock value.

Cookson Peirce & Co. Inc. lifted its stake in Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) by 544.3% in the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 235,819 shares of the biotechnology company's stock after purchasing an additional 199,216 shares during the quarter. Corcept Therapeutics comprises 1.4% of Cookson Peirce & Co. Inc.'s portfolio, making the stock its 26th biggest holding. Cookson Peirce & Co. Inc. owned about 0.22% of Corcept Therapeutics worth $26,935,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently modified their holdings of CORT. Jupiter Asset Management Ltd. boosted its holdings in shares of Corcept Therapeutics by 8,176.0% in 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 during the period. Invesco Ltd. boosted its holdings 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 purchasing an additional 540,101 shares during the period. GAMMA Investing LLC boosted its holdings 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 purchasing an additional 386,152 shares during the period. Nuveen LLC purchased a new position in shares of Corcept Therapeutics in the 1st quarter worth approximately $35,580,000. Finally, Jacobs Levy Equity Management Inc. boosted 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. Hedge funds and other institutional investors own 93.61% of the company's stock.

Insiders Place Their Bets

In other Corcept Therapeutics news, Director Daniel N. Swisher, Jr. sold 2,200 shares of the company's stock in a transaction on Monday, August 11th. The stock was sold at an average price of $72.30, for a total value of $159,060.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 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. In the last ninety days, insiders sold 281,829 shares of company stock worth $20,734,413. 20.80% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on CORT shares. Canaccord Genuity Group dropped 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. Piper Sandler dropped 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. Truist Financial set a $135.00 target price on Corcept Therapeutics in a report on Tuesday, May 6th. HC Wainwright dropped their price objective on Corcept Therapeutics from $150.00 to $145.00 and set a "buy" rating for the company in a report on Tuesday, May 6th. Finally, Wall Street Zen cut Corcept Therapeutics from a "buy" rating to a "hold" rating in a report on Wednesday, May 14th. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $134.50.

Corcept Therapeutics Stock Down 1.1%

CORT opened at $72.80 on Thursday. The business has a fifty day moving average of $71.11 and a 200 day moving average of $69.12. Corcept Therapeutics Incorporated has a 52-week low of $33.34 and a 52-week high of $117.33. The stock has a market cap of $7.67 billion, a P/E ratio of 64.43 and a beta of 0.20.

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

Corcept Therapeutics 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.

Want to see what other hedge funds are holding CORT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.