Dimensional Fund Advisors LP Acquires 57,942 Shares of Corcept Therapeutics Incorporated $CORT

Key Points

• Dimensional Fund Advisors LP increased its holdings in Corcept Therapeutics by 2.8%, owning approximately 2.01% of the company, valued at $243.71 million as of the latest SEC filing.
• Corcept Therapeutics reported earnings per share (EPS) of $0.29 for the quarter, exceeding analysts' expectations, and achieved a year-over-year revenue growth of 18.7%.
• Institutional investors hold 93.61% of Corcept's shares, with recent significant buying activity from several investment firms.

Dimensional Fund Advisors LP lifted its stake in Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) by 2.8% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,136,510 shares of the biotechnology company's stock after purchasing an additional 57,942 shares during the quarter. Dimensional Fund Advisors LP owned 2.01% of Corcept Therapeutics worth $243,708,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently added to or reduced their stakes in CORT. Public Employees Retirement System of Ohio raised its position in Corcept Therapeutics by 269.9% during the fourth quarter. Public Employees Retirement System of Ohio now owns 2,859 shares of the biotechnology company's stock valued at $144,000 after acquiring an additional 2,086 shares in the last quarter. Victory Capital Management Inc. raised its position in Corcept Therapeutics by 24.5% during the first quarter. Victory Capital Management Inc. now owns 93,418 shares of the biotechnology company's stock valued at $10,670,000 after acquiring an additional 18,389 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. bought a new position in Corcept Therapeutics during the first quarter valued at approximately $331,000. Robeco Institutional Asset Management B.V. bought a new position in Corcept Therapeutics during the first quarter valued at approximately $355,000. Finally, Sequoia Financial Advisors LLC bought a new position in Corcept Therapeutics during the first quarter valued at approximately $384,000. Institutional investors and hedge funds own 93.61% of the company's stock.

Insider Activity at Corcept Therapeutics

In related news, CEO Joseph K. Belanoff sold 40,000 shares of the business's stock in a transaction on Monday, June 2nd. The shares were sold at an average price of $82.86, for a total transaction of $3,314,400.00. Following the transaction, the chief executive officer owned 2,901,985 shares of the company's stock, valued at approximately $240,458,477.10. The trade was a 1.36% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider William Guyer sold 35,007 shares of the business's stock in a transaction on Friday, August 8th. The stock was sold at an average price of $71.77, for a total transaction of $2,512,452.39. Following the transaction, the insider directly owned 5,487 shares in the company, valued at $393,801.99. This trade represents a 86.45% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 222,215 shares of company stock worth $16,311,201. 20.80% of the stock is owned by insiders.

Analyst Ratings Changes

Several brokerages recently weighed in on CORT. Canaccord Genuity Group cut their price objective on shares of Corcept Therapeutics from $142.00 to $137.00 and set a "buy" rating on the stock in a research report on Friday, August 1st. HC Wainwright cut their price objective on shares of Corcept Therapeutics from $150.00 to $145.00 and set a "buy" rating on the stock in a research report on Tuesday, May 6th. Piper Sandler cut their price objective on shares of Corcept Therapeutics from $131.00 to $121.00 and set an "overweight" rating on the stock in a research report on Friday, August 1st. Wall Street Zen lowered shares of Corcept Therapeutics from a "buy" rating to a "hold" rating in a research report on Wednesday, May 14th. Finally, Truist Financial set a $135.00 price objective on shares of Corcept Therapeutics in a report on Tuesday, May 6th. Five equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat, Corcept Therapeutics presently has an average rating of "Buy" and a consensus price target of $134.50.

Corcept Therapeutics Price Performance

Shares of NASDAQ CORT traded down $0.65 during trading hours on Friday, hitting $70.33. 866,233 shares of the stock were exchanged, compared to its average volume of 840,055. The company's 50 day moving average is $71.18 and its 200 day moving average is $69.43. The firm has a market capitalization of $7.41 billion, a P/E ratio of 62.24 and a beta of 0.20. Corcept Therapeutics Incorporated has a one year low of $33.34 and a one year high of $117.33.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last announced its earnings results on Thursday, July 31st. The biotechnology company reported $0.29 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.23 by $0.06. Corcept Therapeutics had a net margin of 18.51% and a return on equity of 20.10%. The business had revenue of $194.43 million for the quarter, compared to analyst estimates of $199.40 million. During the same quarter in the previous year, the firm posted $0.32 earnings per share. Corcept Therapeutics's revenue was up 18.7% compared to the same quarter last year. Corcept Therapeutics has set its FY 2025 guidance at EPS. Research analysts anticipate that Corcept Therapeutics Incorporated will post 1.36 earnings per share 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.