Assetmark Inc. Increases Stock Holdings in Corcept Therapeutics Incorporated (NASDAQ:CORT)

Key Points

• Assetmark Inc. increased its stake in Corcept Therapeutics by 25.5% in the first quarter, now owning 70,990 shares valued at approximately $8.1 million.
• Corcept Therapeutics reported a quarterly earnings per share of $0.17, meeting analysts' expectations, but revenue fell short at $157.21 million compared to expectations of $177.93 million.
• Institutional investors and hedge funds hold 93.61% of Corcept Therapeutics' stock, highlighting substantial institutional interest in the company.

Assetmark Inc. boosted its holdings in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) by 25.5% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 70,990 shares of the biotechnology company's stock after buying an additional 14,413 shares during the quarter. Assetmark Inc. owned approximately 0.07% of Corcept Therapeutics worth $8,108,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of CORT. Norges Bank acquired a new position in shares of Corcept Therapeutics in the fourth quarter valued at approximately $42,055,000. GAMMA Investing LLC grew its position in Corcept Therapeutics by 12,888.9% during the first quarter. GAMMA Investing LLC now owns 389,148 shares of the biotechnology company's stock worth $44,448,000 after buying an additional 386,152 shares in the last quarter. Jacobs Levy Equity Management Inc. grew its position in Corcept Therapeutics by 12.5% during the fourth quarter. Jacobs Levy Equity Management Inc. now owns 1,376,881 shares of the biotechnology company's stock worth $69,381,000 after buying an additional 153,100 shares in the last quarter. Parallel Advisors LLC grew its position in Corcept Therapeutics by 3.7% during the first quarter. Parallel Advisors LLC now owns 3,972,416 shares of the biotechnology company's stock worth $453,729,000 after buying an additional 142,784 shares in the last quarter. Finally, Vanguard Group Inc. grew its position in Corcept Therapeutics by 1.1% during the fourth quarter. Vanguard Group Inc. now owns 10,115,624 shares of the biotechnology company's stock worth $509,726,000 after buying an additional 109,294 shares in the last quarter. Institutional investors and hedge funds own 93.61% of the company's stock.

Analyst Upgrades and Downgrades

CORT has been the topic of a number of analyst reports. Wall Street Zen downgraded Corcept Therapeutics from a "buy" rating to a "hold" rating in a research report on Wednesday, May 14th. HC Wainwright cut their target price on Corcept Therapeutics from $150.00 to $145.00 and set a "buy" rating for the company in a research note on Tuesday, May 6th. Piper Sandler upped their target price on 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 target price on Corcept Therapeutics in a research note on Tuesday, May 6th. One research analyst has rated the stock with a hold rating and five have given a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $138.25.

Corcept Therapeutics Trading Up 0.7%

NASDAQ CORT traded up $0.50 on Thursday, hitting $70.41. 394,055 shares of the company's stock were exchanged, compared to its average volume of 1,363,530. The stock has a 50-day moving average of $72.11 and a 200-day moving average of $68.09. Corcept Therapeutics Incorporated has a 52 week low of $32.33 and a 52 week high of $117.33. The stock has a market cap of $7.47 billion, a price-to-earnings ratio of 60.72 and a beta of 0.15.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last announced its quarterly earnings results on Monday, May 5th. The biotechnology company reported $0.17 EPS for the quarter, meeting analysts' consensus estimates 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 analysts' expectations of $177.93 million. During the same period in the prior year, the company earned $0.25 EPS. Corcept Therapeutics's revenue was up 7.1% compared to the same quarter last year. As a group, analysts predict that Corcept Therapeutics Incorporated will post 1.36 earnings per share for the current year.

Insider Buying and Selling

In other news, insider William Guyer sold 32,262 shares of the stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $74.17, for a total value of $2,392,872.54. Following the completion of the sale, the insider owned 5,487 shares of the company's stock, valued at approximately $406,970.79. This represents a 85.46% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Joseph K. Belanoff sold 40,000 shares of the stock in a transaction dated Monday, June 2nd. The shares were sold at an average price of $82.86, for a total value of $3,314,400.00. Following the completion of the sale, the chief executive officer directly 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 position. The disclosure for this sale can be found here. Insiders sold 239,592 shares of company stock worth $18,071,616 in the last ninety days. Insiders own 20.80% of the company's stock.

Corcept Therapeutics Company 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.