Edgestream Partners L.P. Invests $7.31 Million in Corcept Therapeutics Incorporated (NASDAQ:CORT)

Edgestream Partners L.P. acquired a new position in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 64,009 shares of the biotechnology company's stock, valued at approximately $7,311,000. Edgestream Partners L.P. owned about 0.06% of Corcept Therapeutics at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Norges Bank bought a new position in shares of Corcept Therapeutics in the fourth quarter worth $42,055,000. GAMMA Investing LLC grew its stake in shares of Corcept Therapeutics by 12,888.9% in the first quarter. GAMMA Investing LLC now owns 389,148 shares of the biotechnology company's stock worth $44,448,000 after purchasing an additional 386,152 shares in the last quarter. Raymond James Financial Inc. bought a new position in shares of Corcept Therapeutics in the fourth quarter worth $12,084,000. Jacobs Levy Equity Management Inc. grew its stake in shares of Corcept Therapeutics by 12.5% in the fourth quarter. Jacobs Levy Equity Management Inc. now owns 1,376,881 shares of the biotechnology company's stock worth $69,381,000 after purchasing an additional 153,100 shares in the last quarter. Finally, Parallel Advisors LLC grew its stake in shares of Corcept Therapeutics by 3.7% in the first quarter. Parallel Advisors LLC now owns 3,972,416 shares of the biotechnology company's stock worth $453,729,000 after purchasing an additional 142,784 shares in the last quarter. 93.61% of the stock is currently owned by institutional investors.

Insider Transactions at Corcept Therapeutics

In related news, insider Sean Maduck sold 20,000 shares of the stock in a transaction dated Monday, June 2nd. The stock was sold at an average price of $79.08, for a total value of $1,581,600.00. Following the completion of the sale, the insider directly owned 17,705 shares of the company's stock, valued at approximately $1,400,111.40. This represents a 53.04% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Joseph K. Belanoff sold 40,000 shares of the stock in a transaction dated Monday, June 2nd. The stock was sold at an average price of $82.86, for a total value of $3,314,400.00. Following the completion of the sale, the chief executive officer directly owned 2,901,985 shares of the company's stock, valued at approximately $240,458,477.10. This represents a 1.36% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 225,233 shares of company stock worth $17,016,443. 20.80% of the stock is currently owned by company insiders.

Corcept Therapeutics Stock Performance

Shares of NASDAQ:CORT traded down $1.94 during midday trading on Friday, reaching $71.16. The company had a trading volume of 298,115 shares, compared to its average volume of 1,184,435. Corcept Therapeutics Incorporated has a 1-year low of $32.33 and a 1-year high of $117.33. The firm has a market cap of $7.55 billion, a price-to-earnings ratio of 61.33 and a beta of 0.15. The company has a fifty day simple moving average of $72.74 and a two-hundred day simple moving average of $66.97.

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

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on CORT. Wall Street Zen cut Corcept Therapeutics from a "buy" rating to a "hold" rating in a research note on Wednesday, May 14th. Piper Sandler upped their price objective on Corcept Therapeutics from $128.00 to $131.00 and gave the company an "overweight" rating in a report on Thursday, April 3rd. HC Wainwright cut their price objective on Corcept Therapeutics from $150.00 to $145.00 and set a "buy" rating for the company in a report on Tuesday, May 6th. Canaccord Genuity Group upped their price objective on Corcept Therapeutics from $130.00 to $142.00 and gave the company a "buy" rating in a report on Tuesday, April 1st. Finally, Truist Financial set a $135.00 price objective on Corcept Therapeutics in a report on Tuesday, May 6th. One analyst has rated the stock with a hold rating and five have given a buy rating to the company's stock. According to data from MarketBeat, Corcept Therapeutics has a consensus rating of "Moderate Buy" and an average price target of $138.25.

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.