Corcept Therapeutics Incorporated (NASDAQ:CORT) Stock Position Lifted by Westover Capital Advisors LLC

Key Points

• Westover Capital Advisors LLC increased its stake in Corcept Therapeutics by 34.8% during Q1, owning a total of 21,018 shares valued at approximately $2.4 million.
• Corcept Therapeutics reported $0.17 EPS for the last quarter, meeting analysts' expectations, but its revenue of $157.21 million fell short of estimates.
• Institutional investors and hedge funds own 93.61% of Corcept Therapeutics' stock, indicating strong interest and investment from large financial entities.

Westover Capital Advisors LLC increased its position in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) by 34.8% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 21,018 shares of the biotechnology company's stock after purchasing an additional 5,431 shares during the quarter. Westover Capital Advisors LLC's holdings in Corcept Therapeutics were worth $2,401,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the business. Public Employees Retirement System of Ohio grew its position in 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 in the last quarter. Victory Capital Management Inc. lifted its holdings in shares of Corcept Therapeutics by 24.5% in the first quarter. Victory Capital Management Inc. now owns 93,418 shares of the biotechnology company's stock valued at $10,670,000 after buying an additional 18,389 shares during the period. Sumitomo Mitsui Trust Group Inc. bought a new position in Corcept Therapeutics during the first quarter valued at about $331,000. JPMorgan Chase & Co. grew its holdings in Corcept Therapeutics by 2.7% during the fourth quarter. JPMorgan Chase & Co. now owns 259,902 shares of the biotechnology company's stock worth $13,096,000 after acquiring an additional 6,832 shares during the period. Finally, Robeco Institutional Asset Management B.V. acquired a new stake in Corcept Therapeutics in the 1st quarter valued at about $355,000. Institutional investors and hedge funds own 93.61% of the company's stock.

Corcept Therapeutics Stock Performance

Shares of CORT opened at $67.59 on Friday. The firm has a market cap of $7.17 billion, a PE ratio of 58.27 and a beta of 0.15. Corcept Therapeutics Incorporated has a twelve month low of $32.33 and a twelve month high of $117.33. The firm's 50 day moving average price is $72.52 and its 200 day moving average price is $67.61.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last issued its quarterly earnings data on Monday, May 5th. The biotechnology company reported $0.17 EPS for the quarter, meeting analysts' consensus estimates of $0.17. The business had revenue of $157.21 million for the quarter, compared to analyst estimates of $177.93 million. Corcept Therapeutics had a return on equity of 20.40% and a net margin of 19.33%. The firm's revenue for the quarter was up 7.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.25 EPS. On average, sell-side analysts anticipate that Corcept Therapeutics Incorporated will post 1.36 earnings per share for the current fiscal year.

Insider Buying and Selling at Corcept Therapeutics

In other news, Director David L. Mahoney sold 27,352 shares of the stock in a transaction on Friday, May 16th. The shares were sold at an average price of $74.23, for a total value of $2,030,338.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Joseph Douglas Lyon sold 5,000 shares of Corcept Therapeutics stock in a transaction dated Monday, June 2nd. The shares were sold at an average price of $78.04, for a total transaction of $390,200.00. Following the sale, the insider owned 9,009 shares in the company, valued at approximately $703,062.36. This trade represents a 35.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 239,592 shares of company stock valued at $18,071,616 in the last three months. Company insiders own 20.80% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on CORT. Canaccord Genuity Group raised their target price on shares of Corcept Therapeutics from $130.00 to $142.00 and gave the stock a "buy" rating in a report on Tuesday, April 1st. HC Wainwright dropped their price target on Corcept Therapeutics from $150.00 to $145.00 and set a "buy" rating on the stock in a research report on Tuesday, May 6th. Wall Street Zen cut Corcept Therapeutics from a "buy" rating to a "hold" rating in a research note on Wednesday, May 14th. Truist Financial set a $135.00 target price on Corcept Therapeutics in a report on Tuesday, May 6th. Finally, Piper Sandler raised their price target on shares of Corcept Therapeutics from $128.00 to $131.00 and gave the stock an "overweight" rating in a report on Thursday, April 3rd. One analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, Corcept Therapeutics currently has a consensus rating of "Moderate Buy" and a consensus target price of $138.25.

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.

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