NewEdge Wealth LLC Makes New $3.03 Million Investment in Corcept Therapeutics Incorporated $CORT

Key Points

• NewEdge Wealth acquired 34,890 Corcept Therapeutics shares valued at approximately $3.03 million, while institutional investors collectively own 93.61% of the company.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $138.17; recent targets range as high as $165.
• Corcept reported quarterly revenue of $256.15 million, up 31.7% year over year, and earnings of $0.36 per share—well above the $0.02 analyst consensus. Shares opened at $121.05, near their 12-month high.

NewEdge Wealth LLC bought a new stake in Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) during the second quarter, according to the company in its most recent disclosure with the SEC. The firm bought 34,890 shares of the biotechnology company's stock, valued at approximately $3,034,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Royal Bank of Canada raised its stake in Corcept Therapeutics by 18.9% during the first quarter. Royal Bank of Canada now owns 15,385 shares of the biotechnology company's stock worth $1,757,000 after acquiring an additional 2,444 shares in the last quarter. Amundi acquired a new stake in shares of Corcept Therapeutics in the 1st quarter valued at approximately $450,000. NewEdge Advisors LLC acquired a new stake in shares of Corcept Therapeutics in the 1st quarter valued at approximately $518,000. EverSource Wealth Advisors LLC grew its holdings in shares of Corcept Therapeutics by 273.3% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,441 shares of the biotechnology company's stock valued at $106,000 after purchasing an additional 1,055 shares during the last quarter. Finally, Marshall Wace LLP increased its position in Corcept Therapeutics by 795.3% during the 2nd quarter. Marshall Wace LLP now owns 46,200 shares of the biotechnology company's stock worth $3,391,000 after purchasing an additional 41,040 shares in the last quarter. Institutional investors own 93.61% of the company's stock.

Insider Buying and Selling

In related news, Director David L. Mahoney sold 103,606 shares of the company's stock in a transaction on Tuesday, August 18th. The stock was sold at an average price of $118.25, for a total transaction of $12,251,409.50. Following the completion of the sale, the director owned 1,133,539 shares in the company, valued at approximately $134,040,986.75. This represents a 8.37% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Sean Maduck sold 3,664 shares of Corcept Therapeutics stock in a transaction on Friday, August 14th. The stock was sold at an average price of $114.49, for a total transaction of $419,491.36. Following the transaction, the insider directly owned 9,755 shares in the company, valued at $1,116,849.95. This represents a 27.30% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 520,146 shares of company stock worth $48,903,764 over the last ninety days. Insiders own 20.70% of the company's stock.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the company. Wall Street Zen raised Corcept Therapeutics from a "hold" rating to a "strong-buy" rating in a research note on Saturday, August 1st. Zacks Research raised Corcept Therapeutics from a "strong sell" rating to a "hold" rating in a research note on Monday, May 4th. Truist Financial assumed coverage on shares of Corcept Therapeutics in a research report on Tuesday. They issued a "buy" rating and a $164.00 price target on the stock. UBS Group set a $135.00 price objective on shares of Corcept Therapeutics in a research report on Thursday, May 28th. Finally, HC Wainwright lifted their price objective on Corcept Therapeutics from $95.00 to $165.00 and gave the stock a "buy" rating in a research report on Thursday, July 30th. Five investment 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 an average price target of $138.17.

Corcept Therapeutics Stock Up 1.7%

Shares of NASDAQ:CORT opened at $121.05 on Friday. Corcept Therapeutics Incorporated has a twelve month low of $28.66 and a twelve month high of $122.21. The stock's 50 day moving average is $96.60 and its 200-day moving average is $64.19. The firm has a market capitalization of $13.09 billion, a price-to-earnings ratio of 288.22 and a beta of 0.45.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last announced its quarterly earnings results on Wednesday, July 29th. The biotechnology company reported $0.36 EPS for the quarter, beating 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 business had revenue of $256.15 million during the quarter, compared to analyst estimates of $221.15 million. During the same quarter in the previous year, the business posted $0.29 EPS. Corcept Therapeutics's quarterly revenue was up 31.7% on a year-over-year basis. Equities research analysts anticipate that Corcept Therapeutics Incorporated will post 1.61 earnings per share for the current fiscal year.

Corcept Therapeutics Company 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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