Prescott Group Capital Management L.L.C. Takes Position in Corcept Therapeutics Incorporated $CORT

Key Points

• Prescott Group Capital Management disclosed a new fourth-quarter stake in Corcept Therapeutics, buying 90,000 shares valued at about $3.13 million.
• Corcept Therapeutics reported a quarterly loss of $0.30 per share, missing analyst expectations, while revenue of $164.9 million also came in below estimates despite 4.9% year-over-year growth.
• Wall Street sentiment has turned more positive, with several analysts raising ratings and price targets; the consensus view is now Moderate Buy with an average target of $70.83.

Prescott Group Capital Management L.L.C. purchased a new stake in Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 90,000 shares of the biotechnology company's stock, valued at approximately $3,132,000. Prescott Group Capital Management L.L.C. owned about 0.09% of Corcept Therapeutics as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also bought and sold shares of CORT. AQR Capital Management LLC raised its position in Corcept Therapeutics by 546.9% during the 3rd quarter. AQR Capital Management LLC now owns 1,507,209 shares of the biotechnology company's stock worth $125,264,000 after purchasing an additional 1,274,215 shares during the last quarter. JPMorgan Chase & Co. raised its position in Corcept Therapeutics by 223.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 849,864 shares of the biotechnology company's stock worth $70,632,000 after purchasing an additional 587,053 shares during the last quarter. UBS Group AG raised its position in Corcept Therapeutics by 413.8% during the 3rd quarter. UBS Group AG now owns 549,938 shares of the biotechnology company's stock worth $45,705,000 after purchasing an additional 442,898 shares during the last quarter. Allspring Global Investments Holdings LLC raised its position in Corcept Therapeutics by 111.8% during the 4th 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. Finally, Brown Capital Management LLC bought a new position in Corcept Therapeutics during the 3rd quarter worth $19,950,000. 93.61% of the stock is owned by institutional investors.

Corcept Therapeutics Trading Up 1.4%

Shares of Corcept Therapeutics stock opened at $59.06 on Thursday. The business has a 50-day moving average price of $43.74 and a two-hundred day moving average price of $52.65. Corcept Therapeutics Incorporated has a 1-year low of $28.66 and a 1-year high of $91.00. The company has a market cap of $6.34 billion, a P/E ratio of 168.75 and a beta of 0.36.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last issued its quarterly earnings results on Thursday, April 30th. The biotechnology company reported ($0.30) earnings per share for the quarter, missing analysts' consensus estimates of ($0.11) by ($0.19). Corcept Therapeutics had a return on equity of 7.40% and a net margin of 6.14%.The business had revenue of $164.90 million for the quarter, compared to analyst estimates of $185.83 million. During the same quarter in the previous year, the business posted $0.17 earnings per share. The business's revenue was up 4.9% on a year-over-year basis. Equities research analysts forecast that Corcept Therapeutics Incorporated will post 0.48 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the company. UBS Group raised Corcept Therapeutics from a "neutral" rating to a "buy" rating and raised their target price for the stock from $44.00 to $72.00 in a research report on Wednesday, May 13th. Piper Sandler raised their target price on Corcept Therapeutics from $73.00 to $88.00 and gave the stock an "overweight" rating in a research report on Friday, May 1st. Truist Financial raised Corcept Therapeutics to a "strong-buy" rating in a research report on Wednesday, March 25th. Zacks Research raised Corcept Therapeutics from a "strong sell" rating to a "hold" rating in a research report on Monday, May 4th. Finally, Canaccord Genuity Group raised their target price on Corcept Therapeutics from $100.00 to $110.00 and gave the stock a "buy" rating in a research report on Thursday, March 26th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $70.83.

Insiders Place Their Bets

In other Corcept Therapeutics news, CEO Joseph K. Belanoff sold 26,198 shares of the stock in a transaction dated Wednesday, March 25th. The stock was sold at an average price of $50.07, for a total transaction of $1,311,733.86. Following the completion of the sale, the chief executive officer directly owned 2,918,326 shares in the company, valued at approximately $146,120,582.82. This trade represents a 0.89% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director G Leonard Baker, Jr. bought 100,000 shares of Corcept Therapeutics stock in a transaction dated Tuesday, March 17th. The stock was purchased at an average price of $33.14 per share, with a total value of $3,314,000.00. Following the completion of the purchase, the director owned 1,146,631 shares in the company, valued at $37,999,351.34. This trade represents a 9.55% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last ninety days, insiders sold 86,198 shares of company stock worth $3,887,769. Company insiders own 20.70% of the company's stock.

About Corcept Therapeutics

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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