Synergy Asset Management LLC Raises Holdings in Corcept Therapeutics Incorporated $CORT

Key Points

• Synergy Asset Management LLC increased its stake in Corcept Therapeutics by 51.4%, owning a total of 258,494 shares, which constitute approximately 2.2% of its investment portfolio.
• Analyst ratings for Corcept Therapeutics have been mostly positive, with a consensus rating of "Buy" and a target price of $135.25, following a recent upgrade from Wall Street Zen.
• Corcept Therapeutics reported $0.29 EPS in its last earnings release, surpassing estimates and posting a revenue increase of 18.7% year-over-year, although revenue fell slightly short of analyst expectations.

Synergy Asset Management LLC raised its holdings in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) by 51.4% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 258,494 shares of the biotechnology company's stock after purchasing an additional 87,743 shares during the period. Corcept Therapeutics makes up about 2.2% of Synergy Asset Management LLC's investment portfolio, making the stock its 17th largest holding. Synergy Asset Management LLC owned 0.24% of Corcept Therapeutics worth $18,973,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Public Employees Retirement System of Ohio boosted its stake in shares of Corcept Therapeutics by 269.9% in the 4th quarter. Public Employees Retirement System of Ohio now owns 2,859 shares of the biotechnology company's stock worth $144,000 after buying an additional 2,086 shares during the last quarter. Victory Capital Management Inc. boosted its stake in shares of Corcept Therapeutics by 24.5% in the 1st quarter. Victory Capital Management Inc. now owns 93,418 shares of the biotechnology company's stock worth $10,670,000 after buying an additional 18,389 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. purchased a new position in shares of Corcept Therapeutics in the 1st quarter worth $331,000. Livforsakringsbolaget Skandia Omsesidigt boosted its stake in shares of Corcept Therapeutics by 883.0% in the 2nd quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 19,660 shares of the biotechnology company's stock worth $1,443,000 after buying an additional 17,660 shares during the last quarter. Finally, Robeco Institutional Asset Management B.V. purchased a new position in shares of Corcept Therapeutics in the 1st quarter worth $355,000. 93.61% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts recently commented on CORT shares. Wall Street Zen raised Corcept Therapeutics from a "hold" rating to a "buy" rating in a report on Friday, September 26th. Canaccord Genuity Group reaffirmed a "buy" rating and issued a $140.00 target price on shares of Corcept Therapeutics in a report on Thursday, September 25th. Finally, Piper Sandler decreased 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. Five analysts have rated the stock with a Buy rating, According to MarketBeat, Corcept Therapeutics currently has an average rating of "Buy" and a consensus target price of $135.25.

Corcept Therapeutics Price Performance

Shares of NASDAQ:CORT opened at $85.48 on Friday. Corcept Therapeutics Incorporated has a 1 year low of $42.01 and a 1 year high of $117.33. The business has a 50 day simple moving average of $73.42 and a two-hundred day simple moving average of $71.91. The firm has a market capitalization of $9.01 billion, a PE ratio of 75.65 and a beta of 0.46.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last announced its earnings results on Thursday, July 31st. The biotechnology company reported $0.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.23 by $0.06. The business had revenue of $194.43 million during 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%.The company's revenue for the quarter was up 18.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.32 earnings per share. Corcept Therapeutics has set its FY 2025 guidance at EPS. Equities research analysts expect that Corcept Therapeutics Incorporated will post 1.36 EPS for the current fiscal year.

Insider Buying and Selling at Corcept Therapeutics

In related news, CEO Joseph K. Belanoff sold 40,000 shares of the business's stock in a transaction that occurred on 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 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 ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Sean Maduck sold 35,007 shares of the company's stock in a transaction on Friday, August 1st. The stock was sold at an average price of $67.79, for a total value of $2,373,124.53. Following the transaction, the insider directly owned 7,681 shares in the company, valued at approximately $520,694.99. The trade was a 82.01% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 221,810 shares of company stock worth $15,542,942. 20.80% of the stock is currently owned by corporate insiders.

Corcept Therapeutics Company 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.

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