Informed Momentum Co LLC Takes Position in Corcept Therapeutics Incorporated (NASDAQ:CORT)

Key Points

• Informed Momentum Co LLC acquired 67,195 shares of Corcept Therapeutics valued at approximately $7.675 million, making it the largest position in their investment portfolio.
• Insiders have sold a total of 244,622 shares of Corcept Therapeutics in the last 90 days, resulting in significant decreases in their ownership percentages.
• After recent price target adjustments, the average rating for Corcept Therapeutics is a "Moderate Buy" with a price target of $134.50 from analysts.

Informed Momentum Co LLC acquired a new stake in Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) in the first quarter, according to the company in its most recent filing with the SEC. The firm acquired 67,195 shares of the biotechnology company's stock, valued at approximately $7,675,000. Corcept Therapeutics comprises 1.3% of Informed Momentum Co LLC's holdings, making the stock its biggest position. Informed Momentum Co LLC owned approximately 0.06% of Corcept Therapeutics at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the business. Public Employees Retirement System of Ohio grew its holdings in shares of Corcept Therapeutics by 269.9% during the fourth quarter. Public Employees Retirement System of Ohio now owns 2,859 shares of the biotechnology company's stock worth $144,000 after purchasing an additional 2,086 shares in the last quarter. Victory Capital Management Inc. grew its stake in shares of Corcept Therapeutics by 24.5% during the 1st quarter. Victory Capital Management Inc. now owns 93,418 shares of the biotechnology company's stock valued at $10,670,000 after acquiring an additional 18,389 shares during the period. Sumitomo Mitsui Trust Group Inc. bought a new position in Corcept Therapeutics in the 1st quarter worth approximately $331,000. JPMorgan Chase & Co. boosted its position in shares of Corcept Therapeutics by 2.7% during the 4th quarter. JPMorgan Chase & Co. now owns 259,902 shares of the biotechnology company's stock valued at $13,096,000 after acquiring an additional 6,832 shares during the last quarter. Finally, Robeco Institutional Asset Management B.V. bought a new stake in Corcept Therapeutics in the first quarter worth $355,000. Institutional investors own 93.61% of the company's stock.

Insider Activity at Corcept Therapeutics

In other news, insider Sean Maduck sold 35,007 shares of Corcept Therapeutics stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $67.79, for a total transaction of $2,373,124.53. Following the completion of the transaction, the insider directly owned 7,681 shares in the company, valued at $520,694.99. This trade represents a 82.01% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Joseph Douglas Lyon sold 5,823 shares of the business's stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $67.51, for a total transaction of $393,110.73. Following the transaction, the insider owned 10,066 shares in the company, valued at approximately $679,555.66. This trade represents a 36.65% 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 in the last 90 days. Insiders own 20.80% of the company's stock.

Corcept Therapeutics Trading Down 0.3%

CORT stock traded down $0.25 during trading on Friday, reaching $71.75. 692,631 shares of the stock were exchanged, compared to its average volume of 861,727. The stock has a 50 day simple moving average of $71.22 and a 200-day simple moving average of $69.27. The company has a market capitalization of $7.56 billion, a P/E ratio of 63.50 and a beta of 0.20. Corcept Therapeutics Incorporated has a twelve month low of $33.34 and a twelve month high of $117.33.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last issued 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 analysts' expectations of $199.40 million. Corcept Therapeutics had a net margin of 18.51% and a return on equity of 20.10%. The business's revenue for the quarter was up 18.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.32 EPS. Equities analysts predict that Corcept Therapeutics Incorporated will post 1.36 EPS for the current year.

Analyst Ratings Changes

Several research analysts recently commented on the company. Canaccord Genuity Group reduced their price objective on Corcept Therapeutics from $142.00 to $137.00 and set a "buy" rating for the company in a research note on Friday, August 1st. Piper Sandler decreased their target price on Corcept Therapeutics from $131.00 to $121.00 and set an "overweight" rating on the stock in a research note on Friday, August 1st. Wall Street Zen lowered Corcept Therapeutics from a "buy" rating to a "hold" rating in a research note on Wednesday, May 14th. Truist Financial set a $135.00 price target on Corcept Therapeutics in a report on Tuesday, May 6th. Finally, HC Wainwright cut their price target on Corcept Therapeutics from $150.00 to $145.00 and set a "buy" rating on the stock in a report on Tuesday, May 6th. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus 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.