Free Trial

Informed Momentum Co LLC Makes New $7.68 Million Investment in Corcept Therapeutics Incorporated (NASDAQ:CORT)

Corcept Therapeutics logo with Medical background

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.
  • Need better tools to track Corcept Therapeutics? Try 5 Weeks of MarketBeat All Access for $5. Start Portfolio Tracking Now.

Informed Momentum Co LLC purchased a new position in Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 67,195 shares of the biotechnology company's stock, valued at approximately $7,675,000. Corcept Therapeutics accounts for approximately 1.3% of Informed Momentum Co LLC's investment portfolio, making the stock its biggest holding. Informed Momentum Co LLC owned approximately 0.06% of Corcept Therapeutics as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Canada Pension Plan Investment Board bought a new stake in Corcept Therapeutics in the fourth quarter worth $40,000. Gen Wealth Partners Inc bought a new stake in shares of Corcept Therapeutics during the fourth quarter worth $67,000. MassMutual Private Wealth & Trust FSB lifted 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 purchasing an additional 313 shares during the last quarter. Covestor Ltd lifted 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 purchasing an additional 592 shares during the last quarter. Finally, IFP Advisors Inc lifted 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 purchasing an additional 679 shares during the last quarter. 93.61% of the stock is currently owned by institutional investors.

Insider Transactions 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 Monday, June 2nd. The stock was sold at an average price of $82.86, for a total value of $3,314,400.00. Following the completion of the sale, the chief executive officer directly owned 2,901,985 shares of the company's stock, valued at $240,458,477.10. This trade represents a 1.36% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider William Guyer sold 35,007 shares of the firm's stock in a transaction on Friday, August 8th. The stock was sold at an average price of $71.77, for a total value of $2,512,452.39. Following the completion of the sale, 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 ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 222,215 shares of company stock valued at $16,311,201 in the last 90 days. 20.80% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on CORT shares. Truist Financial set a $135.00 target price on Corcept Therapeutics in a research report on Tuesday, May 6th. Canaccord Genuity Group cut their target price on Corcept Therapeutics from $142.00 to $137.00 and set a "buy" rating on the stock in a research note on Friday, August 1st. Piper Sandler cut 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. Finally, HC Wainwright dropped their price target on Corcept Therapeutics from $150.00 to $145.00 and set a "buy" rating on the stock in a research note on Tuesday, May 6th. One analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $134.50.

View Our Latest Analysis on Corcept Therapeutics

Corcept Therapeutics Stock Performance

NASDAQ CORT traded down $0.25 during trading hours on Friday, reaching $71.75. The stock had a trading volume of 682,383 shares, compared to its average volume of 1,338,996. The stock has a fifty day moving average of $71.17 and a 200 day moving average of $69.20. The stock has a market cap of $7.56 billion, a P/E ratio of 63.50 and a beta of 0.20. Corcept Therapeutics Incorporated has a 52-week low of $33.34 and a 52-week high of $117.33.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last released its quarterly earnings data on Thursday, July 31st. The biotechnology company reported $0.29 EPS for the quarter, topping the consensus estimate of $0.23 by $0.06. Corcept Therapeutics had a return on equity of 20.10% and a net margin of 18.51%. The business had revenue of $194.43 million for the quarter, compared to analyst estimates of $199.40 million. During the same quarter in the prior year, the firm posted $0.32 EPS. The business's quarterly revenue was up 18.7% compared to the same quarter last year. On average, equities research analysts forecast that Corcept Therapeutics Incorporated will post 1.36 EPS for the current year.

Corcept Therapeutics Profile

(Free Report)

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.

Read More

Institutional Ownership by Quarter for Corcept Therapeutics (NASDAQ:CORT)

Should You Invest $1,000 in Corcept Therapeutics Right Now?

Before you consider Corcept Therapeutics, you'll want to hear this.

MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Corcept Therapeutics wasn't on the list.

While Corcept Therapeutics currently has a Buy rating among analysts, top-rated analysts believe these five stocks are better buys.

View The Five Stocks Here

Ten Starter Stocks For Beginners to Buy Now Cover

Just getting into the stock market? These 10 simple stocks can help beginning investors build long-term wealth without knowing options, technicals, or other advanced strategies.

Get This Free Report
Like this article? Share it with a colleague.

Featured Articles and Offers

Recent Videos

3 Stocks With Explosive Upside
September Slowdown: 3 Stocks to Buy When the Pullback Comes
3 Overlooked Stocks Riding the AI Data Center Boom

Stock Lists

All Stock Lists

Investing Tools

Calendars and Tools

Search Headlines