OP Asset Management Ltd Makes New Investment in Corcept Therapeutics Incorporated $CORT

OP Asset Management Ltd bought a new position in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT) in the 1st quarter, according to its most recent 13F filing with the SEC. The fund bought 7,893 shares of the biotechnology company’s stock, valued at approximately $318,000.

Other institutional investors and hedge funds also recently modified their holdings of the company. Pathstone Holdings LLC boosted its stake in Corcept Therapeutics by 0.8% during the 3rd quarter. Pathstone Holdings LLC now owns 18,013 shares of the biotechnology company’s stock worth $1,497,000 after acquiring an additional 144 shares during the last quarter. Clearstead Advisors LLC increased its stake in Corcept Therapeutics by 163.6% in the third quarter. Clearstead Advisors LLC now owns 311 shares of the biotechnology company’s stock valued at $26,000 after purchasing an additional 193 shares in the last quarter. Gould Capital LLC raised its holdings in Corcept Therapeutics by 50.0% in the third quarter. Gould Capital LLC now owns 600 shares of the biotechnology company’s stock worth $50,000 after purchasing an additional 200 shares during the period. Sequoia Financial Advisors LLC raised its holdings in Corcept Therapeutics by 3.7% in the fourth quarter. Sequoia Financial Advisors LLC now owns 6,904 shares of the biotechnology company’s stock worth $240,000 after purchasing an additional 247 shares during the period. Finally, Evergreen Capital Management LLC raised its holdings in Corcept Therapeutics by 3.0% in the fourth quarter. Evergreen Capital Management LLC now owns 8,609 shares of the biotechnology company’s stock worth $300,000 after purchasing an additional 248 shares during the period. 93.61% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on CORT shares. Truist Financial raised shares of Corcept Therapeutics to a “strong-buy” rating in a report on Monday, June 15th. UBS Group set a $135.00 price objective on Corcept Therapeutics in a research note on Thursday, May 28th. Piper Sandler lifted their target price on Corcept Therapeutics from $73.00 to $88.00 and gave the stock an “overweight” rating in a report on Friday, May 1st. Wolfe Research raised Corcept Therapeutics from an “underperform” rating to a “peer perform” rating in a research note on Thursday, March 26th. Finally, Weiss Ratings restated a “hold (c-)” rating on shares of Corcept Therapeutics in a report on Wednesday, June 24th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $88.83.

Insider Activity at Corcept Therapeutics

In related news, Director James N. Wilson sold 10,000 shares of Corcept Therapeutics stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $83.20, for a total value of $832,000.00. Following the sale, the director owned 1,094,543 shares of the company’s stock, valued at approximately $91,065,977.60. This trade represents a 0.91% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Atabak Mokari sold 40,000 shares of the firm’s stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $81.15, for a total transaction of $3,246,000.00. Following the transaction, the chief financial officer directly owned 16,130 shares of the company’s stock, valued at $1,308,949.50. This represents a 71.26% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 275,000 shares of company stock valued at $18,836,100 over the last ninety days. Company insiders own 20.70% of the company’s stock.

Corcept Therapeutics Trading Down 1.1%

CORT opened at $86.95 on Wednesday. The stock has a market capitalization of $9.33 billion, a P/E ratio of 248.44 and a beta of 0.50. Corcept Therapeutics Incorporated has a 12 month low of $28.66 and a 12 month high of $91.00. The firm’s fifty day simple moving average is $65.34 and its 200 day simple moving average is $52.15.

Corcept Therapeutics (NASDAQ:CORT) last released its earnings results on Thursday, April 30th. The biotechnology company reported ($0.30) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.19). Corcept Therapeutics had a return on equity of 7.40% and a net margin of 6.14%.The firm had revenue of $164.90 million for the quarter, compared to the consensus estimate of $185.83 million. During the same quarter last year, the company posted $0.17 EPS. Corcept Therapeutics’s revenue for the quarter was up 4.9% on a year-over-year basis. On average, equities research analysts predict that Corcept Therapeutics Incorporated will post 0.53 EPS for the current fiscal year.

About Corcept Therapeutics

Corcept Therapeutics is a clinical-stage biopharmaceutical company focused on discovering and developing drugs that modulate the effects of cortisol, a hormone implicated in a range of severe metabolic, oncologic and psychiatric disorders. The company’s scientific platform centers on selectively targeting the glucocorticoid receptor to counteract the harmful consequences of excess cortisol, a strategy designed to address diseases with significant unmet medical needs.

The company’s flagship marketed product, Korlym (mifepristone), is approved in the United States for the treatment of hyperglycemia secondary to Cushing’s syndrome in patients who have type 2 diabetes or glucose intolerance and are not candidates for surgery.