HighTower Advisors LLC Has $11.45 Million Stock Holdings in Corcept Therapeutics Incorporated $CORT

Key Points

• HighTower Advisors LLC increased its stake in Corcept Therapeutics by 7.0% in the first quarter, owning approximately 100,252 shares valued at $11.45 million.
• Over 93% of Corcept's stock is owned by institutional investors, indicating significant interest and confidence in the company among large financial players.
• Corcept Therapeutics recently reported a 29% increase in earnings per share for the last quarter, exceeding analyst expectations, though revenue fell slightly short of forecasts.

HighTower Advisors LLC raised its holdings in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) by 7.0% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 100,252 shares of the biotechnology company's stock after buying an additional 6,575 shares during the period. HighTower Advisors LLC owned about 0.09% of Corcept Therapeutics worth $11,451,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the company. Public Sector Pension Investment Board lifted its position in Corcept Therapeutics by 27.3% in the 1st quarter. Public Sector Pension Investment Board now owns 295,741 shares of the biotechnology company's stock worth $33,780,000 after buying an additional 63,407 shares in the last quarter. Staley Capital Advisers Inc. acquired a new position in shares of Corcept Therapeutics during the 1st quarter worth $248,000. Nuveen LLC acquired a new position in shares of Corcept Therapeutics during the 1st quarter worth $35,580,000. Entropy Technologies LP acquired a new position in Corcept Therapeutics in the 1st quarter valued at $823,000. Finally, Invesco Ltd. grew its stake in Corcept Therapeutics by 76.5% in the 1st quarter. Invesco Ltd. now owns 1,246,234 shares of the biotechnology company's stock valued at $142,345,000 after buying an additional 540,101 shares during the last quarter. Hedge funds and other institutional investors own 93.61% of the company's stock.

Corcept Therapeutics Price Performance

NASDAQ CORT traded down $0.4850 on Friday, hitting $70.4950. 145,794 shares of the stock were exchanged, compared to its average volume of 1,312,111. The business's fifty day moving average is $71.18 and its 200 day moving average is $69.40. Corcept Therapeutics Incorporated has a 52 week low of $33.34 and a 52 week high of $117.33. The company has a market capitalization of $7.43 billion, a PE ratio of 62.40 and a beta of 0.20.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last posted its quarterly earnings results on Thursday, July 31st. The biotechnology company reported $0.29 earnings per share (EPS) for the quarter, topping the consensus estimate 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 for the quarter, compared to analyst estimates of $199.40 million. During the same period in the prior year, the firm posted $0.32 earnings per share. The company's quarterly revenue was up 18.7% compared to the same quarter last year. Corcept Therapeutics has set its FY 2025 guidance at EPS. Analysts predict that Corcept Therapeutics Incorporated will post 1.36 EPS for the current fiscal year.

Insider Activity at Corcept Therapeutics

In other news, insider William Guyer sold 35,007 shares of the stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $71.77, for a total value of $2,512,452.39. Following the transaction, the insider directly owned 5,487 shares of the company's stock, valued at $393,801.99. This represents a 86.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Joseph K. Belanoff sold 40,000 shares of the stock in a transaction dated Monday, June 2nd. The shares were sold at an average price of $82.86, for a total transaction of $3,314,400.00. Following the completion of the transaction, the chief executive officer directly owned 2,901,985 shares in the company, valued at $240,458,477.10. The trade was a 1.36% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 222,215 shares of company stock valued at $16,311,201 over the last three months. Company insiders own 20.80% of the company's stock.

Analyst Ratings Changes

CORT has been the topic of several research analyst reports. Truist Financial set a $135.00 price target on shares of Corcept Therapeutics in a research report on Tuesday, May 6th. Canaccord Genuity Group cut their price target on shares of Corcept Therapeutics from $142.00 to $137.00 and set a "buy" 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 research note on Tuesday, May 6th. 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 research note on Friday, August 1st. Finally, Wall Street Zen cut shares of Corcept Therapeutics from a "buy" rating to a "hold" rating in a research report on Wednesday, May 14th. Five equities research analysts have rated the stock with a Buy rating, According to MarketBeat.com, the company currently has a consensus rating of "Buy" and an average price target of $134.50.

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.