Empowered Funds LLC Purchases 81,297 Shares of 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 raised its holdings in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) by 198.1% in the 1st quarter, according to its most recent Form 13F 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 quarter. Empowered Funds LLC owned 0.12% of Corcept Therapeutics worth $13,974,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in CORT. Coppell Advisory Solutions LLC raised its position in shares of Corcept Therapeutics by 536.4% during the 1st quarter. Coppell Advisory Solutions LLC now owns 17,310 shares of the biotechnology company's stock valued at $1,977,000 after buying an additional 14,590 shares in the last quarter. United Services Automobile Association purchased a new position in Corcept Therapeutics in the first quarter worth about $693,000. Kestra Investment Management LLC increased its stake in Corcept Therapeutics by 372.6% during the first quarter. Kestra Investment Management LLC now owns 2,514 shares of the biotechnology company's stock worth $287,000 after acquiring an additional 1,982 shares during the last quarter. Jones Financial Companies Lllp raised its position in Corcept Therapeutics by 11,630.3% during the first quarter. Jones Financial Companies Lllp now owns 15,484 shares of the biotechnology company's stock valued at $1,769,000 after purchasing an additional 15,352 shares during the period. Finally, NewEdge Advisors LLC bought a new stake in shares of Corcept Therapeutics in the 1st quarter valued at approximately $518,000. 93.61% of the stock is owned by hedge funds and other institutional investors.

Corcept Therapeutics Trading Down 2.0%

Shares of NASDAQ CORT traded down $1.46 during midday trading on Friday, hitting $72.87. The company's stock had a trading volume of 664,160 shares, compared to its average volume of 625,158. Corcept Therapeutics Incorporated has a 12-month low of $35.87 and a 12-month high of $117.33. The firm has a market cap of $7.68 billion, a P/E ratio of 64.49 and a beta of 0.29. The business's 50 day moving average is $70.62 and its two-hundred day moving average is $69.76.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last posted its quarterly earnings data 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 return on equity of 20.10% and a net margin of 18.51%.The company had revenue of $194.43 million during the quarter, compared to analysts' expectations of $199.40 million. During the same quarter in the previous year, the business earned $0.32 EPS. 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 predict that Corcept Therapeutics Incorporated will post 1.36 earnings per share for the current fiscal year.

Insider Activity at Corcept Therapeutics

In other Corcept Therapeutics news, insider Sean Maduck sold 35,007 shares of the business's stock in a transaction dated 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 of the company's stock, valued at $520,694.99. The trade was a 82.01% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider William Guyer sold 35,007 shares of the company's 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 owned 5,487 shares in the company, valued at $393,801.99. This represents a 86.45% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 222,215 shares of company stock valued at $15,572,699. Company insiders own 20.50% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on CORT shares. Canaccord Genuity Group boosted their target price on Corcept Therapeutics from $137.00 to $140.00 and gave the company a "buy" rating in a research report on Wednesday. Piper Sandler dropped their price objective 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, Based on data from MarketBeat, the stock currently has an average rating of "Buy" and a consensus target price of $135.25.

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.