259,650 Shares in Corcept Therapeutics Incorporated $CORT Purchased by Driehaus Capital Management LLC

Key Points

• Driehaus Capital Management LLC has acquired a new stake in Corcept Therapeutics, purchasing approximately 259,650 shares valued at about $29.7 million, representing about 0.24% ownership of the company.
• Insider transactions revealed that key executives have sold several shares recently, indicating notable shifts in ownership; one insider sold over 35,000 shares, reducing their stake by 86.45%.
• Analysts have adjusted their price targets for Corcept Therapeutics, with a consensus rating of "Buy" and an average target price of $134.50, despite some recent downgrades.

Driehaus Capital Management LLC purchased a new position in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) in the first quarter, according to its most recent disclosure with the SEC. The firm purchased 259,650 shares of the biotechnology company's stock, valued at approximately $29,657,000. Driehaus Capital Management LLC owned approximately 0.24% of Corcept Therapeutics at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in CORT. Jupiter Asset Management Ltd. raised its stake in shares of Corcept Therapeutics by 8,176.0% in the 1st quarter. Jupiter Asset Management Ltd. now owns 603,903 shares of the biotechnology company's stock valued at $68,978,000 after acquiring an additional 596,606 shares in the last quarter. Invesco Ltd. increased its position in shares of Corcept Therapeutics by 76.5% during the first quarter. Invesco Ltd. now owns 1,246,234 shares of the biotechnology company's stock valued at $142,345,000 after purchasing an additional 540,101 shares during the period. GAMMA Investing LLC increased its position in shares of Corcept Therapeutics by 12,888.9% during the first quarter. GAMMA Investing LLC now owns 389,148 shares of the biotechnology company's stock valued at $44,448,000 after purchasing an additional 386,152 shares during the period. Nuveen LLC bought a new stake in Corcept Therapeutics in the first quarter valued at $35,580,000. Finally, Cookson Peirce & Co. Inc. grew its position in Corcept Therapeutics by 544.3% in the first quarter. Cookson Peirce & Co. Inc. now owns 235,819 shares of the biotechnology company's stock valued at $26,935,000 after acquiring an additional 199,216 shares during the period. 93.61% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Corcept Therapeutics news, insider Joseph Douglas Lyon sold 5,823 shares of the stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $67.51, for a total value of $393,110.73. Following the completion of the sale, the insider directly owned 10,066 shares in the company, valued at $679,555.66. This represents a 36.65% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Joseph K. Belanoff sold 40,000 shares of the stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $68.53, for a total value of $2,741,200.00. Following the completion of the sale, the chief executive officer owned 2,861,370 shares of the company's stock, valued at $196,089,686.10. This trade represents a 1.38% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 242,215 shares of company stock worth $17,017,051. Corporate insiders own 20.80% of the company's stock.

Analyst Ratings Changes

A number of analysts have weighed in on the company. Piper Sandler lowered their price target on Corcept Therapeutics from $131.00 to $121.00 and set an "overweight" rating on the stock in a research report on Friday, August 1st. Canaccord Genuity Group decreased their target price on Corcept Therapeutics from $142.00 to $137.00 and set a "buy" rating on the stock in a report on Friday, August 1st. Finally, Wall Street Zen cut Corcept Therapeutics from a "buy" rating to a "hold" rating in a report on Wednesday, May 14th. Five equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, Corcept Therapeutics currently has an average rating of "Buy" and a consensus price target of $134.50.

Corcept Therapeutics Trading Down 2.8%

Shares of CORT traded down $1.97 during trading hours on Thursday, hitting $69.37. 551,811 shares of the stock traded hands, compared to its average volume of 606,496. Corcept Therapeutics Incorporated has a 1-year low of $33.66 and a 1-year high of $117.33. The firm has a market capitalization of $7.31 billion, a PE ratio of 61.39 and a beta of 0.29. The business has a fifty day moving average of $70.65 and a 200-day moving average of $69.42.

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