Tealwood Asset Management Inc. Invests $2.26 Million in Corcept Therapeutics Incorporated (NASDAQ:CORT)

Tealwood Asset Management Inc. bought a new position in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 19,818 shares of the biotechnology company's stock, valued at approximately $2,264,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in CORT. Eagle Rock Investment Company LLC purchased a new position in shares of Corcept Therapeutics in the 1st quarter valued at $343,000. Juncture Wealth Strategies LLC acquired a new position in shares of Corcept Therapeutics in the 1st quarter valued at about $633,000. Merit Financial Group LLC acquired a new position in shares of Corcept Therapeutics in the 1st quarter valued at about $297,000. Rhumbline Advisers boosted its holdings in shares of Corcept Therapeutics by 0.3% in the 1st quarter. Rhumbline Advisers now owns 201,401 shares of the biotechnology company's stock valued at $23,004,000 after buying an additional 565 shares during the period. Finally, Parallel Advisors LLC boosted its stake in 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 purchasing an additional 142,784 shares during the period. 93.61% of the stock is currently owned by institutional investors and hedge funds.

Corcept Therapeutics Price Performance

Shares of Corcept Therapeutics stock opened at $69.60 on Friday. The company's fifty day simple moving average is $72.03 and its two-hundred day simple moving average is $63.83. The firm has a market cap of $7.38 billion, a PE ratio of 55.24 and a beta of 0.19. The company has a quick ratio of 3.64, a current ratio of 3.70 and a debt-to-equity ratio of 0.01. Corcept Therapeutics Incorporated has a 12-month low of $28.04 and a 12-month high of $117.33.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last issued its earnings results on Monday, May 5th. The biotechnology company reported $0.17 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.17. The business had revenue of $157.21 million during the quarter, compared to analysts' expectations of $177.93 million. Corcept Therapeutics had a net margin of 22.35% and a return on equity of 24.54%. The business's revenue for the quarter was up 7.1% compared to the same quarter last year. During the same period in the previous year, the company earned $0.25 earnings per share. As a group, equities analysts expect that Corcept Therapeutics Incorporated will post 1.36 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research firms recently commented on CORT. Piper Sandler boosted their target price on shares of Corcept Therapeutics from $128.00 to $131.00 and gave the stock an "overweight" rating in a report on Thursday, April 3rd. Wall Street Zen cut shares of Corcept Therapeutics from a "buy" rating to a "hold" rating in a research note on Wednesday, May 14th. Truist Financial set a $135.00 price objective on shares of Corcept Therapeutics in a report on Tuesday, May 6th. HC Wainwright cut their price target on shares of Corcept Therapeutics from $150.00 to $145.00 and set a "buy" rating on the stock in a research report on Tuesday, May 6th. Finally, Canaccord Genuity Group raised their price objective on Corcept Therapeutics from $130.00 to $142.00 and gave the company a "buy" rating in a report on Tuesday, April 1st. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the company's stock. Based on data from MarketBeat, Corcept Therapeutics has an average rating of "Moderate Buy" and a consensus target price of $138.25.

Insiders Place Their Bets

In other news, CEO Joseph K. Belanoff sold 1,974 shares of the stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $60.83, for a total value of $120,078.42. Following the completion of the sale, the chief executive officer now directly owns 3,017,437 shares in the company, valued at $183,550,692.71. This represents a 0.07% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Joseph Douglas Lyon sold 421 shares of the firm's stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $60.58, for a total transaction of $25,504.18. Following the sale, the insider now owns 9,009 shares of the company's stock, valued at approximately $545,765.22. The trade was a 4.46% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 340,125 shares of company stock worth $28,905,496 in the last three months. Corporate insiders own 20.80% of the company's stock.

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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