Intech Investment Management LLC Buys 44,994 Shares of Corcept Therapeutics Incorporated $CORT

Key Points

• Intech Investment Management boosted its stake in Corcept Therapeutics by 636% in the fourth quarter, adding 44,994 shares to bring its total holding to 52,069 shares worth about $1.81 million.
• Several other institutions also increased their positions, and institutional investors now own 93.61% of Corcept’s stock, highlighting strong professional ownership interest.
• Insider activity was mixed: director G. Leonard Baker Jr. bought 100,000 shares, while insider William Guyer sold 20,000 shares, as analysts maintain a Moderate Buy rating with an average target price of $88.83.

Intech Investment Management LLC increased its stake in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) by 636.0% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 52,069 shares of the biotechnology company's stock after buying an additional 44,994 shares during the quarter. Intech Investment Management LLC's holdings in Corcept Therapeutics were worth $1,812,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. JPMorgan Chase & Co. grew its holdings in Corcept Therapeutics by 223.4% during the third quarter. JPMorgan Chase & Co. now owns 849,864 shares of the biotechnology company's stock worth $70,632,000 after buying an additional 587,053 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its position in Corcept Therapeutics by 111.8% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 507,967 shares of the biotechnology company's stock worth $19,404,000 after purchasing an additional 268,155 shares during the last quarter. First Trust Advisors LP boosted its position in Corcept Therapeutics by 34.1% in the third quarter. First Trust Advisors LP now owns 720,224 shares of the biotechnology company's stock worth $59,858,000 after purchasing an additional 183,038 shares during the last quarter. Public Sector Pension Investment Board boosted its position in Corcept Therapeutics by 13.7% in the third quarter. Public Sector Pension Investment Board now owns 365,838 shares of the biotechnology company's stock worth $30,405,000 after purchasing an additional 44,070 shares during the last quarter. Finally, Checkpoint Capital L.P. boosted its position in Corcept Therapeutics by 14.1% in the third quarter. Checkpoint Capital L.P. now owns 392,331 shares of the biotechnology company's stock worth $32,607,000 after purchasing an additional 48,414 shares during the last quarter. Institutional investors own 93.61% of the company's stock.

Insider Activity

In other news, insider William Guyer sold 20,000 shares of the company's stock in a transaction on Tuesday, June 2nd. The stock was sold at an average price of $70.60, for a total transaction of $1,412,000.00. Following the transaction, the insider owned 3,985 shares of the company's stock, valued at $281,341. This represents a 83.39% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director G Leonard Baker, Jr. purchased 100,000 shares of the company's stock in a transaction dated Tuesday, March 17th. The shares were purchased at an average cost of $33.14 per share, for a total transaction of $3,314,000.00. Following the transaction, the director directly owned 1,146,631 shares in the company, valued at approximately $37,999,351.34. The trade was a 9.55% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last three months, insiders have sold 242,965 shares of company stock worth $14,802,964. 20.70% of the stock is owned by company insiders.

Corcept Therapeutics Price Performance

Shares of NASDAQ CORT opened at $74.89 on Friday. Corcept Therapeutics Incorporated has a one year low of $28.66 and a one year high of $91.00. The business's fifty day moving average price is $51.08 and its 200-day moving average price is $52.00. The stock has a market capitalization of $8.04 billion, a PE ratio of 213.98 and a beta of 0.50.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last issued its quarterly earnings results on Thursday, April 30th. The biotechnology company reported ($0.30) EPS for the quarter, missing analysts' consensus estimates of ($0.11) by ($0.19). Corcept Therapeutics had a net margin of 6.14% and a return on equity of 7.40%. The firm had revenue of $164.90 million for the quarter, compared to analysts' expectations of $185.83 million. During the same period in the prior year, the company earned $0.17 EPS. The firm's quarterly revenue was up 4.9% on a year-over-year basis. As a group, equities analysts expect that Corcept Therapeutics Incorporated will post 0.53 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms have weighed in on CORT. HC Wainwright boosted their price objective on Corcept Therapeutics from $75.00 to $95.00 and gave the stock a "buy" rating in a research report on Tuesday. UBS Group set a $135.00 price objective on Corcept Therapeutics in a research report on Thursday, May 28th. Piper Sandler boosted their price objective on Corcept Therapeutics from $73.00 to $88.00 and gave the stock an "overweight" rating in a research report on Friday, May 1st. Canaccord Genuity Group boosted their price objective on Corcept Therapeutics from $110.00 to $135.00 and gave the stock a "buy" rating in a research report on Thursday, May 28th. Finally, Zacks Research raised Corcept Therapeutics from a "strong sell" rating to a "hold" rating in a research report on Monday, May 4th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $88.83.

Corcept Therapeutics Profile

Corcept Therapeutics is a clinical-stage biopharmaceutical company focused on discovering and developing drugs that modulate the effects of cortisol, a hormone implicated in a range of severe metabolic, oncologic and psychiatric disorders. The company's scientific platform centers on selectively targeting the glucocorticoid receptor to counteract the harmful consequences of excess cortisol, a strategy designed to address diseases with significant unmet medical needs.

The company's flagship marketed product, Korlym (mifepristone), is approved in the United States for the treatment of hyperglycemia secondary to Cushing's syndrome in patients who have type 2 diabetes or glucose intolerance and are not candidates for surgery.

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