Simplify Asset Management Inc. Makes New $1.52 Million Investment in Corcept Therapeutics Incorporated $CORT

Key Points

• Simplify Asset Management disclosed a new stake in Corcept Therapeutics, buying 37,763 shares valued at about $1.52 million in the first quarter.
• Corcept Therapeutics reported Q1 earnings of -$0.30 per share, missing analyst estimates, while revenue of $164.9 million also came in below expectations despite rising 4.9% year over year.
• Wall Street sentiment remains constructive: several analysts raised targets or ratings, and the stock carries a Moderate Buy consensus with an average price target of $88.83.

Simplify Asset Management Inc. acquired a new stake in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) during the 1st quarter, according to its most recent disclosure with the SEC. The fund acquired 37,763 shares of the biotechnology company's stock, valued at approximately $1,522,000.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in CORT. State Street Corp grew its stake in Corcept Therapeutics by 0.5% in the fourth quarter. State Street Corp now owns 2,986,056 shares of the biotechnology company's stock worth $103,915,000 after purchasing an additional 15,656 shares during the period. Geode Capital Management LLC lifted its position in Corcept Therapeutics by 38.0% during the 4th quarter. Geode Capital Management LLC now owns 2,668,918 shares of the biotechnology company's stock valued at $92,892,000 after acquiring an additional 734,646 shares during the period. Morgan Stanley lifted its position in Corcept Therapeutics by 34.1% during the 4th quarter. Morgan Stanley now owns 1,592,059 shares of the biotechnology company's stock valued at $55,404,000 after acquiring an additional 405,081 shares during the period. AQR Capital Management LLC boosted its stake in Corcept Therapeutics by 546.9% during the third quarter. AQR Capital Management LLC now owns 1,507,209 shares of the biotechnology company's stock worth $125,264,000 after acquiring an additional 1,274,215 shares in the last quarter. Finally, TD Asset Management Inc boosted its stake in Corcept Therapeutics by 4.0% during the fourth quarter. TD Asset Management Inc now owns 994,844 shares of the biotechnology company's stock worth $34,621,000 after acquiring an additional 38,708 shares in the last quarter. Hedge funds and other institutional investors own 93.61% of the company's stock.

Corcept Therapeutics Stock Performance

Shares of CORT stock opened at $90.21 on Friday. Corcept Therapeutics Incorporated has a 12-month low of $28.66 and a 12-month high of $91.00. The stock has a market capitalization of $9.68 billion, a P/E ratio of 257.75 and a beta of 0.47. The firm's 50 day moving average is $67.96 and its 200 day moving average is $52.45.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last announced its earnings results on Thursday, April 30th. The biotechnology company reported ($0.30) earnings per share for the quarter, missing analysts' consensus estimates of ($0.11) by ($0.19). The company had revenue of $164.90 million for the quarter, compared to analysts' expectations of $185.83 million. Corcept Therapeutics had a net margin of 6.14% and a return on equity of 7.40%. Corcept Therapeutics's quarterly revenue was up 4.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.17 earnings per share. As a group, equities analysts predict that Corcept Therapeutics Incorporated will post 0.53 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on CORT shares. Piper Sandler raised their target price on shares of Corcept Therapeutics from $73.00 to $88.00 and gave the company an "overweight" rating in a research note on Friday, May 1st. Wolfe Research upgraded Corcept Therapeutics from an "underperform" rating to a "peer perform" rating in a research note on Thursday, March 26th. Truist Financial raised Corcept Therapeutics to a "strong-buy" rating in a research report on Monday, June 15th. UBS Group set a $135.00 price objective on Corcept Therapeutics in a research note on Thursday, May 28th. Finally, Zacks Research raised Corcept Therapeutics from a "strong sell" rating to a "hold" rating in a research note on Monday, May 4th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $88.83.

Insiders Place Their Bets

In related news, Director James N. Wilson sold 10,000 shares of the business's stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $83.20, for a total transaction of $832,000.00. Following the completion of the sale, the director directly owned 1,094,543 shares in the company, valued at approximately $91,065,977.60. The trade was a 0.91% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Atabak Mokari sold 40,000 shares of the stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $81.15, for a total transaction of $3,246,000.00. Following the completion of the sale, the chief financial officer directly owned 16,130 shares of the company's stock, valued at $1,308,949.50. This represents a 71.26% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 275,000 shares of company stock valued at $18,836,100. 20.70% of the stock is currently owned by company insiders.

Corcept Therapeutics Company Profile

Corcept Therapeutics is a clinical-stage biopharmaceutical company focused on discovering and developing drugs that modulate the effects of cortisol, a hormone implicated in a range of severe metabolic, oncologic and psychiatric disorders. The company's scientific platform centers on selectively targeting the glucocorticoid receptor to counteract the harmful consequences of excess cortisol, a strategy designed to address diseases with significant unmet medical needs.

The company's flagship marketed product, Korlym (mifepristone), is approved in the United States for the treatment of hyperglycemia secondary to Cushing's syndrome in patients who have type 2 diabetes or glucose intolerance and are not candidates for surgery.

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