Corcept Therapeutics Incorporated $CORT Stake Boosted by Russell Investments Group Ltd.

Key Points

• Russell Investments Group Ltd. increased its stake in Corcept Therapeutics by 51.7%, acquiring an additional 104,781 shares to reach a total of 307,285 shares, valued at approximately $35 million.
• Total ownership of Corcept Therapeutics by institutional investors now stands at 93.61%, indicating significant confidence and investment in the biotechnology company.
• Analysts have mixed ratings on Corcept Therapeutics, with a consensus of "Moderate Buy" and a price target averaging at $134.50, down from previous higher estimates.

Russell Investments Group Ltd. lifted its holdings in Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) by 51.7% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 307,285 shares of the biotechnology company's stock after purchasing an additional 104,781 shares during the period. Russell Investments Group Ltd. owned about 0.29% of Corcept Therapeutics worth $35,098,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of CORT. Canada Pension Plan Investment Board bought a new position in shares of Corcept Therapeutics in the 4th quarter worth $40,000. Gen Wealth Partners Inc acquired a new position in Corcept Therapeutics in the 4th quarter worth approximately $67,000. MassMutual Private Wealth & Trust FSB raised its position in Corcept Therapeutics by 102.0% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 620 shares of the biotechnology company's stock worth $71,000 after buying an additional 313 shares during the last quarter. Covestor Ltd lifted its stake in Corcept Therapeutics by 1,741.2% during the 1st quarter. Covestor Ltd now owns 626 shares of the biotechnology company's stock valued at $72,000 after acquiring an additional 592 shares during the period. Finally, IFP Advisors Inc boosted its holdings in shares of Corcept Therapeutics by 1,150.8% in the 1st quarter. IFP Advisors Inc now owns 738 shares of the biotechnology company's stock valued at $84,000 after acquiring an additional 679 shares during the last quarter. Hedge funds and other institutional investors own 93.61% of the company's stock.

Wall Street Analyst Weigh In

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

Corcept Therapeutics Trading Down 2.0%

Shares of NASDAQ CORT traded down $1.4650 during mid-day trading on Tuesday, reaching $70.2950. The company had a trading volume of 119,070 shares, compared to its average volume of 1,326,066. The stock has a market cap of $7.41 billion, a P/E ratio of 62.23 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. The firm has a 50 day simple moving average of $71.24 and a two-hundred day simple moving average of $69.36.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last posted its quarterly earnings results on Thursday, July 31st. The biotechnology company reported $0.29 earnings per share for the quarter, topping analysts' consensus estimates of $0.23 by $0.06. The business had revenue of $194.43 million for 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 business's revenue for the quarter was up 18.7% on a year-over-year basis. During the same period in the prior year, the company posted $0.32 EPS. Corcept Therapeutics has set its FY 2025 guidance at EPS. On average, equities analysts expect that Corcept Therapeutics Incorporated will post 1.36 EPS for the current year.

Insider Transactions at Corcept Therapeutics

In related news, insider Joseph Douglas Lyon sold 5,823 shares of the business's stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $67.51, for a total value of $393,110.73. Following the completion of the sale, the insider directly owned 10,066 shares in the company, valued at approximately $679,555.66. The trade was a 36.65% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Joseph K. Belanoff sold 40,000 shares of the stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $68.53, for a total value of $2,741,200.00. Following the completion of the transaction, the chief executive officer directly owned 2,861,370 shares of the company's stock, valued at $196,089,686.10. This represents a 1.38% decrease in their position. The disclosure for this sale can be found here. Insiders 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.

About Corcept Therapeutics

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.