Livforsakringsbolaget Skandia Omsesidigt Increases Stock Holdings in Corcept Therapeutics Incorporated $CORT

Key Points

• Livforsakringsbolaget Skandia Omsesidigt increased its stake in Corcept Therapeutics by 883.0% in Q2, now owning 19,660 shares valued at approximately $1.44 million.
• Corcept Therapeutics reported a quarterly earnings per share of $0.29, exceeding estimates and reflecting an 18.7% increase in revenue compared to the previous year.
• Insider trades included CEO Joseph K. Belanoff selling 40,000 shares worth approximately $2.74 million, contributing to a total of 222,215 shares sold by insiders last quarter.

Livforsakringsbolaget Skandia Omsesidigt raised its holdings in Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) by 883.0% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 19,660 shares of the biotechnology company's stock after acquiring an additional 17,660 shares during the quarter. Livforsakringsbolaget Skandia Omsesidigt's holdings in Corcept Therapeutics were worth $1,443,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Brooklyn Investment Group raised its holdings in 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 during the period. MassMutual Private Wealth & Trust FSB raised its holdings in shares of Corcept Therapeutics by 102.0% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 620 shares of the biotechnology company's stock worth $71,000 after acquiring an additional 313 shares during the period. Covestor Ltd raised its holdings in shares of Corcept Therapeutics by 1,741.2% during the first quarter. Covestor Ltd now owns 626 shares of the biotechnology company's stock worth $72,000 after acquiring an additional 592 shares during the period. IFP Advisors Inc increased its stake in Corcept Therapeutics by 1,150.8% in the 1st quarter. IFP Advisors Inc now owns 738 shares of the biotechnology company's stock valued at $84,000 after buying an additional 679 shares during the last quarter. Finally, Public Employees Retirement System of Ohio increased its stake in shares of Corcept Therapeutics by 269.9% during the 4th quarter. Public Employees Retirement System of Ohio now owns 2,859 shares of the biotechnology company's stock worth $144,000 after purchasing an additional 2,086 shares during the last quarter. 93.61% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on CORT. Canaccord Genuity Group upped their price objective on shares of Corcept Therapeutics from $137.00 to $140.00 and gave the stock a "buy" rating in a research report on Wednesday, September 10th. Piper Sandler decreased their price target on shares of Corcept Therapeutics from $131.00 to $121.00 and set an "overweight" rating for the company in a research report on Friday, August 1st. Five analysts have rated the stock with a Buy rating, According to MarketBeat, the company presently has an average rating of "Buy" and an average target price of $135.25.

Corcept Therapeutics Stock Performance

Shares of Corcept Therapeutics stock traded up $0.72 during trading hours on Friday, reaching $80.52. The company's stock had a trading volume of 3,109,817 shares, compared to its average volume of 724,700. The stock's fifty day simple moving average is $71.14 and its two-hundred day simple moving average is $70.29. The company has a market capitalization of $8.48 billion, a P/E ratio of 71.26 and a beta of 0.29. Corcept Therapeutics Incorporated has a one year low of $40.62 and a one year high of $117.33.

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 analysts' consensus estimates of $0.23 by $0.06. Corcept Therapeutics had a net margin of 18.51% and a return on equity of 20.10%. The firm had revenue of $194.43 million during the quarter, compared to analyst estimates of $199.40 million. During the same quarter last year, the business earned $0.32 earnings per share. The company's quarterly revenue was up 18.7% on a year-over-year basis. Corcept Therapeutics has set its FY 2025 guidance at EPS. As a group, research analysts forecast that Corcept Therapeutics Incorporated will post 1.36 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Sean Maduck sold 20,000 shares of the firm's stock in a transaction on Tuesday, September 2nd. The shares were sold at an average price of $70.49, for a total value of $1,409,800.00. Following the completion of the transaction, the insider directly owned 7,681 shares of the company's stock, valued at approximately $541,433.69. This trade represents a 72.25% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Joseph Douglas Lyon sold 5,000 shares of Corcept Therapeutics stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $70.25, for a total value of $351,250.00. Following the completion of the sale, the insider owned 10,066 shares of the company's stock, valued at $707,136.50. The trade was a 33.19% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 222,215 shares of company stock worth $15,572,699 in the last ninety days. Corporate insiders own 20.80% of the company's stock.

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.