Iron Gate Global Advisors LLC Buys Shares of 3,500 Corcept Therapeutics Incorporated $CORT

Key Points

• Iron Gate Global Advisors LLC has acquired a new stake in Corcept Therapeutics by purchasing 3,500 shares, valued at around $400,000, in the first quarter.
• Insider selling has been significant, with CEO Joseph K. Belanoff selling 40,000 shares and a notable transaction by William Guyer, resulting in a decrease in ownership for both.
• Corcept Therapeutics reported quarterly earnings surpassing expectations with a net margin of 18.51%, and its stock maintains a market cap of $7.55 billion despite recent fluctuations.

Iron Gate Global Advisors LLC purchased a new position in Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 3,500 shares of the biotechnology company's stock, valued at approximately $400,000.

Other institutional investors and hedge funds also recently modified their holdings of the company. Brooklyn Investment Group grew its stake in shares of Corcept Therapeutics by 99.5% in the first quarter. Brooklyn Investment Group now owns 373 shares of the biotechnology company's stock worth $43,000 after purchasing an additional 186 shares in the last quarter. MassMutual Private Wealth & Trust FSB grew its stake in shares of Corcept Therapeutics by 102.0% in 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 in the last quarter. Covestor Ltd grew its stake in shares of Corcept Therapeutics by 1,741.2% in the first quarter. Covestor Ltd now owns 626 shares of the biotechnology company's stock worth $72,000 after purchasing an additional 592 shares in the last quarter. IFP Advisors Inc grew its stake in shares of Corcept Therapeutics by 1,150.8% in 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 in the last quarter. Finally, Bank of Nova Scotia bought a new position in shares of Corcept Therapeutics in the first quarter worth $203,000. Institutional investors own 93.61% of the company's stock.

Corcept Therapeutics Trading Up 0.5%

CORT stock traded up $0.33 during mid-day trading on Tuesday, hitting $69.86. The stock had a trading volume of 279,141 shares, compared to its average volume of 1,255,741. Corcept Therapeutics Incorporated has a 1-year low of $38.68 and a 1-year high of $117.33. The company has a fifty day moving average of $70.66 and a 200 day moving average of $69.83. The stock has a market capitalization of $7.36 billion, a price-to-earnings ratio of 61.82 and a beta of 0.29.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last issued its earnings results on Thursday, July 31st. The biotechnology company reported $0.29 earnings per share 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 company 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 EPS. The business's revenue was up 18.7% compared to the same quarter last year. Corcept Therapeutics has set its FY 2025 guidance at EPS. As a group, sell-side analysts expect that Corcept Therapeutics Incorporated will post 1.36 earnings per share for the current fiscal year.

Insider Transactions at Corcept Therapeutics

In related news, CEO Joseph K. Belanoff sold 40,000 shares of the firm's stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $68.53, for a total value of $2,741,200.00. Following the transaction, the chief executive officer directly owned 2,861,370 shares of the company's stock, valued at approximately $196,089,686.10. This trade represents a 1.38% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Sean Maduck sold 35,007 shares of the firm's stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $67.79, for a total value 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. The trade was a 82.01% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 222,215 shares of company stock valued at $15,572,699. 20.50% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

CORT has been the subject of several research reports. Canaccord Genuity Group raised their target price on Corcept Therapeutics from $137.00 to $140.00 and gave the company a "buy" rating in a research note on Wednesday, September 10th. Piper Sandler decreased their target price on Corcept Therapeutics from $131.00 to $121.00 and set an "overweight" rating for the company in a research note on Friday, August 1st. Five analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the company presently has an average rating of "Buy" and an average price target of $135.25.

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.