Quantbot Technologies LP Invests $6.16 Million in Corcept Therapeutics Incorporated $CORT

Key Points

• Quantbot Technologies LP has acquired a new position in Corcept Therapeutics, purchasing 53,884 shares valued at approximately $6.15 million, representing 0.05% of the company's stock.
• Corcept Therapeutics reported a quarterly earnings per share (EPS) of $0.29, surpassing analyst estimates of $0.23, while its revenue reached $194.43 million.
• Recent research analyst reports indicate a downward adjustment in price targets for Corcept Therapeutics, with an average rating of "Moderate Buy" and a consensus target price of $134.50.

Quantbot Technologies LP acquired a new position in Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 53,884 shares of the biotechnology company's stock, valued at approximately $6,155,000. Quantbot Technologies LP owned about 0.05% of Corcept Therapeutics at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Northern Trust Corp lifted its stake in shares of Corcept Therapeutics by 0.6% in the first quarter. Northern Trust Corp now owns 1,022,001 shares of the biotechnology company's stock worth $116,733,000 after buying an additional 6,486 shares during the last quarter. Brooklyn Investment Group lifted its stake in shares of Corcept Therapeutics by 99.5% in the first quarter. Brooklyn Investment Group now owns 373 shares of the biotechnology company's stock worth $43,000 after buying an additional 186 shares during the last quarter. Versor Investments LP lifted its stake in shares of 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 during the last quarter. American Century Companies Inc. lifted its stake in shares of Corcept Therapeutics by 15.7% in the first quarter. American Century Companies Inc. now owns 114,362 shares of the biotechnology company's stock worth $13,062,000 after buying an additional 15,494 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in shares of Corcept Therapeutics by 2.8% in the first quarter. Dimensional Fund Advisors LP now owns 2,136,510 shares of the biotechnology company's stock worth $243,708,000 after buying an additional 57,942 shares during the last quarter. 93.61% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

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

Corcept Therapeutics Stock Down 0.9%

CORT traded down $0.65 during midday trading on Friday, reaching $70.33. 866,233 shares of the company's stock were exchanged, compared to its average volume of 840,055. The firm has a market capitalization of $7.41 billion, a price-to-earnings ratio of 62.24 and a beta of 0.20. Corcept Therapeutics Incorporated has a one year low of $33.34 and a one year high of $117.33. The business has a 50-day simple moving average of $71.18 and a two-hundred day simple moving average of $69.43.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last announced its quarterly earnings results on Thursday, July 31st. The biotechnology company reported $0.29 EPS for the quarter, topping analysts' consensus estimates 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 revenue for the quarter was up 18.7% compared to the same quarter last year. During the same quarter last year, the company earned $0.32 earnings per share. Corcept Therapeutics has set its FY 2025 guidance at EPS. As a group, research analysts anticipate that Corcept Therapeutics Incorporated will post 1.36 EPS for the current fiscal year.

Insider Buying and Selling at Corcept Therapeutics

In other Corcept Therapeutics news, insider Sean Maduck sold 35,007 shares of the firm's stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $67.79, for a total transaction of $2,373,124.53. Following the completion of the transaction, the insider owned 7,681 shares in the company, valued at $520,694.99. This trade represents a 82.01% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Joseph Douglas Lyon sold 5,823 shares of the firm'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 transaction, the insider owned 10,066 shares of the company's stock, valued at approximately $679,555.66. This represents a 36.65% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 222,215 shares of company stock worth $16,311,201 in the last three months. 20.80% of the stock is currently owned by company insiders.

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.