Jacobs Levy Equity Management Inc. Reduces Holdings in Corcept Therapeutics Incorporated $CORT

Key Points

• Jacobs Levy Equity Management reduced its stake in Corcept Therapeutics by 2.0%, now holding 1.27% of the company, worth approximately $154.16 million.
• Corcept Therapeutics reported a quarterly earnings per share (EPS) of $0.29, exceeding the consensus estimate by $0.06, but fell short of revenue expectations with $194.43 million compared to $199.40 million expected.
• The company experienced significant insider selling, with notable transactions including sales by Joseph Douglas Lyon and Sean Maduck, leading to a total of 242,215 shares sold worth over $17 million last quarter.

Jacobs Levy Equity Management Inc. cut its stake in Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) by 2.0% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,349,682 shares of the biotechnology company's stock after selling 27,199 shares during the quarter. Jacobs Levy Equity Management Inc. owned about 1.27% of Corcept Therapeutics worth $154,161,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in CORT. Jupiter Asset Management Ltd. lifted its position in shares of Corcept Therapeutics by 8,176.0% during the first quarter. Jupiter Asset Management Ltd. now owns 603,903 shares of the biotechnology company's stock worth $68,978,000 after purchasing an additional 596,606 shares during the last quarter. Invesco Ltd. lifted its position in shares of Corcept Therapeutics by 76.5% during the first quarter. Invesco Ltd. now owns 1,246,234 shares of the biotechnology company's stock worth $142,345,000 after purchasing an additional 540,101 shares during the last quarter. GAMMA Investing LLC lifted its position in shares of Corcept Therapeutics by 12,888.9% during the first quarter. GAMMA Investing LLC now owns 389,148 shares of the biotechnology company's stock worth $44,448,000 after purchasing an additional 386,152 shares during the last quarter. Nuveen LLC bought a new stake in shares of Corcept Therapeutics during the first quarter worth $35,580,000. Finally, Driehaus Capital Management LLC bought a new stake in shares of Corcept Therapeutics during the first quarter worth $29,657,000. 93.61% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several analysts have recently weighed in on CORT shares. Canaccord Genuity Group decreased their target price on Corcept Therapeutics from $142.00 to $137.00 and set a "buy" rating for the company in a research report on Friday, August 1st. Piper Sandler cut their price target 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, Wall Street Zen lowered Corcept Therapeutics from a "buy" rating to a "hold" rating in a research note on Wednesday, May 14th. Five equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat, Corcept Therapeutics has an average rating of "Buy" and an average price target of $134.50.

Insider Buying and Selling

In other Corcept Therapeutics news, CEO Joseph K. Belanoff sold 40,000 shares of the business'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 completion of the transaction, the chief executive officer directly 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 sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Joseph Douglas Lyon sold 5,823 shares of the business's stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $67.51, for a total value of $393,110.73. Following the completion of the transaction, the insider directly owned 10,066 shares of the company's stock, valued at $679,555.66. The trade was a 36.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 220,015 shares of company stock valued at $15,413,309. Insiders own 20.50% of the company's stock.

Corcept Therapeutics Stock Up 0.7%

Shares of Corcept Therapeutics stock traded up $0.50 on Tuesday, reaching $71.73. 723,931 shares of the stock were exchanged, compared to its average volume of 1,275,066. Corcept Therapeutics Incorporated has a twelve month low of $34.34 and a twelve month high of $117.33. The firm has a market capitalization of $7.56 billion, a price-to-earnings ratio of 63.48 and a beta of 0.29. The business has a 50 day moving average price of $70.53 and a two-hundred day moving average price of $69.45.

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 (EPS) for the quarter, beating analysts' consensus estimates 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 during the quarter, compared to the consensus estimate of $199.40 million. During the same period in the previous year, the company posted $0.32 earnings per share. Corcept Therapeutics's revenue for the quarter was up 18.7% on a year-over-year basis. Corcept Therapeutics has set its FY 2025 guidance at EPS. Research analysts forecast that Corcept Therapeutics Incorporated will post 1.36 EPS for the current year.

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.