Bayforest Capital Ltd Has $811,000 Position in Corcept Therapeutics Incorporated $CORT

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 boosted its position in Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) by 422.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 7,098 shares of the biotechnology company's stock after buying an additional 5,739 shares during the quarter. Bayforest Capital Ltd's holdings in Corcept Therapeutics were worth $811,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Brooklyn Investment Group boosted its stake in Corcept Therapeutics by 99.5% in the first quarter. Brooklyn Investment Group now owns 373 shares of the biotechnology company's stock valued at $43,000 after acquiring an additional 186 shares during the period. MassMutual Private Wealth & Trust FSB boosted its stake in Corcept Therapeutics by 102.0% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 620 shares of the biotechnology company's stock valued at $71,000 after acquiring an additional 313 shares during the period. Covestor Ltd boosted its stake in Corcept Therapeutics by 1,741.2% in the first quarter. Covestor Ltd now owns 626 shares of the biotechnology company's stock valued at $72,000 after acquiring an additional 592 shares during the period. IFP Advisors Inc boosted its stake in Corcept Therapeutics by 1,150.8% in the first quarter. IFP Advisors Inc now owns 738 shares of the biotechnology company's stock valued at $84,000 after acquiring an additional 679 shares during the period. Finally, Bank of Nova Scotia acquired a new position in Corcept Therapeutics in the first quarter valued at approximately $203,000. 93.61% of the stock is currently owned by institutional investors and hedge funds.

Corcept Therapeutics Stock Performance

Shares of NASDAQ CORT traded down $1.46 during trading on Friday, hitting $72.87. The company had a trading volume of 664,160 shares, compared to its average volume of 626,559. The company has a market cap of $7.68 billion, a P/E ratio of 64.49 and a beta of 0.29. Corcept Therapeutics Incorporated has a 52 week low of $35.87 and a 52 week high of $117.33. The business's 50-day moving average is $70.62 and its 200 day moving average is $69.69.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last posted its quarterly earnings results on Thursday, July 31st. The biotechnology company reported $0.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.23 by $0.06. The company had revenue of $194.43 million for the quarter, compared to analysts' expectations of $199.40 million. Corcept Therapeutics had a return on equity of 20.10% and a net margin of 18.51%.The firm's revenue was up 18.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.32 earnings per share. Corcept Therapeutics has set its FY 2025 guidance at EPS. On average, research analysts expect that Corcept Therapeutics Incorporated will post 1.36 EPS for the current year.

Insider Buying and Selling

In other Corcept Therapeutics news, CEO Joseph K. Belanoff sold 40,000 shares of the company's stock in a transaction on Friday, August 1st. The stock was sold at an average price of $68.53, for a total value of $2,741,200.00. Following the transaction, the chief executive officer owned 2,861,370 shares of the company's stock, valued at approximately $196,089,686.10. This represents a 1.38% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider William Guyer sold 35,007 shares of the company's stock in a transaction on Friday, August 8th. The shares were sold at an average price of $71.77, for a total value of $2,512,452.39. Following the completion of the transaction, the insider directly owned 5,487 shares in the company, valued at $393,801.99. This represents a 86.45% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 222,215 shares of company stock worth $15,572,699 over the last three months. Corporate insiders own 20.80% of the company's stock.

Analysts Set New Price Targets

CORT has been the subject of several analyst reports. 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. Piper Sandler cut their target price 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. Five equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat, Corcept Therapeutics currently has an average rating of "Buy" and an average price target of $135.25.

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.