Los Angeles Capital Management LLC Has $1.44 Million Stock Position in Corcept Therapeutics Incorporated $CORT

Key Points

• Los Angeles Capital Management cut its Corcept Therapeutics stake by 46.2% in the fourth quarter, leaving it with 41,497 shares valued at about $1.44 million.
• Corcept’s latest earnings missed expectations, reporting a loss of $0.30 per share versus the expected loss of $0.11, while quarterly revenue of $164.9 million came in below estimates.
• Analysts remain broadly positive on the stock, with a consensus rating of “Moderate Buy” and an average price target of $88.83, even as insiders have sold shares in recent months.

Los Angeles Capital Management LLC lowered its stake in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) by 46.2% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 41,497 shares of the biotechnology company's stock after selling 35,583 shares during the quarter. Los Angeles Capital Management LLC's holdings in Corcept Therapeutics were worth $1,444,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. AQR Capital Management LLC grew its position in Corcept Therapeutics by 546.9% in the 3rd quarter. AQR Capital Management LLC now owns 1,507,209 shares of the biotechnology company's stock worth $125,264,000 after purchasing an additional 1,274,215 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of Corcept Therapeutics by 38.0% in the fourth quarter. Geode Capital Management LLC now owns 2,668,918 shares of the biotechnology company's stock valued at $92,892,000 after buying an additional 734,646 shares during the period. Norges Bank bought a new position in Corcept Therapeutics during the fourth quarter valued at about $24,213,000. JPMorgan Chase & Co. raised its holdings in Corcept Therapeutics by 223.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 849,864 shares of the biotechnology company's stock valued at $70,632,000 after acquiring an additional 587,053 shares in the last quarter. Finally, UBS Group AG raised its holdings in Corcept Therapeutics by 413.8% in the 3rd quarter. UBS Group AG now owns 549,938 shares of the biotechnology company's stock valued at $45,705,000 after acquiring an additional 442,898 shares in the last quarter. 93.61% of the stock is currently owned by institutional investors and hedge funds.

Corcept Therapeutics Stock Up 0.8%

Shares of CORT stock opened at $78.12 on Thursday. Corcept Therapeutics Incorporated has a 12-month low of $28.66 and a 12-month high of $91.00. The company has a market capitalization of $8.39 billion, a P/E ratio of 223.21 and a beta of 0.50. The firm has a 50-day moving average price of $54.02 and a 200 day moving average price of $52.00.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last issued its quarterly earnings data 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). Corcept Therapeutics had a return on equity of 7.40% and a net margin of 6.14%.The firm had revenue of $164.90 million for the quarter, compared to the consensus estimate of $185.83 million. During the same period in the prior year, the company posted $0.17 earnings per share. Corcept Therapeutics's quarterly revenue was up 4.9% compared to the same quarter last year. As a group, research analysts expect that Corcept Therapeutics Incorporated will post 0.53 earnings per share for the current year.

Insider Buying and Selling at Corcept Therapeutics

In other Corcept Therapeutics news, insider William Guyer sold 20,000 shares of the business's stock in a transaction on Tuesday, June 2nd. The stock was sold at an average price of $70.60, for a total value of $1,412,000.00. Following the transaction, the insider owned 3,985 shares of the company's stock, valued at approximately $281,341. The trade was a 83.39% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Joseph Douglas Lyon sold 5,000 shares of the business's stock in a transaction 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 transaction, the insider directly owned 6,230 shares in the company, valued at approximately $404,950. This represents a 44.52% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 242,965 shares of company stock worth $14,802,964 over the last 90 days. Company insiders own 20.70% of the company's stock.

Analysts Set New Price Targets

CORT has been the topic of several recent research reports. HC Wainwright lifted their price objective on Corcept Therapeutics from $75.00 to $95.00 and gave the stock a "buy" rating in a report on Tuesday, June 2nd. Truist Financial raised Corcept Therapeutics to a "strong-buy" rating in a research report on Wednesday, March 25th. UBS Group set a $135.00 price target on shares of Corcept Therapeutics in a research note on Thursday, May 28th. Wolfe Research upgraded shares of Corcept Therapeutics from an "underperform" rating to a "peer perform" rating in a research note on Thursday, March 26th. Finally, Zacks Research raised shares of Corcept Therapeutics from a "strong sell" rating to a "hold" rating in a report on Monday, May 4th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $88.83.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.