Corcept Therapeutics Incorporated $CORT Shares Purchased by Bayforest Capital Ltd

Key Points

• Bayforest Capital Ltd significantly increased its position in Corcept Therapeutics by 422.3% in Q1, acquiring an additional 5,739 shares, bringing their total to 7,098 shares valued at approximately $811,000.
• Insiders at Corcept Therapeutics have sold over 220,000 shares worth about $15.4 million in the past 90 days, with notable sales by Sean Maduck and Joseph Douglas Lyon.
• The company reported $0.29 EPS for Q2, beating estimates, and analysts have set an average target price of $134.50 for the stock, indicating a general optimism among five investment analysts with a "Buy" rating.

Bayforest Capital Ltd lifted its holdings in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) by 422.3% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 7,098 shares of the biotechnology company's stock after purchasing an additional 5,739 shares during the quarter. Bayforest Capital Ltd's holdings in Corcept Therapeutics were worth $811,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in the business. Centiva Capital LP acquired a new position in shares of Corcept Therapeutics during the fourth quarter worth about $273,000. EP Wealth Advisors LLC grew its position in shares of Corcept Therapeutics by 7.3% during the fourth quarter. EP Wealth Advisors LLC now owns 7,000 shares of the biotechnology company's stock worth $353,000 after buying an additional 476 shares in the last quarter. Deutsche Bank AG grew its position in shares of Corcept Therapeutics by 48.5% during the fourth quarter. Deutsche Bank AG now owns 73,600 shares of the biotechnology company's stock worth $3,709,000 after buying an additional 24,051 shares in the last quarter. Ensign Peak Advisors Inc grew its position in shares of Corcept Therapeutics by 29.9% during the fourth quarter. Ensign Peak Advisors Inc now owns 47,929 shares of the biotechnology company's stock worth $2,415,000 after buying an additional 11,040 shares in the last quarter. Finally, Focus Partners Wealth grew its position in shares of Corcept Therapeutics by 2.1% during the fourth quarter. Focus Partners Wealth now owns 33,073 shares of the biotechnology company's stock worth $1,667,000 after buying an additional 675 shares in the last quarter. Institutional investors and hedge funds own 93.61% of the company's stock.

Corcept Therapeutics Price Performance

Shares of CORT stock traded down $1.46 during trading hours on Friday, hitting $72.87. The stock had a trading volume of 664,160 shares, compared to its average volume of 1,264,693. The firm has a market capitalization of $7.68 billion, a PE ratio of 64.49 and a beta of 0.29. Corcept Therapeutics Incorporated has a twelve month low of $35.87 and a twelve month high of $117.33. The stock's 50 day moving average is $70.62 and its 200 day moving average is $69.57.

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 for the quarter, beating the consensus estimate of $0.23 by $0.06. The business had revenue of $194.43 million during 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 period in the prior year, the company earned $0.32 earnings per share. Corcept Therapeutics has set its FY 2025 guidance at EPS. As a group, equities analysts predict that Corcept Therapeutics Incorporated will post 1.36 earnings per share for the current year.

Insiders Place Their Bets

In related news, CEO Joseph K. Belanoff sold 40,000 shares of the stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $70.53, for a total transaction of $2,821,200.00. Following the completion of the sale, the chief executive officer directly owned 2,821,370 shares of the company's stock, valued at $198,991,226.10. This trade represents a 1.40% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Sean Maduck sold 20,000 shares of the stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $70.49, for a total value of $1,409,800.00. Following the sale, the insider directly owned 7,681 shares of the company's stock, valued at approximately $541,433.69. This represents a 72.25% 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 $15,572,699. 20.80% of the stock is owned by insiders.

Analyst Ratings Changes

A number of equities analysts have recently commented on CORT shares. Piper Sandler lowered their price objective on Corcept Therapeutics from $131.00 to $121.00 and set an "overweight" rating for the company in a research report on Friday, August 1st. Canaccord Genuity Group boosted their price objective on Corcept Therapeutics from $137.00 to $140.00 and gave the stock a "buy" rating in a research report on Wednesday. Five research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the stock presently has an average rating of "Buy" and an average target price of $135.25.

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.