GAMMA Investing LLC Acquires 386,152 Shares of Corcept Therapeutics Incorporated (NASDAQ:CORT)

GAMMA Investing LLC grew its holdings in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) by 12,888.9% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 389,148 shares of the biotechnology company's stock after acquiring an additional 386,152 shares during the period. GAMMA Investing LLC owned 0.37% of Corcept Therapeutics worth $44,448,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Public Employees Retirement System of Ohio grew its stake in shares of Corcept Therapeutics by 269.9% in the 4th 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. Van ECK Associates Corp bought a new stake in Corcept Therapeutics during the 4th quarter valued at $4,483,000. HighTower Advisors LLC raised its holdings in Corcept Therapeutics by 30.7% during the fourth quarter. HighTower Advisors LLC now owns 93,677 shares of the biotechnology company's stock worth $4,720,000 after buying an additional 22,011 shares during the last quarter. New York State Teachers Retirement System lifted its stake in shares of Corcept Therapeutics by 3.0% in the fourth quarter. New York State Teachers Retirement System now owns 128,232 shares of the biotechnology company's stock valued at $6,462,000 after buying an additional 3,789 shares in the last quarter. Finally, JPMorgan Chase & Co. grew its holdings 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 last quarter. 93.61% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

CORT has been the topic of a number of recent research reports. Canaccord Genuity Group upped their price target on shares of Corcept Therapeutics from $130.00 to $142.00 and gave the company a "buy" rating in a research note on Tuesday, April 1st. HC Wainwright decreased their price objective on Corcept Therapeutics from $150.00 to $145.00 and set a "buy" rating on the stock in a research note on Tuesday, May 6th. Piper Sandler raised 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. Truist Financial set a $135.00 price target on shares of Corcept Therapeutics in a report on Tuesday, May 6th. Finally, Wall Street Zen lowered shares of Corcept Therapeutics from a "buy" rating to a "hold" rating in a report on Wednesday, May 14th. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $138.25.

Insider Activity

In other news, insider Joseph Douglas Lyon sold 421 shares of the business's stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $60.58, for a total value of $25,504.18. Following the completion of the sale, the insider now owns 9,009 shares of the company's stock, valued at approximately $545,765.22. The trade was a 4.46% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Joseph K. Belanoff sold 1,974 shares of the firm's stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $60.83, for a total value of $120,078.42. Following the transaction, the chief executive officer now owns 3,017,437 shares in the company, valued at approximately $183,550,692.71. The trade was a 0.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 340,125 shares of company stock worth $28,905,496. 20.80% of the stock is currently owned by insiders.

Corcept Therapeutics Price Performance

Shares of CORT stock traded up $0.24 during trading on Friday, hitting $69.25. The company had a trading volume of 634,060 shares, compared to its average volume of 1,145,695. Corcept Therapeutics Incorporated has a 52 week low of $28.04 and a 52 week high of $117.33. The stock has a market capitalization of $7.34 billion, a price-to-earnings ratio of 55.00 and a beta of 0.22. The company has a quick ratio of 3.64, a current ratio of 3.70 and a debt-to-equity ratio of 0.01. The stock's 50-day moving average is $72.48 and its two-hundred day moving average is $63.73.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last posted its quarterly earnings data on Monday, May 5th. The biotechnology company reported $0.17 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $0.17. The company had revenue of $157.21 million during the quarter, compared to the consensus estimate of $177.93 million. Corcept Therapeutics had a net margin of 22.35% and a return on equity of 24.54%. The firm's revenue was up 7.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.25 EPS. As a group, analysts predict that Corcept Therapeutics Incorporated will post 1.36 EPS 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.