Los Angeles Capital Management LLC Grows Holdings in Corcept Therapeutics Incorporated (NASDAQ:CORT)

Los Angeles Capital Management LLC grew its stake in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) by 86.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 49,304 shares of the biotechnology company's stock after buying an additional 22,791 shares during the period. Los Angeles Capital Management LLC's holdings in Corcept Therapeutics were worth $5,632,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Public Employees Retirement System of Ohio increased its position in shares of 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 buying an additional 2,086 shares during the period. Sumitomo Mitsui Trust Group Inc. bought a new stake in shares of Corcept Therapeutics during the first quarter valued at about $331,000. JPMorgan Chase & Co. increased its position in shares of Corcept Therapeutics by 2.7% during the fourth quarter. JPMorgan Chase & Co. now owns 259,902 shares of the biotechnology company's stock valued at $13,096,000 after buying an additional 6,832 shares during the period. Robeco Institutional Asset Management B.V. bought a new stake in shares of Corcept Therapeutics during the first quarter valued at about $355,000. Finally, Sequoia Financial Advisors LLC bought a new position in shares of Corcept Therapeutics in the first quarter worth approximately $384,000. 93.61% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, insider Joseph Douglas Lyon sold 5,000 shares of the business's stock in a transaction that occurred on Monday, June 2nd. The stock was sold at an average price of $78.04, for a total value of $390,200.00. Following the transaction, the insider directly owned 9,009 shares of the company's stock, valued at approximately $703,062.36. The trade was a 35.69% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director David L. Mahoney sold 27,352 shares of the business's stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $74.23, for a total value of $2,030,338.96. The disclosure for this sale can be found here. Insiders sold 239,592 shares of company stock worth $18,071,616 in the last quarter. 20.80% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

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

Corcept Therapeutics Price Performance

NASDAQ CORT traded down $0.17 during trading hours on Thursday, hitting $68.23. The company's stock had a trading volume of 338,448 shares, compared to its average volume of 1,386,357. Corcept Therapeutics Incorporated has a 12 month low of $32.33 and a 12 month high of $117.33. The company's 50 day simple moving average is $72.63 and its two-hundred day simple moving average is $67.50. The company has a market cap of $7.23 billion, a P/E ratio of 58.79 and a beta of 0.15.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last released its quarterly earnings data on Monday, May 5th. The biotechnology company reported $0.17 EPS for the quarter, hitting the consensus estimate of $0.17. Corcept Therapeutics had a return on equity of 20.40% and a net margin of 19.33%. The company had revenue of $157.21 million during the quarter, compared to the consensus estimate of $177.93 million. During the same period last year, the company earned $0.25 EPS. Corcept Therapeutics's revenue for the quarter was up 7.1% on a year-over-year basis. As a group, research analysts predict that Corcept Therapeutics Incorporated will post 1.36 earnings per share for the current fiscal year.

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.