JPMorgan Chase & Co. Increases Stake in Corcept Therapeutics Incorporated (NASDAQ:CORT)

JPMorgan Chase & Co. lifted its position in Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) by 2.7% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 259,902 shares of the biotechnology company's stock after purchasing an additional 6,832 shares during the quarter. JPMorgan Chase & Co. owned approximately 0.25% of Corcept Therapeutics worth $13,096,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in CORT. Synergy Asset Management LLC raised its holdings in shares of Corcept Therapeutics by 131.3% in the fourth quarter. Synergy Asset Management LLC now owns 462,411 shares of the biotechnology company's stock valued at $22,369,000 after buying an additional 262,503 shares during the last quarter. Van ECK Associates Corp purchased a new stake in Corcept Therapeutics during the 4th quarter valued at approximately $4,483,000. Burney Co. raised its stake in Corcept Therapeutics by 9.1% during the 4th quarter. Burney Co. now owns 473,821 shares of the biotechnology company's stock valued at $23,876,000 after acquiring an additional 39,657 shares during the last quarter. Stifel Financial Corp lifted its position in Corcept Therapeutics by 30.0% during the 3rd quarter. Stifel Financial Corp now owns 88,967 shares of the biotechnology company's stock worth $4,117,000 after acquiring an additional 20,546 shares during the period. Finally, Inspire Investing LLC purchased a new position in shares of Corcept Therapeutics in the 4th quarter valued at approximately $807,000. Hedge funds and other institutional investors own 93.61% of the company's stock.

Wall Street Analyst Weigh In

CORT has been the subject of several recent research reports. Truist Financial increased their price target on Corcept Therapeutics from $76.00 to $150.00 and gave the stock a "buy" rating in a report on Monday, March 31st. Piper Sandler lifted their target price on shares of Corcept Therapeutics from $128.00 to $131.00 and gave the company an "overweight" rating in a report on Thursday, April 3rd. HC Wainwright increased their price target on shares of Corcept Therapeutics from $115.00 to $150.00 and gave the stock a "buy" rating in a report on Monday, March 31st. StockNews.com downgraded shares of Corcept Therapeutics from a "buy" rating to a "hold" rating in a research report on Friday, February 28th. Finally, Canaccord Genuity Group boosted their target price on Corcept Therapeutics from $130.00 to $142.00 and gave the stock a "buy" rating in a research report on Tuesday, April 1st. One analyst has rated the stock with a hold rating and five have issued a buy rating to the company's stock. According to MarketBeat, Corcept Therapeutics presently has an average rating of "Moderate Buy" and a consensus price target of $143.25.

Corcept Therapeutics Price Performance

Shares of CORT traded down $2.36 during trading hours on Friday, reaching $62.24. The company had a trading volume of 1,579,046 shares, compared to its average volume of 1,130,766. The company has a market capitalization of $6.57 billion, a price-to-earnings ratio of 49.40 and a beta of 0.15. Corcept Therapeutics Incorporated has a 12-month low of $20.84 and a 12-month high of $117.33. The firm has a 50 day simple moving average of $65.55 and a 200-day simple moving average of $58.19. The company has a current ratio of 3.70, a quick ratio of 3.64 and a debt-to-equity ratio of 0.01.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last posted its quarterly earnings results on Wednesday, February 26th. The biotechnology company reported $0.26 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.37 by ($0.11). The company had revenue of $181.89 million for the quarter, compared to analyst estimates of $200.12 million. Corcept Therapeutics had a net margin of 22.35% and a return on equity of 24.54%. Research analysts expect that Corcept Therapeutics Incorporated will post 1.36 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Sean Maduck sold 100,000 shares of the business's stock in a transaction that occurred on Monday, March 31st. The shares were sold at an average price of $100.54, for a total value of $10,054,000.00. Following the completion of the transaction, the insider now owns 85,622 shares of the company's stock, valued at $8,608,435.88. The trade was a 53.87 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Daniel N. Swisher, Jr. sold 2,200 shares of the firm's stock in a transaction that occurred on Thursday, April 10th. The stock was sold at an average price of $70.22, for a total transaction of $154,484.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 163,124 shares of company stock worth $15,117,614. 20.50% of the stock is 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.