Sierra Summit Advisors LLC Acquires New Holdings in Corcept Therapeutics Incorporated (NASDAQ:CORT)

Key Points

• Sierra Summit Advisors LLC acquired a new stake in Corcept Therapeutics, purchasing 5,553 shares valued at approximately $634,000 during the first quarter.
• Insider Joseph Douglas Lyon sold 5,823 shares of Corcept Therapeutics at an average price of $67.51, indicating a significant reduction in his ownership.
• Corcept Therapeutics reported a $0.29 EPS for the last quarter, surpassing analyst expectations of $0.23, with revenue rising 18.7% year-over-year.

Sierra Summit Advisors LLC bought a new stake in Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 5,553 shares of the biotechnology company's stock, valued at approximately $634,000.

Several other hedge funds also recently bought and sold shares of CORT. LPL Financial LLC lifted its holdings in shares of Corcept Therapeutics by 47.9% in the 4th quarter. LPL Financial LLC now owns 60,682 shares of the biotechnology company's stock worth $3,058,000 after acquiring an additional 19,650 shares during the last quarter. JPMorgan Chase & Co. grew its stake in shares of Corcept Therapeutics by 2.7% in the fourth quarter. JPMorgan Chase & Co. now owns 259,902 shares of the biotechnology company's stock valued at $13,096,000 after buying an additional 6,832 shares in the last quarter. O Shaughnessy Asset Management LLC raised its holdings in shares of Corcept Therapeutics by 5.3% in the 4th quarter. O Shaughnessy Asset Management LLC now owns 8,754 shares of the biotechnology company's stock valued at $441,000 after buying an additional 441 shares during the period. National Bank of Canada FI purchased a new stake in shares of Corcept Therapeutics in the 4th quarter valued at $42,000. Finally, Wells Fargo & Company MN lifted its stake in Corcept Therapeutics by 104.5% during the 4th quarter. Wells Fargo & Company MN now owns 90,137 shares of the biotechnology company's stock worth $4,542,000 after acquiring an additional 46,067 shares in the last quarter. Hedge funds and other institutional investors own 93.61% of the company's stock.

Analyst Ratings Changes

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

Insiders Place Their Bets

In other Corcept Therapeutics news, insider Joseph Douglas Lyon sold 5,823 shares of the firm'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 transaction of $393,110.73. Following the sale, the insider owned 10,066 shares of the company's stock, valued at approximately $679,555.66. This trade represents 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 this link. Also, CEO Joseph K. Belanoff sold 40,000 shares of the stock in a transaction on Monday, June 2nd. The shares were sold at an average price of $82.86, for a total transaction of $3,314,400.00. Following the completion of the transaction, the chief executive officer directly owned 2,901,985 shares in the company, valued at $240,458,477.10. This trade represents a 1.36% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 246,822 shares of company stock worth $18,221,432. 20.80% of the stock is currently owned by company insiders.

Corcept Therapeutics Trading Up 1.1%

Shares of NASDAQ:CORT opened at $72.30 on Friday. Corcept Therapeutics Incorporated has a 52 week low of $33.34 and a 52 week high of $117.33. The company's 50 day moving average is $70.97 and its two-hundred day moving average is $68.86. The company has a market cap of $7.62 billion, a PE ratio of 63.98 and a beta of 0.20.

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

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.

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