Evanson Financial LLC Acquires New Holdings in Corcept Therapeutics Incorporated $CORT

Evanson Financial LLC acquired a new position in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 12,478 shares of the biotechnology company’s stock, valued at approximately $1,085,000.

A number of other large investors have also added to or reduced their stakes in the company. First Trust Advisors LP lifted its stake in Corcept Therapeutics by 213.5% in the first quarter. First Trust Advisors LP now owns 2,173,376 shares of the biotechnology company’s stock worth $87,609,000 after purchasing an additional 1,480,059 shares during the last quarter. AQR Capital Management LLC lifted its stake in shares of Corcept Therapeutics by 546.9% in the 3rd quarter. AQR Capital Management LLC now owns 1,507,209 shares of the biotechnology company’s stock valued at $125,264,000 after purchasing an additional 1,274,215 shares during the period. Geode Capital Management LLC lifted its position in Corcept Therapeutics by 38.0% during the fourth quarter. Geode Capital Management LLC now owns 2,668,918 shares of the biotechnology company’s stock valued at $92,892,000 after buying an additional 734,646 shares during the period. Norges Bank bought a new position in shares of Corcept Therapeutics during the fourth quarter valued at approximately $24,213,000. Finally, UBS Group AG raised its stake in Corcept Therapeutics by 413.8% during the third quarter. UBS Group AG now owns 549,938 shares of the biotechnology company’s stock valued at $45,705,000 after buying an additional 442,898 shares during the last quarter. Hedge funds and other institutional investors own 93.61% of the company’s stock.

Corcept Therapeutics Stock Performance

Shares of Corcept Therapeutics stock opened at $110.77 on Friday. The stock has a 50 day moving average price of $89.31 and a 200-day moving average price of $59.37. Corcept Therapeutics Incorporated has a one year low of $28.66 and a one year high of $122.21. The stock has a market cap of $11.97 billion, a price-to-earnings ratio of 263.74 and a beta of 0.45.

Corcept Therapeutics (NASDAQ:CORT) last posted its quarterly earnings data on Wednesday, July 29th. The biotechnology company reported $0.36 EPS for the quarter, topping the consensus estimate of $0.02 by $0.34. Corcept Therapeutics had a net margin of 6.52% and a return on equity of 8.26%. The company had revenue of $256.15 million during the quarter, compared to analyst estimates of $221.15 million. During the same period in the previous year, the firm earned $0.29 earnings per share. Corcept Therapeutics’s quarterly revenue was up 31.7% compared to the same quarter last year. Sell-side analysts predict that Corcept Therapeutics Incorporated will post 1.13 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have recently issued reports on CORT. Truist Financial upgraded shares of Corcept Therapeutics to a “strong-buy” rating in a research note on Monday, June 15th. Wall Street Zen upgraded shares of Corcept Therapeutics from a “hold” rating to a “strong-buy” rating in a research report on Saturday, August 1st. Zacks Research raised Corcept Therapeutics from a “strong sell” rating to a “hold” rating in a research report on Monday, May 4th. HC Wainwright increased their price objective on shares of Corcept Therapeutics from $95.00 to $165.00 and gave the stock a “buy” rating in a research note on Thursday, July 30th. Finally, UBS Group set a $135.00 price target on Corcept Therapeutics in a report on Thursday, May 28th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $119.17.

Insider Activity at Corcept Therapeutics

In other Corcept Therapeutics news, insider William Guyer sold 3,700 shares of the business’s stock in a transaction dated Tuesday, August 4th. The shares were sold at an average price of $113.12, for a total value of $418,544.00. Following the completion of the sale, the insider directly owned 3,985 shares of the company’s stock, valued at $450,783.20. The trade was a 48.15% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director David L. Mahoney sold 20,000 shares of the firm’s stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $84.53, for a total transaction of $1,690,600.00. Following the transaction, the director directly owned 26,147 shares in the company, valued at approximately $2,210,205.91. This trade represents a 43.34% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 385,545 shares of company stock worth $33,151,584 over the last ninety days. 20.70% of the stock is currently owned by company insiders.

Corcept Therapeutics Company Profile

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.