Russell Investments Group Ltd. Has $35.10 Million Stock Holdings in Corcept Therapeutics Incorporated $CORT

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. boosted its holdings in Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) by 51.7% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 307,285 shares of the biotechnology company's stock after purchasing an additional 104,781 shares during the quarter. Russell Investments Group Ltd. owned approximately 0.29% of Corcept Therapeutics worth $35,098,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Parallel Advisors LLC grew its position in shares of Corcept Therapeutics by 3.7% during the 1st quarter. Parallel Advisors LLC now owns 3,972,416 shares of the biotechnology company's stock valued at $453,729,000 after buying an additional 142,784 shares during the last quarter. Jacobs Levy Equity Management Inc. grew its holdings in shares of Corcept Therapeutics by 12.5% during the fourth quarter. Jacobs Levy Equity Management Inc. now owns 1,376,881 shares of the biotechnology company's stock valued at $69,381,000 after purchasing an additional 153,100 shares during the last quarter. Invesco Ltd. raised its position in shares of Corcept Therapeutics by 76.5% during the 1st quarter. Invesco Ltd. now owns 1,246,234 shares of the biotechnology company's stock worth $142,345,000 after purchasing an additional 540,101 shares during the period. Northern Trust Corp lifted its holdings in shares of Corcept Therapeutics by 10.2% in the 4th quarter. Northern Trust Corp now owns 1,015,515 shares of the biotechnology company's stock worth $51,172,000 after purchasing an additional 94,128 shares during the last quarter. Finally, D. E. Shaw & Co. Inc. grew its stake in Corcept Therapeutics by 12.5% during the 4th quarter. D. E. Shaw & Co. Inc. now owns 886,576 shares of the biotechnology company's stock worth $44,675,000 after buying an additional 98,512 shares during the last quarter. Institutional investors own 93.61% of the company's stock.

Corcept Therapeutics Price Performance

Shares of Corcept Therapeutics stock traded up $0.21 during trading on Monday, hitting $71.96. The stock had a trading volume of 239,670 shares, compared to its average volume of 1,331,944. The business has a fifty day moving average of $71.22 and a two-hundred day moving average of $69.32. Corcept Therapeutics Incorporated has a fifty-two week low of $33.34 and a fifty-two week high of $117.33. The firm has a market cap of $7.58 billion, a P/E ratio of 63.00 and a beta of 0.20.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The biotechnology company reported $0.29 EPS for the quarter, beating analysts' consensus estimates of $0.23 by $0.06. The company had revenue of $194.43 million during the quarter, compared to the consensus estimate of $199.40 million. Corcept Therapeutics had a return on equity of 20.10% and a net margin of 18.51%. The company's quarterly revenue was up 18.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.32 EPS. As a group, research analysts forecast that Corcept Therapeutics Incorporated will post 1.36 earnings per share for the current year.

Wall Street Analyst Weigh In

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

Insider Activity

In related news, CEO Joseph K. Belanoff sold 40,000 shares of the firm's stock in a transaction that occurred on Monday, June 2nd. The shares were sold at an average price of $82.86, for a total value of $3,314,400.00. Following the completion of the transaction, the chief executive officer owned 2,901,985 shares of the company's stock, valued at approximately $240,458,477.10. This trade represents a 1.36% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider William Guyer sold 35,007 shares of the business's stock in a transaction on Friday, August 8th. The shares were sold at an average price of $71.77, for a total transaction of $2,512,452.39. Following the sale, the insider directly owned 5,487 shares in the company, valued at approximately $393,801.99. This trade represents a 86.45% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 222,215 shares of company stock valued at $16,311,201. Corporate insiders own 20.50% of the company's stock.

Corcept Therapeutics 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.