Kennedy Capital Management LLC Acquires 79,807 Shares of Corcept Therapeutics Incorporated $CORT

Kennedy Capital Management LLC raised its holdings in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) by 61.4% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 209,733 shares of the biotechnology company's stock after purchasing an additional 79,807 shares during the period. Kennedy Capital Management LLC owned 0.20% of Corcept Therapeutics worth $7,299,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the company. Clutterbuck Capital Management LLC purchased a new position in shares of Corcept Therapeutics during the 4th quarter worth approximately $1,392,000. Avidity Partners Management LP purchased a new position in shares of Corcept Therapeutics during the 4th quarter worth approximately $766,000. Bridge City Capital LLC grew its holdings in shares of Corcept Therapeutics by 53.7% during the 4th quarter. Bridge City Capital LLC now owns 29,535 shares of the biotechnology company's stock worth $1,028,000 after acquiring an additional 10,324 shares during the period. Atlas Capital Advisors Inc. purchased a new position in shares of Corcept Therapeutics during the 4th quarter worth approximately $31,000. Finally, The Manufacturers Life Insurance Company grew its holdings in shares of Corcept Therapeutics by 4.3% during the 4th quarter. The Manufacturers Life Insurance Company now owns 22,139 shares of the biotechnology company's stock worth $770,000 after acquiring an additional 903 shares during the period. Hedge funds and other institutional investors own 93.61% of the company's stock.

Corcept Therapeutics Stock Up 0.3%

Corcept Therapeutics stock opened at $83.12 on Tuesday. The company has a market capitalization of $8.92 billion, a P/E ratio of 237.49 and a beta of 0.50. The stock's 50 day moving average is $56.51 and its 200 day moving average is $52.10. Corcept Therapeutics Incorporated has a twelve month low of $28.66 and a twelve month high of $91.00.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last posted its quarterly earnings results on Thursday, April 30th. The biotechnology company reported ($0.30) earnings per share for the quarter, missing the consensus estimate of ($0.11) by ($0.19). The company had revenue of $164.90 million during the quarter, compared to analysts' expectations of $185.83 million. Corcept Therapeutics had a return on equity of 7.40% and a net margin of 6.14%.The business's quarterly revenue was up 4.9% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.17 EPS. As a group, equities analysts expect that Corcept Therapeutics Incorporated will post 0.62 EPS for the current year.

Insider Buying and Selling

In related news, CFO Atabak Mokari sold 40,000 shares of the company's stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $70.00, for a total value of $2,800,000.00. Following the sale, the chief financial officer owned 15,257 shares in the company, valued at $1,067,990. This represents a 72.39% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Joseph Douglas Lyon sold 5,000 shares of the company's stock in a transaction that occurred on Wednesday, May 27th. The stock was sold at an average price of $65.00, for a total value of $325,000.00. Following the completion of the sale, the insider owned 6,230 shares in the company, valued at $404,950. The trade was a 44.52% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 242,965 shares of company stock worth $14,802,964 over the last three months. Corporate insiders own 20.70% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on CORT. HC Wainwright upped their target price on Corcept Therapeutics from $75.00 to $95.00 and gave the stock a "buy" rating in a report on Tuesday, June 2nd. Piper Sandler upped their target price on Corcept Therapeutics from $73.00 to $88.00 and gave the stock an "overweight" rating in a report on Friday, May 1st. Wolfe Research upgraded Corcept Therapeutics from an "underperform" rating to a "peer perform" rating in a report on Thursday, March 26th. Canaccord Genuity Group upped their target price on Corcept Therapeutics from $110.00 to $135.00 and gave the stock a "buy" rating in a report on Thursday, May 28th. Finally, Truist Financial upgraded Corcept Therapeutics to a "strong-buy" rating in a report on Wednesday, March 25th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $88.83.

Corcept Therapeutics Company 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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