Empowered Funds LLC Has $13.97 Million Holdings in Corcept Therapeutics Incorporated $CORT

Key Points

• Empowered Funds LLC has significantly increased its stake in Corcept Therapeutics by 198.1%, now owning approximately $13.97 million worth of shares.
• Insider selling included CEO Joseph K. Belanoff, who sold 40,000 shares for about $2.74 million, reflecting a 1.38% decrease in his ownership.
• Corcept Therapeutics' stock recently rose by 2.7%, with an updated consensus rating of "Buy" among analysts and an average price target of $134.50.

Empowered Funds LLC increased its stake in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) by 198.1% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 122,345 shares of the biotechnology company's stock after purchasing an additional 81,297 shares during the period. Empowered Funds LLC owned 0.12% of Corcept Therapeutics worth $13,974,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently bought and sold shares of the company. Public Employees Retirement System of Ohio lifted its holdings in Corcept Therapeutics by 269.9% in the fourth quarter. Public Employees Retirement System of Ohio now owns 2,859 shares of the biotechnology company's stock valued at $144,000 after acquiring an additional 2,086 shares during the last quarter. Victory Capital Management Inc. increased its position in shares of Corcept Therapeutics by 24.5% in the 1st quarter. Victory Capital Management Inc. now owns 93,418 shares of the biotechnology company's stock valued at $10,670,000 after purchasing an additional 18,389 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. purchased a new stake in shares of Corcept Therapeutics in the 1st quarter valued at approximately $331,000. Robeco Institutional Asset Management B.V. acquired a new stake in Corcept Therapeutics during the first quarter worth approximately $355,000. Finally, Sequoia Financial Advisors LLC acquired a new stake in Corcept Therapeutics during the first quarter worth approximately $384,000. Hedge funds and other institutional investors own 93.61% of the company's stock.

Insider Buying and Selling at Corcept Therapeutics

In other Corcept Therapeutics news, CEO Joseph K. Belanoff sold 40,000 shares of the firm's stock in a transaction on 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 sale, the chief executive officer owned 2,861,370 shares of the company's stock, valued at approximately $196,089,686.10. This trade represents a 1.38% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider William Guyer sold 35,007 shares of the stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $71.77, for a total transaction of $2,512,452.39. Following the completion of the transaction, the insider directly owned 5,487 shares of the company's stock, valued at $393,801.99. This trade represents a 86.45% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 222,215 shares of company stock valued at $15,572,699 in the last three months. 20.80% of the stock is owned by insiders.

Corcept Therapeutics Price Performance

Shares of CORT traded down $1.46 during mid-day trading on Friday, reaching $72.87. The company had a trading volume of 664,160 shares, compared to its average volume of 1,264,693. Corcept Therapeutics Incorporated has a twelve month low of $35.87 and a twelve month high of $117.33. The company's 50-day moving average is $70.62 and its 200-day moving average is $69.57. The company has a market capitalization of $7.68 billion, a P/E ratio of 64.49 and a beta of 0.29.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The biotechnology company reported $0.29 EPS for the quarter, beating analysts' consensus estimates of $0.23 by $0.06. Corcept Therapeutics had a return on equity of 20.10% and a net margin of 18.51%.The firm had revenue of $194.43 million for the quarter, compared to analyst estimates of $199.40 million. During the same period last year, the company earned $0.32 EPS. The business's quarterly revenue 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 analysts expect that Corcept Therapeutics Incorporated will post 1.36 EPS for the current fiscal year.

Analysts Set New Price Targets

CORT has been the subject of several recent research reports. Canaccord Genuity Group increased their price target on Corcept Therapeutics from $137.00 to $140.00 and gave the stock a "buy" rating in a report on Wednesday. Piper Sandler lowered their target price on shares of Corcept Therapeutics from $131.00 to $121.00 and set an "overweight" rating for the company in a research note on Friday, August 1st. Five equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat, Corcept Therapeutics currently has an average rating of "Buy" and a consensus target price of $135.25.

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.