Corcept Therapeutics Incorporated $CORT Shares Acquired by Ieq Capital LLC

Key Points

• Ieq Capital LLC significantly increased its stake in Corcept Therapeutics by 78.1%, owning shares valued at approximately $2.04 million as of the latest quarter.
• Corcept Therapeutics reported a quarterly earnings of $0.29 per share, surpassing analysts' expectations of $0.23, although its revenue fell slightly short of estimates.
• The stock has a current consensus rating of "Buy" from five research analysts, with an average price target of $134.50.

Ieq Capital LLC grew its stake in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) by 78.1% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 17,891 shares of the biotechnology company's stock after purchasing an additional 7,844 shares during the quarter. Ieq Capital LLC's holdings in Corcept Therapeutics were worth $2,044,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Brooklyn Investment Group increased its position in shares of Corcept Therapeutics by 99.5% during the first quarter. Brooklyn Investment Group now owns 373 shares of the biotechnology company's stock worth $43,000 after acquiring an additional 186 shares during the last quarter. MassMutual Private Wealth & Trust FSB increased its position in shares of Corcept Therapeutics by 102.0% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 620 shares of the biotechnology company's stock worth $71,000 after acquiring an additional 313 shares during the last quarter. Covestor Ltd increased its position in shares of Corcept Therapeutics by 1,741.2% during the first quarter. Covestor Ltd now owns 626 shares of the biotechnology company's stock worth $72,000 after acquiring an additional 592 shares during the last quarter. IFP Advisors Inc increased its position in shares of Corcept Therapeutics by 1,150.8% during the first quarter. IFP Advisors Inc now owns 738 shares of the biotechnology company's stock worth $84,000 after acquiring an additional 679 shares during the last quarter. Finally, Gen Wealth Partners Inc purchased a new stake in shares of Corcept Therapeutics during the fourth quarter worth about $67,000. 93.61% of the stock is owned by hedge funds and other institutional investors.

Corcept Therapeutics Stock Down 0.0%

Shares of NASDAQ:CORT traded down $0.02 during trading on Friday, hitting $69.35. 724,529 shares of the company traded hands, compared to its average volume of 1,279,781. The stock has a market capitalization of $7.31 billion, a price-to-earnings ratio of 61.26 and a beta of 0.29. The business's fifty day moving average is $70.65 and its 200-day moving average is $69.42. Corcept Therapeutics Incorporated has a one year low of $33.66 and a one year high of $117.33.

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

Wall Street Analyst Weigh In

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

Insiders Place Their Bets

In other news, insider William Guyer sold 35,007 shares of the business's stock in a transaction that occurred on 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 in the company, valued at approximately $393,801.99. The trade was a 86.45% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Sean Maduck sold 35,007 shares of the business's stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $67.79, for a total value of $2,373,124.53. Following the transaction, the insider owned 7,681 shares of the company's stock, valued at approximately $520,694.99. This represents a 82.01% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 242,215 shares of company stock valued at $17,017,051. Corporate insiders own 20.80% of the company's stock.

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.