United Services Automobile Association Takes $693,000 Position in Corcept Therapeutics Incorporated $CORT

Key Points

• United Services Automobile Association has acquired 6,069 shares of Corcept Therapeutics, valued at approximately $693,000, indicating growing interest from institutional investors.
• Multiple hedge funds, including Parallel Advisors LLC and Invesco Ltd., have increased their positions in Corcept Therapeutics, with institutional ownership now at 93.61%.
• Recent adjustments from analysts include a price target cut from $142.00 to $137.00 by Canaccord Genuity Group, while a consensus rating remains at "buy" with a target of $134.50.

United Services Automobile Association purchased a new stake in Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 6,069 shares of the biotechnology company's stock, valued at approximately $693,000.

Several other large investors have also added to or reduced their stakes in CORT. Brooklyn Investment Group increased its holdings in shares of Corcept Therapeutics by 99.5% during the 1st quarter. Brooklyn Investment Group now owns 373 shares of the biotechnology company's stock valued at $43,000 after purchasing an additional 186 shares in the last quarter. MassMutual Private Wealth & Trust FSB boosted its position in Corcept Therapeutics by 102.0% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 620 shares of the biotechnology company's stock worth $71,000 after purchasing an additional 313 shares in the last quarter. Covestor Ltd grew its holdings in Corcept Therapeutics by 1,741.2% in the first quarter. Covestor Ltd now owns 626 shares of the biotechnology company's stock valued at $72,000 after purchasing an additional 592 shares during the period. IFP Advisors Inc raised its stake in shares of Corcept Therapeutics by 1,150.8% during the 1st quarter. IFP Advisors Inc now owns 738 shares of the biotechnology company's stock worth $84,000 after buying an additional 679 shares during the period. Finally, Bank of Nova Scotia purchased a new position in shares of Corcept Therapeutics during the 1st quarter valued at approximately $203,000. Hedge funds and other institutional investors own 93.61% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on CORT. Piper Sandler dropped their target price on Corcept Therapeutics from $131.00 to $121.00 and set an "overweight" rating for the company in a report on Friday, August 1st. Canaccord Genuity Group increased their price target on shares of Corcept Therapeutics from $137.00 to $140.00 and gave the company a "buy" rating in a research note on Wednesday. Five analysts have rated the stock with a Buy rating, According to data from MarketBeat, the company presently has a consensus rating of "Buy" and an average target price of $135.25.

Corcept Therapeutics Stock Performance

Shares of CORT traded down $1.46 during mid-day trading on Friday, hitting $72.87. 664,160 shares of the company's stock were exchanged, compared to its average volume of 626,559. The company has a market cap of $7.68 billion, a price-to-earnings ratio of 64.49 and a beta of 0.29. The stock's 50-day moving average is $70.62 and its 200-day moving average is $69.65. Corcept Therapeutics Incorporated has a fifty-two week low of $35.87 and a fifty-two week high of $117.33.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last released its earnings results on Thursday, July 31st. The biotechnology company reported $0.29 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.23 by $0.06. The company had revenue of $194.43 million for the quarter, compared to analyst estimates of $199.40 million. Corcept Therapeutics had a net margin of 18.51% and a return on equity of 20.10%. The firm's quarterly revenue was up 18.7% on a year-over-year basis. During the same period in the prior year, the business earned $0.32 EPS. Corcept Therapeutics has set its FY 2025 guidance at EPS. As a group, equities research analysts anticipate that Corcept Therapeutics Incorporated will post 1.36 EPS for the current year.

Insider Buying and Selling

In related news, CEO Joseph K. Belanoff sold 40,000 shares of the firm's stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $70.53, for a total value of $2,821,200.00. Following the sale, the chief executive officer owned 2,821,370 shares of the company's stock, valued at $198,991,226.10. This trade represents a 1.40% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider William Guyer sold 20,000 shares of Corcept Therapeutics stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $70.49, for a total transaction of $1,409,800.00. Following the sale, the insider directly owned 5,487 shares of the company's stock, valued at approximately $386,778.63. This trade represents a 78.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 222,215 shares of company stock worth $15,572,699 over the last ninety days. Company insiders own 20.80% of the company's stock.

Corcept Therapeutics 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.