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 bought a new stake in Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 3,500 shares of the biotechnology company's stock, valued at approximately $400,000.

Several other hedge funds have also recently made changes to their positions in the company. Focus Partners Wealth raised its stake in shares of Corcept Therapeutics by 0.5% in the first quarter. Focus Partners Wealth now owns 33,243 shares of the biotechnology company's stock valued at $3,797,000 after buying an additional 170 shares during the period. Brooklyn Investment Group raised 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 valued at $43,000 after buying an additional 186 shares during the period. Wealth Enhancement Advisory Services LLC raised its stake in shares of Corcept Therapeutics by 3.0% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 7,954 shares of the biotechnology company's stock valued at $909,000 after buying an additional 230 shares during the period. Evergreen Capital Management LLC raised its stake in shares of Corcept Therapeutics by 3.8% in the first quarter. Evergreen Capital Management LLC now owns 7,158 shares of the biotechnology company's stock valued at $818,000 after buying an additional 265 shares during the period. Finally, MassMutual Private Wealth & Trust FSB raised 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 valued at $71,000 after buying an additional 313 shares during the period. 93.61% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, insider William Guyer sold 35,007 shares of the business's stock in a transaction dated 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 $393,801.99. The trade was a 86.45% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Joseph K. Belanoff sold 40,000 shares of the business's stock in a transaction dated 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 owned 2,861,370 shares of the company's stock, valued at approximately $196,089,686.10. The trade was a 1.38% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 220,015 shares of company stock valued at $15,413,309 in the last ninety days. Corporate insiders own 20.80% of the company's stock.

Corcept Therapeutics Stock Performance

Shares of NASDAQ CORT opened at $71.62 on Thursday. The stock has a market cap of $7.55 billion, a PE ratio of 63.38 and a beta of 0.29. Corcept Therapeutics Incorporated has a fifty-two week low of $34.87 and a fifty-two week high of $117.33. The stock has a fifty day moving average of $70.58 and a 200-day moving average of $69.48.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last announced its quarterly earnings results on Thursday, July 31st. The biotechnology company reported $0.29 earnings per share 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 return on equity of 20.10% and a net margin of 18.51%.The firm's quarterly revenue was up 18.7% compared to the same quarter last year. During the same period in the previous year, the business earned $0.32 earnings per share. Corcept Therapeutics has set its FY 2025 guidance at EPS. On average, sell-side analysts predict that Corcept Therapeutics Incorporated will post 1.36 EPS for the current year.

Analyst Upgrades and Downgrades

CORT has been the topic of several research reports. Wall Street Zen lowered Corcept Therapeutics from a "buy" rating to a "hold" rating in a research note on Wednesday, May 14th. Piper Sandler lowered 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. Finally, Canaccord Genuity Group lifted their price target on Corcept Therapeutics from $137.00 to $140.00 and gave the company a "buy" rating in a research report on Wednesday. Five investment analysts have rated the stock with a Buy rating, According to MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus price target of $135.25.

Corcept Therapeutics Company 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.

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