Northern Trust Corp Buys 6,486 Shares of Corcept Therapeutics Incorporated $CORT

Key Points

• Northern Trust Corp increased its stake in Corcept Therapeutics by 0.6% in Q1, owning 1,022,001 shares valued at approximately $116.7 million.
• Multiple institutional investors, including Brooklyn Investment Group and MassMutual Private Wealth & Trust FSB, significantly boosted their positions in Corcept Therapeutics during the same period, reflecting growing confidence in the biotechnology firm.
• Corcept Therapeutics reported an EPS of $0.29 for Q2, surpassing estimates, though its revenue fell short of expectations, attracting attention from analysts who have recently adjusted price targets for the stock.

Northern Trust Corp raised its position in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) by 0.6% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,022,001 shares of the biotechnology company's stock after purchasing an additional 6,486 shares during the period. Northern Trust Corp owned approximately 0.96% of Corcept Therapeutics worth $116,733,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Brooklyn Investment Group increased its position in shares of Corcept Therapeutics by 99.5% during the 1st quarter. Brooklyn Investment Group now owns 373 shares of the biotechnology company's stock valued at $43,000 after purchasing an additional 186 shares during the last quarter. Versor Investments LP boosted its stake in Corcept Therapeutics by 151.2% in the first quarter. Versor Investments LP now owns 30,648 shares of the biotechnology company's stock worth $3,501,000 after buying an additional 18,448 shares in the last quarter. American Century Companies Inc. grew its position in Corcept Therapeutics by 15.7% during the first quarter. American Century Companies Inc. now owns 114,362 shares of the biotechnology company's stock valued at $13,062,000 after acquiring an additional 15,494 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Corcept Therapeutics by 2.8% during the first quarter. Dimensional Fund Advisors LP now owns 2,136,510 shares of the biotechnology company's stock worth $243,708,000 after acquiring an additional 57,942 shares in the last quarter. Finally, Kovitz Investment Group Partners LLC bought a new stake in shares of Corcept Therapeutics in the 1st quarter worth approximately $207,000. Institutional investors own 93.61% of the company's stock.

Insider Transactions at Corcept Therapeutics

In other news, CEO Joseph K. Belanoff sold 40,000 shares of the business's stock in a transaction on Monday, June 2nd. The shares were sold at an average price of $82.86, for a total transaction of $3,314,400.00. Following the sale, the chief executive officer owned 2,901,985 shares in the company, valued at approximately $240,458,477.10. The trade was a 1.36% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Joseph Douglas Lyon sold 5,823 shares of the company's stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $67.51, for a total transaction of $393,110.73. Following the completion of the sale, the insider directly owned 10,066 shares in the company, valued at $679,555.66. This represents a 36.65% 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 $16,311,201 over the last 90 days. 20.80% of the stock is currently owned by insiders.

Corcept Therapeutics Price Performance

NASDAQ:CORT traded down $0.16 during trading hours on Thursday, hitting $69.57. The company had a trading volume of 262,960 shares, compared to its average volume of 1,299,319. The stock has a 50-day moving average price of $71.07 and a 200 day moving average price of $69.45. The company has a market capitalization of $7.33 billion, a PE ratio of 61.57 and a beta of 0.20. Corcept Therapeutics Incorporated has a 52 week low of $33.34 and a 52 week high of $117.33.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last posted its earnings results on Thursday, July 31st. The biotechnology company reported $0.29 EPS for the quarter, topping the consensus estimate of $0.23 by $0.06. The firm had revenue of $194.43 million during the quarter, compared to analysts' expectations of $199.40 million. Corcept Therapeutics had a net margin of 18.51% and a return on equity of 20.10%. The company's quarterly revenue was up 18.7% compared to the same quarter last year. During the same period last year, the company posted $0.32 EPS. Corcept Therapeutics has set its FY 2025 guidance at EPS. Analysts anticipate that Corcept Therapeutics Incorporated will post 1.36 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research firms have issued reports on CORT. Truist Financial set a $135.00 price target on shares of Corcept Therapeutics in a research report on Tuesday, May 6th. Wall Street Zen lowered Corcept Therapeutics from a "buy" rating to a "hold" rating in a research note on Wednesday, May 14th. Piper Sandler decreased their price target on Corcept Therapeutics from $131.00 to $121.00 and set an "overweight" rating on the stock in a research note on Friday, August 1st. HC Wainwright lowered their price objective on Corcept Therapeutics from $150.00 to $145.00 and set a "buy" rating for the company in a research report on Tuesday, May 6th. Finally, Canaccord Genuity Group cut their target price on shares of Corcept Therapeutics from $142.00 to $137.00 and set a "buy" rating on the stock in a report on Friday, August 1st. Five analysts have rated the stock with a Buy rating, According to data from MarketBeat, Corcept Therapeutics currently has an average rating of "Buy" and an average target price of $134.50.

Corcept Therapeutics Company 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.