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

GAMMA Investing LLC grew its position in Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) by 12,888.9% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 389,148 shares of the biotechnology company's stock after purchasing an additional 386,152 shares during the quarter. GAMMA Investing LLC owned about 0.37% of Corcept Therapeutics worth $44,448,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the business. Kestra Investment Management LLC acquired a new stake in shares of Corcept Therapeutics in the 4th quarter valued at approximately $27,000. MassMutual Private Wealth & Trust FSB raised its position 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 purchasing an additional 313 shares during the last quarter. Canada Pension Plan Investment Board bought a new position in shares of Corcept Therapeutics during the fourth quarter valued at $40,000. National Bank of Canada FI bought a new position in shares of Corcept Therapeutics during the fourth quarter worth about $42,000. Finally, Newbridge Financial Services Group Inc. bought a new position in Corcept Therapeutics during the fourth quarter worth $58,000. 93.61% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CEO Joseph K. Belanoff sold 40,000 shares of the business's stock in a transaction dated Monday, June 2nd. The stock was sold at an average price of $82.86, for a total transaction of $3,314,400.00. Following the transaction, the chief executive officer now owns 2,901,985 shares in the company, valued at $240,458,477.10. The trade was a 1.36% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Joseph Douglas Lyon sold 421 shares of the stock in a transaction that occurred on 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. This trade represents a 4.46% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 340,125 shares of company stock worth $28,905,496 in the last ninety days. 20.80% of the stock is owned by insiders.

Analyst Ratings Changes

CORT has been the topic of several recent analyst reports. Truist Financial set a $135.00 price target on Corcept Therapeutics in a research note on Tuesday, May 6th. Piper Sandler upped their price objective on shares of Corcept Therapeutics from $128.00 to $131.00 and gave the stock an "overweight" rating in a research report on Thursday, April 3rd. HC Wainwright cut their target price 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. 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, Canaccord Genuity Group boosted their price target on shares of Corcept Therapeutics from $130.00 to $142.00 and gave the company a "buy" rating in a research report on Tuesday, April 1st. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $138.25.

Corcept Therapeutics Stock Performance

Shares of NASDAQ:CORT traded up $0.59 during midday trading on Friday, reaching $69.60. 972,774 shares of the company traded hands, compared to its average volume of 1,150,167. The company has a quick ratio of 3.64, a current ratio of 3.70 and a debt-to-equity ratio of 0.01. Corcept Therapeutics Incorporated has a 12 month low of $28.04 and a 12 month high of $117.33. The firm has a market capitalization of $7.38 billion, a price-to-earnings ratio of 55.24 and a beta of 0.19. The firm's fifty day moving average price is $72.03 and its two-hundred day moving average price is $63.89.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last announced its quarterly earnings results on Monday, May 5th. The biotechnology company reported $0.17 earnings per share for the quarter, meeting the consensus estimate of $0.17. The firm had revenue of $157.21 million for the quarter, compared to analysts' expectations of $177.93 million. Corcept Therapeutics had a return on equity of 24.54% and a net margin of 22.35%. The company's revenue was up 7.1% on a year-over-year basis. During the same period in the prior year, the business posted $0.25 earnings per share. On average, equities analysts expect that Corcept Therapeutics Incorporated will post 1.36 earnings per share for the current year.

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.