Sierra Summit Advisors LLC Buys Shares of 5,553 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 acquired a new stake in Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 5,553 shares of the biotechnology company's stock, valued at approximately $634,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Wealth Enhancement Advisory Services LLC raised its position in shares of Corcept Therapeutics by 3.0% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 7,954 shares of the biotechnology company's stock valued at $909,000 after purchasing an additional 230 shares during the last quarter. Summit Investment Advisors Inc. raised its position in shares of Corcept Therapeutics by 3.3% in the 4th quarter. Summit Investment Advisors Inc. now owns 8,459 shares of the biotechnology company's stock valued at $426,000 after purchasing an additional 268 shares during the last quarter. MassMutual Private Wealth & Trust FSB raised its position in shares of Corcept Therapeutics by 102.0% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 620 shares of the biotechnology company's stock valued at $71,000 after purchasing an additional 313 shares during the last quarter. GAMMA Investing LLC raised its position in shares of Corcept Therapeutics by 13.7% in the 1st quarter. GAMMA Investing LLC now owns 3,407 shares of the biotechnology company's stock valued at $389,000 after purchasing an additional 411 shares during the last quarter. Finally, O Shaughnessy Asset Management LLC raised its position 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 purchasing an additional 441 shares during the last quarter. 93.61% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Corcept Therapeutics

In other Corcept Therapeutics news, CEO Joseph K. Belanoff sold 40,000 shares of Corcept Therapeutics stock in a transaction on Friday, August 1st. The shares were sold at an average price of $68.53, for a total transaction of $2,741,200.00. Following the sale, the chief executive officer owned 2,861,370 shares of the company's stock, valued at $196,089,686.10. The trade was a 1.38% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Sean Maduck sold 35,007 shares of Corcept Therapeutics stock in a transaction on Friday, August 1st. The stock was sold at an average price of $67.79, for a total transaction of $2,373,124.53. Following the sale, the insider directly owned 7,681 shares in the company, valued at approximately $520,694.99. This trade represents a 82.01% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 281,829 shares of company stock worth $20,734,413 in the last ninety days. Company insiders own 20.50% of the company's stock.

Corcept Therapeutics Stock Down 0.2%

Shares of NASDAQ CORT traded down $0.17 during midday trading on Wednesday, reaching $73.43. 199,464 shares of the stock were exchanged, compared to its average volume of 1,346,690. The firm has a market cap of $7.74 billion, a price-to-earnings ratio of 64.97 and a beta of 0.20. Corcept Therapeutics Incorporated has a twelve month low of $33.34 and a twelve month high of $117.33. The firm has a 50-day simple moving average of $71.06 and a two-hundred day simple moving average of $69.09.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last issued its quarterly earnings data 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 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 was up 18.7% on a year-over-year basis. During the same quarter last year, the company earned $0.32 EPS. Research analysts expect that Corcept Therapeutics Incorporated will post 1.36 EPS for the current fiscal year.

Wall Street Analyst Weigh In

CORT has been the subject of several research analyst reports. Wall Street Zen lowered shares of Corcept Therapeutics from a "buy" rating to a "hold" rating in a research report on Wednesday, May 14th. 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 research report on Friday, August 1st. Piper Sandler reduced 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. Truist Financial set a $135.00 price target on shares of Corcept Therapeutics in a research report on Tuesday, May 6th. Finally, HC Wainwright reduced their price target on shares of Corcept Therapeutics from $150.00 to $145.00 and set a "buy" rating for the company in a research report on Tuesday, May 6th. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $134.50.

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.