United Services Automobile Association Acquires Shares of 6,069 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 position in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 6,069 shares of the biotechnology company's stock, valued at approximately $693,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of CORT. Jupiter Asset Management Ltd. grew its position in Corcept Therapeutics by 8,176.0% in the 1st quarter. Jupiter Asset Management Ltd. now owns 603,903 shares of the biotechnology company's stock valued at $68,978,000 after buying an additional 596,606 shares in the last quarter. Invesco Ltd. grew its position in Corcept Therapeutics by 76.5% in the 1st quarter. Invesco Ltd. now owns 1,246,234 shares of the biotechnology company's stock valued at $142,345,000 after buying an additional 540,101 shares in the last quarter. GAMMA Investing LLC grew its position in Corcept Therapeutics by 12,888.9% in the 1st quarter. GAMMA Investing LLC now owns 389,148 shares of the biotechnology company's stock valued at $44,448,000 after buying an additional 386,152 shares in the last quarter. Nuveen LLC bought a new position in Corcept Therapeutics in the 1st quarter valued at about $35,580,000. Finally, Driehaus Capital Management LLC bought a new position in Corcept Therapeutics in the 1st quarter valued at about $29,657,000. Institutional investors own 93.61% of the company's stock.

Corcept Therapeutics Stock Performance

Shares of NASDAQ:CORT traded down $0.89 during trading hours on Monday, hitting $71.99. 127,039 shares of the company's stock traded hands, compared to its average volume of 1,258,090. Corcept Therapeutics Incorporated has a 52 week low of $37.82 and a 52 week high of $117.33. The company's fifty day simple moving average is $70.62 and its two-hundred day simple moving average is $69.76. The company has a market cap of $7.59 billion, a price-to-earnings ratio of 63.66 and a beta of 0.29.

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

Insider Buying and Selling at Corcept Therapeutics

In other news, CEO Joseph K. Belanoff sold 40,000 shares of the firm's stock in a transaction dated 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 completion of the transaction, the chief executive officer owned 2,861,370 shares in the company, valued at approximately $196,089,686.10. This trade represents a 1.38% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Joseph Douglas Lyon sold 5,823 shares of the company's stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $67.51, for a total transaction of $393,110.73. Following the sale, the insider directly owned 10,066 shares of the company's stock, valued at $679,555.66. This represents a 36.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 222,215 shares of company stock worth $15,572,699. Company insiders own 20.50% of the company's stock.

Analyst Ratings Changes

A number of brokerages recently issued reports on CORT. Canaccord Genuity Group increased their target price on shares of Corcept Therapeutics from $137.00 to $140.00 and gave the company a "buy" rating in a research report on Wednesday, September 10th. Piper Sandler decreased their target price 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. Five analysts have rated the stock with a Buy rating, According to MarketBeat.com, Corcept Therapeutics has a consensus rating of "Buy" and an average target price of $135.25.

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.