Neo Ivy Capital Management Buys New Position in Corcept Therapeutics Incorporated (NASDAQ:CORT)

Key Points

• Neo Ivy Capital Management has acquired 6,972 shares of Corcept Therapeutics, valued at approximately $796,000.
• Insider selling activity was noted, with significant transactions including Joseph Douglas Lyon selling 5,000 shares worth $390,200 and David L. Mahoney selling 27,352 shares for about $2 million.
• Corcept Therapeutics' recent earnings report revealed a net margin of 19.33% and a revenue of $157.21 million, marking a 7.1% year-over-year increase.

Neo Ivy Capital Management acquired a new position in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 6,972 shares of the biotechnology company's stock, valued at approximately $796,000.

A number of other large investors have also recently bought and sold shares of CORT. Canada Pension Plan Investment Board bought a new stake in shares of Corcept Therapeutics during the 4th quarter worth approximately $40,000. National Bank of Canada FI bought a new stake in Corcept Therapeutics during the fourth quarter worth $42,000. Gen Wealth Partners Inc acquired a new stake in shares of Corcept Therapeutics in the 4th quarter valued at $67,000. MassMutual Private Wealth & Trust FSB increased its stake in shares of Corcept Therapeutics by 102.0% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 620 shares of the biotechnology company's stock valued at $71,000 after purchasing an additional 313 shares during the last quarter. Finally, IFP Advisors Inc increased its stake in shares of 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 purchasing an additional 679 shares during the last quarter. 93.61% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Corcept Therapeutics

In other Corcept Therapeutics news, Director David L. Mahoney sold 27,352 shares of the stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $74.23, for a total transaction of $2,030,338.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Joseph Douglas Lyon sold 5,000 shares of the business's stock in a transaction that occurred on Monday, June 2nd. The stock was sold at an average price of $78.04, for a total transaction of $390,200.00. Following the completion of the transaction, the insider owned 9,009 shares in the company, valued at $703,062.36. This trade represents a 35.69% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 239,592 shares of company stock valued at $18,071,616 in the last quarter. Insiders own 20.50% of the company's stock.

Wall Street Analysts Forecast Growth

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

Corcept Therapeutics Stock Up 2.3%

Shares of CORT stock traded up $1.56 during mid-day trading on Wednesday, reaching $69.76. 198,753 shares of the stock traded hands, compared to its average volume of 1,365,769. The company has a market cap of $7.40 billion, a price-to-earnings ratio of 60.16 and a beta of 0.15. The stock's fifty day simple moving average is $72.11 and its two-hundred day simple moving average is $68.09. Corcept Therapeutics Incorporated has a 1-year low of $32.33 and a 1-year high of $117.33.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last issued its quarterly earnings data on Monday, May 5th. The biotechnology company reported $0.17 earnings per share (EPS) 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 during the quarter, compared to analyst estimates of $177.93 million. During the same quarter last year, the business earned $0.25 EPS. The firm's quarterly revenue was up 7.1% on a year-over-year basis. On average, equities research analysts anticipate that Corcept Therapeutics Incorporated will post 1.36 EPS for the current fiscal year.

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.