Patten Group Inc. Acquires Shares of 12,879 Corcept Therapeutics Incorporated $CORT

Key Points

• Patten Group Inc. opened a new position in Corcept Therapeutics, buying 12,879 shares valued at about $519,000 in the first quarter.
• Institutional ownership remains heavy, with several large investors increasing stakes and 93.61% of the stock now held by institutions and hedge funds.
• Corcept Therapeutics has seen mixed signals: the stock recently traded near its 52-week high of $91, while analysts currently assign a Moderate Buy consensus with a target price of $88.83.

Patten Group Inc. acquired a new stake in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 12,879 shares of the biotechnology company's stock, valued at approximately $519,000.

A number of other institutional investors also recently modified their holdings of CORT. JPMorgan Chase & Co. grew its stake in shares of Corcept Therapeutics by 223.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 849,864 shares of the biotechnology company's stock worth $70,632,000 after acquiring an additional 587,053 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its holdings in Corcept Therapeutics by 111.8% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 507,967 shares of the biotechnology company's stock worth $19,404,000 after purchasing an additional 268,155 shares during the last quarter. First Trust Advisors LP grew its position in Corcept Therapeutics by 34.1% in the 3rd quarter. First Trust Advisors LP now owns 720,224 shares of the biotechnology company's stock worth $59,858,000 after purchasing an additional 183,038 shares in the last quarter. Checkpoint Capital L.P. grew its position in Corcept Therapeutics by 14.1% in the 3rd quarter. Checkpoint Capital L.P. now owns 392,331 shares of the biotechnology company's stock worth $32,607,000 after purchasing an additional 48,414 shares in the last quarter. Finally, Avidity Partners Management LP bought a new stake in Corcept Therapeutics in the 4th quarter worth about $766,000. 93.61% of the stock is owned by institutional investors and hedge funds.

Corcept Therapeutics Price Performance

NASDAQ:CORT opened at $90.21 on Friday. The company has a market capitalization of $9.68 billion, a P/E ratio of 257.75 and a beta of 0.47. The business has a fifty day simple moving average of $67.96 and a two-hundred day simple moving average of $52.45. Corcept Therapeutics Incorporated has a 1 year low of $28.66 and a 1 year high of $91.00.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last posted its quarterly earnings results 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 quarter in the previous year, the company posted $0.17 EPS. The firm's revenue was up 4.9% compared to the same quarter last year. As a group, analysts anticipate that Corcept Therapeutics Incorporated will post 0.53 earnings per share for the current year.

Insider Buying and Selling at Corcept Therapeutics

In other news, Director David L. Mahoney sold 20,000 shares of the business's stock in a transaction that occurred on Wednesday, June 17th. The shares were sold at an average price of $84.53, for a total value of $1,690,600.00. Following the sale, the director owned 26,147 shares of the company's stock, valued at $2,210,205.91. The trade was a 43.34% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider William Guyer sold 20,000 shares of the company's stock in a transaction that occurred on Tuesday, June 2nd. The shares were sold at an average price of $70.60, for a total transaction of $1,412,000.00. Following the sale, the insider owned 3,985 shares in the company, valued at $281,341. The trade was a 83.39% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 275,000 shares of company stock valued at $18,836,100. Insiders own 20.70% of the company's stock.

Wall Street Analysts Forecast Growth

CORT has been the topic of several recent analyst reports. Truist Financial raised shares of Corcept Therapeutics to a "strong-buy" rating in a research report on Monday, June 15th. UBS Group set a $135.00 target price on Corcept Therapeutics in a report on Thursday, May 28th. Wolfe Research raised Corcept Therapeutics from an "underperform" rating to a "peer perform" rating in a research report on Thursday, March 26th. Weiss Ratings reiterated a "hold (c-)" rating on shares of Corcept Therapeutics in a report on Wednesday, June 24th. Finally, Zacks Research raised Corcept Therapeutics from a "strong sell" rating to a "hold" rating in a research report on Monday, May 4th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $88.83.

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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