Lisanti Capital Growth LLC Takes Position in Corcept Therapeutics Incorporated $CORT

Key Points

• Lisanti Capital Growth purchased 91,610 shares of Corcept Therapeutics worth approximately $7.97 million, making CORT its fifth-largest holding. Institutional investors collectively own 93.61% of the company.
• Analyst sentiment is generally positive, with a consensus “Moderate Buy” rating and an average price target of $138.17, although Wolfe Research downgraded the stock to “Underperform” with a $50 target.
• Corcept reported quarterly revenue of $256.15 million and earnings per share of $0.36, exceeding estimates of $221.15 million and $0.02, respectively; revenue increased 31.7% year over year. Meanwhile, insiders sold roughly $36.7 million of stock over the past three months.

Lisanti Capital Growth LLC bought a new position in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 91,610 shares of the biotechnology company's stock, valued at approximately $7,965,000. Corcept Therapeutics accounts for approximately 1.8% of Lisanti Capital Growth LLC's holdings, making the stock its 5th biggest position. Lisanti Capital Growth LLC owned 0.08% of Corcept Therapeutics at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of CORT. Alberta Investment Management Corp acquired a new stake in shares of Corcept Therapeutics during the 2nd quarter worth approximately $9,843,000. Avidity Partners Management LP acquired a new position in Corcept Therapeutics in the fourth quarter valued at approximately $766,000. Norges Bank acquired a new position in Corcept Therapeutics in the fourth quarter valued at approximately $24,213,000. Caitong International Asset Management Co. Ltd bought a new position in Corcept Therapeutics in the fourth quarter valued at approximately $8,757,000. Finally, BOKF NA bought a new position in Corcept Therapeutics in the fourth quarter valued at approximately $1,061,000. Institutional investors own 93.61% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have commented on CORT shares. Truist Financial began coverage on shares of Corcept Therapeutics in a research report on Tuesday. They set a "buy" rating and a $164.00 target price for the company. Wolfe Research lowered Corcept Therapeutics from a "peer perform" rating to an "underperform" rating and set a $50.00 price target on the stock. in a research report on Monday, July 27th. HC Wainwright upped their price objective on Corcept Therapeutics from $95.00 to $165.00 and gave the company a "buy" rating in a report on Thursday, July 30th. Wall Street Zen raised Corcept Therapeutics from a "hold" rating to a "strong-buy" rating in a research note on Saturday, August 1st. Finally, Weiss Ratings reissued a "hold (c-)" rating on shares of Corcept Therapeutics in a research note on Wednesday, June 24th. Five analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Corcept Therapeutics has a consensus rating of "Moderate Buy" and a consensus price target of $138.17.

Insiders Place Their Bets

In other news, insider Sean Maduck sold 75,000 shares of Corcept Therapeutics stock in a transaction dated Wednesday, May 27th. The stock was sold at an average price of $65.59, for a total transaction of $4,919,250.00. Following the transaction, the insider owned 8,977 shares in the company, valued at $588,801.43. The trade was a 89.31% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Atabak Mokari sold 80,000 shares of the business's stock in a transaction that occurred on Thursday, July 30th. The shares were sold at an average price of $114.71, for a total value of $9,176,800.00. Following the completion of the transaction, the chief financial officer owned 16,130 shares of the company's stock, valued at $1,850,272.30. This represents a 83.22% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 416,540 shares of company stock valued at $36,652,354 in the last three months. Insiders own 20.70% of the company's stock.

Corcept Therapeutics Stock Performance

Shares of NASDAQ:CORT opened at $119.02 on Thursday. Corcept Therapeutics Incorporated has a 52 week low of $28.66 and a 52 week high of $122.21. The company has a market capitalization of $12.87 billion, a PE ratio of 283.39 and a beta of 0.45. The company has a 50 day moving average price of $95.84 and a two-hundred day moving average price of $63.62.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last announced its quarterly earnings results on Wednesday, July 29th. The biotechnology company reported $0.36 earnings per share for the quarter, topping analysts' consensus estimates of $0.02 by $0.34. Corcept Therapeutics had a net margin of 6.52% and a return on equity of 8.26%. The company had revenue of $256.15 million for the quarter, compared to analysts' expectations of $221.15 million. During the same period last year, the firm posted $0.29 earnings per share. The business's quarterly revenue was up 31.7% compared to the same quarter last year. On average, sell-side analysts forecast that Corcept Therapeutics Incorporated will post 1.13 earnings per share for the current year.

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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