Invesco Ltd. Grows Stock Holdings in Corcept Therapeutics Incorporated $CORT

Key Points

• Invesco Ltd. increased its stake in Corcept Therapeutics by 76.5% during the first quarter, acquiring an additional 540,101 shares to hold a total of 1,246,234 shares valued at $142.35 million.
• Insider activity revealed that CEO Joseph K. Belanoff sold 40,000 shares at an average price of $82.86, indicating a 1.36% decrease in their ownership.
• Corcept Therapeutics reported $0.29 earnings per share for the last quarter, exceeding expectations, despite revenue of $194.43 million falling short of analyst estimates.

Invesco Ltd. raised its position in Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) by 76.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,246,234 shares of the biotechnology company's stock after purchasing an additional 540,101 shares during the quarter. Invesco Ltd. owned about 1.18% of Corcept Therapeutics worth $142,345,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Public Employees Retirement System of Ohio lifted its holdings 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 worth $144,000 after acquiring an additional 2,086 shares during the last quarter. Victory Capital Management Inc. grew its position in Corcept Therapeutics by 24.5% during the 1st quarter. Victory Capital Management Inc. now owns 93,418 shares of the biotechnology company's stock worth $10,670,000 after purchasing an additional 18,389 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. acquired a new stake in shares of Corcept Therapeutics in the 1st quarter worth $331,000. Robeco Institutional Asset Management B.V. acquired a new stake in shares of Corcept Therapeutics in the 1st quarter worth $355,000. Finally, Sequoia Financial Advisors LLC acquired a new stake in shares of Corcept Therapeutics in the 1st quarter worth $384,000. 93.61% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Corcept Therapeutics

In related news, insider Sean Maduck sold 35,007 shares of the business's stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $67.79, for a total value of $2,373,124.53. Following the completion of the sale, the insider directly owned 7,681 shares in the company, valued at approximately $520,694.99. The trade was a 82.01% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Daniel N. Swisher, Jr. sold 2,200 shares of the business's stock in a transaction that occurred on Monday, August 11th. The shares were sold at an average price of $72.30, for a total transaction of $159,060.00. The disclosure for this sale can be found here. Insiders sold 222,215 shares of company stock valued at $16,311,201 in the last quarter. Insiders own 20.80% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages recently commented on CORT. Canaccord Genuity Group reduced their price objective on shares of Corcept Therapeutics from $142.00 to $137.00 and set a "buy" rating for the company in a research note on Friday, August 1st. Piper Sandler dropped their target price on shares of Corcept Therapeutics from $131.00 to $121.00 and set an "overweight" rating for the company in a report on Friday, August 1st. 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 report on Tuesday, May 6th. Wall Street Zen downgraded shares of Corcept Therapeutics from a "buy" rating to a "hold" rating in a report on Wednesday, May 14th. Finally, Truist Financial set a $135.00 target price on shares of Corcept Therapeutics in a report on Tuesday, May 6th. Five research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, Corcept Therapeutics currently has an average rating of "Buy" and a consensus price target of $134.50.

Corcept Therapeutics Trading Down 2.1%

Shares of NASDAQ CORT traded down $1.49 during midday trading on Tuesday, reaching $70.27. 83,096 shares of the stock were exchanged, compared to its average volume of 1,325,938. The company has a market capitalization of $7.40 billion, a P/E ratio of 62.19 and a beta of 0.20. Corcept Therapeutics Incorporated has a 52-week low of $33.34 and a 52-week high of $117.33. The stock has a 50 day moving average price of $71.24 and a 200-day moving average price of $69.36.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last released its earnings results on Thursday, July 31st. The biotechnology company reported $0.29 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.23 by $0.06. Corcept Therapeutics had a net margin of 18.51% and a return on equity of 20.10%. The firm had revenue of $194.43 million during the quarter, compared to the consensus estimate of $199.40 million. During the same period in the previous year, the firm earned $0.32 earnings per share. Corcept Therapeutics's revenue was up 18.7% compared to the same quarter last year. Corcept Therapeutics has set its FY 2025 guidance at EPS. On average, analysts forecast that Corcept Therapeutics Incorporated will post 1.36 earnings per share for the current 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.