Meritage Portfolio Management Boosts Position in Corcept Therapeutics Incorporated (NASDAQ:CORT)

Meritage Portfolio Management lifted its stake in Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) by 22.2% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 36,439 shares of the biotechnology company's stock after purchasing an additional 6,628 shares during the period. Meritage Portfolio Management's holdings in Corcept Therapeutics were worth $4,162,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in CORT. Canada Pension Plan Investment Board bought a new position in shares of Corcept Therapeutics in the fourth quarter worth about $40,000. National Bank of Canada FI bought a new position in Corcept Therapeutics during the 4th quarter worth about $42,000. Gen Wealth Partners Inc bought a new position in Corcept Therapeutics during the 4th quarter worth about $67,000. Harvest Fund Management Co. Ltd bought a new position in Corcept Therapeutics during the 4th quarter worth about $69,000. Finally, MassMutual Private Wealth & Trust FSB grew its holdings in Corcept Therapeutics by 102.0% during the 1st 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 in the last quarter. 93.61% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research analysts have issued reports on the stock. Piper Sandler increased their target price on shares of Corcept Therapeutics from $128.00 to $131.00 and gave the stock an "overweight" rating in a report on Thursday, April 3rd. Truist Financial set a $135.00 target price on shares of Corcept Therapeutics in a report on Tuesday, May 6th. HC Wainwright dropped their target price on shares of Corcept Therapeutics from $150.00 to $145.00 and set a "buy" rating on the stock in a report on Tuesday, May 6th. Canaccord Genuity Group increased their target price on shares of Corcept Therapeutics from $130.00 to $142.00 and gave the stock a "buy" rating in a report on Tuesday, April 1st. Finally, Wall Street Zen cut shares of Corcept Therapeutics from a "buy" rating to a "hold" rating in a report on Wednesday, May 14th. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $138.25.

Corcept Therapeutics Trading Up 1.8%

Shares of NASDAQ:CORT traded up $1.31 during trading on Friday, reaching $72.65. The stock had a trading volume of 675,773 shares, compared to its average volume of 1,179,865. Corcept Therapeutics Incorporated has a one year low of $29.42 and a one year high of $117.33. The company has a market capitalization of $7.70 billion, a P/E ratio of 62.63 and a beta of 0.15. The firm's 50-day simple moving average is $72.87 and its 200 day simple moving average is $65.78.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last released its quarterly earnings results on Monday, May 5th. The biotechnology company reported $0.17 earnings per share for the quarter, meeting analysts' consensus estimates of $0.17. Corcept Therapeutics had a net margin of 19.33% and a return on equity of 20.40%. The business had revenue of $157.21 million for the quarter, compared to analysts' expectations of $177.93 million. During the same period last year, the business earned $0.25 EPS. The company's revenue was up 7.1% compared to the same quarter last year. Equities research analysts forecast that Corcept Therapeutics Incorporated will post 1.36 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, insider Joseph Douglas Lyon sold 5,000 shares of the stock in a transaction that occurred on Monday, June 2nd. The shares were sold at an average price of $78.04, for a total value of $390,200.00. Following the completion of the transaction, the insider directly owned 9,009 shares of the company's stock, valued at $703,062.36. This trade represents a 35.69% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Daniel N. Swisher, Jr. sold 2,200 shares of the stock in a transaction that occurred on Tuesday, June 10th. The shares were sold at an average price of $70.61, for a total transaction of $155,342.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 225,233 shares of company stock worth $17,014,551. Insiders own 20.80% of the company's stock.

About Corcept Therapeutics

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.