Quantedge Capital Pte Ltd Purchases New Shares in Corcept Therapeutics Incorporated (NASDAQ:CORT)

Quantedge Capital Pte Ltd purchased a new stake in Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 4,800 shares of the biotechnology company's stock, valued at approximately $242,000.

A number of other institutional investors have also recently bought and sold shares of CORT. Vanguard Group Inc. lifted its position in shares of Corcept Therapeutics by 1.1% in the fourth quarter. Vanguard Group Inc. now owns 10,115,624 shares of the biotechnology company's stock worth $509,726,000 after purchasing an additional 109,294 shares in the last quarter. Parallel Advisors LLC boosted its stake in shares of Corcept Therapeutics by 0.4% during the 4th quarter. Parallel Advisors LLC now owns 3,829,632 shares of the biotechnology company's stock worth $192,975,000 after buying an additional 15,908 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its holdings in shares of Corcept Therapeutics by 4.1% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,644,942 shares of the biotechnology company's stock valued at $82,889,000 after acquiring an additional 64,321 shares in the last quarter. Jacobs Levy Equity Management Inc. increased its position in shares of Corcept Therapeutics by 12.5% in the fourth quarter. Jacobs Levy Equity Management Inc. now owns 1,376,881 shares of the biotechnology company's stock valued at $69,381,000 after acquiring an additional 153,100 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in Corcept Therapeutics by 2.4% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,051,560 shares of the biotechnology company's stock worth $52,988,000 after acquiring an additional 25,073 shares in the last quarter. Institutional investors own 93.61% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on CORT shares. StockNews.com downgraded Corcept Therapeutics from a "buy" rating to a "hold" rating in a research note on Wednesday. HC Wainwright lowered their price target on Corcept Therapeutics from $150.00 to $145.00 and set a "buy" rating on the stock in a research report on Tuesday, May 6th. Canaccord Genuity Group boosted their price target on Corcept Therapeutics from $130.00 to $142.00 and gave the stock a "buy" rating in a research report on Tuesday, April 1st. Truist Financial set a $135.00 price target on Corcept Therapeutics in a research report on Tuesday, May 6th. Finally, Piper Sandler boosted their price target on Corcept Therapeutics from $128.00 to $131.00 and gave the stock an "overweight" rating in a research report on Thursday, April 3rd. One analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, Corcept Therapeutics presently has a consensus rating of "Moderate Buy" and an average price target of $138.25.

Insider Buying and Selling

In related news, insider Sean Maduck sold 100,000 shares of the business's stock in a transaction that occurred on Monday, March 31st. The stock was sold at an average price of $100.54, for a total transaction of $10,054,000.00. Following the transaction, the insider now directly owns 85,622 shares of the company's stock, valued at approximately $8,608,435.88. The trade was a 53.87% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Joseph K. Belanoff sold 40,000 shares of the business's stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $72.90, for a total value of $2,916,000.00. Following the transaction, the chief executive officer now directly owns 2,941,985 shares in the company, valued at $214,470,706.50. The trade was a 1.34% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 236,738 shares of company stock valued at $20,484,994. 20.80% of the stock is owned by insiders.

Corcept Therapeutics Stock Up 2.3%

Shares of NASDAQ:CORT traded up $1.72 during trading on Friday, hitting $75.08. 1,129,303 shares of the company were exchanged, compared to its average volume of 1,126,222. The company has a current ratio of 3.70, a quick ratio of 3.64 and a debt-to-equity ratio of 0.01. The stock has a market cap of $7.96 billion, a price-to-earnings ratio of 59.59 and a beta of 0.22. Corcept Therapeutics Incorporated has a fifty-two week low of $27.30 and a fifty-two week high of $117.33. The firm has a fifty day moving average price of $68.56 and a two-hundred day moving average price of $61.73.

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

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.