Jupiter Topco LLC Invests $12.06 Million in Corcept Therapeutics Incorporated $CORT

Jupiter Topco LLC acquired a new stake in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 138,743 shares of the biotechnology company’s stock, valued at approximately $12,062,000. Jupiter Topco LLC owned about 0.13% of Corcept Therapeutics at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. Alberta Investment Management Corp bought a new position in shares of Corcept Therapeutics during the second quarter valued at $9,843,000. NewEdge Wealth LLC bought a new position in Corcept Therapeutics in the 2nd quarter worth about $3,034,000. BlackRock Inc. purchased a new stake in Corcept Therapeutics during the 2nd quarter valued at about $1,080,964,000. Avidity Partners Management LP bought a new stake in Corcept Therapeutics during the 4th quarter valued at about $766,000. Finally, Norges Bank purchased a new position in Corcept Therapeutics in the fourth quarter worth about $24,213,000. 93.61% of the stock is owned by hedge funds and other institutional investors.

Corcept Therapeutics Stock Down 2.6%

CORT opened at $113.88 on Friday. The stock has a market capitalization of $12.31 billion, a price-to-earnings ratio of 271.15 and a beta of 0.45. The firm has a 50 day moving average price of $101.17 and a 200-day moving average price of $67.37. Corcept Therapeutics Incorporated has a twelve month low of $28.66 and a twelve month high of $126.38.

Corcept Therapeutics (NASDAQ:CORT) last posted its earnings results on Wednesday, July 29th. The biotechnology company reported $0.36 EPS for the quarter, topping analysts’ consensus estimates of $0.02 by $0.34. The business had revenue of $256.15 million during the quarter, compared to the consensus estimate of $221.15 million. Corcept Therapeutics had a net margin of 6.52% and a return on equity of 8.26%. The firm’s revenue was up 31.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.29 EPS. As a group, analysts expect that Corcept Therapeutics Incorporated will post 1.77 earnings per share for the current year.

Analyst Upgrades and Downgrades

CORT has been the topic of several analyst reports. Truist Financial initiated coverage on shares of Corcept Therapeutics in a research note on Tuesday, August 18th. They issued a “buy” rating and a $164.00 target price on the stock. Piper Sandler restated an “overweight” rating and issued a $165.00 price objective (up from $88.00) on shares of Corcept Therapeutics in a report on Thursday, July 30th. UBS Group set a $135.00 price objective on Corcept Therapeutics in a research report on Thursday, May 28th. HC Wainwright lifted their target price on Corcept Therapeutics from $95.00 to $165.00 and gave the stock a “buy” rating in a report on Thursday, July 30th. Finally, Zacks Research upgraded Corcept Therapeutics from a “strong sell” rating to a “hold” rating in a research note on Monday, May 4th. Five equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Corcept Therapeutics presently has an average rating of “Moderate Buy” and a consensus price target of $138.17.

Insider Transactions at Corcept Therapeutics

In other Corcept Therapeutics news, CFO Atabak Mokari sold 80,000 shares of the stock in a transaction dated Thursday, July 30th. The stock was sold at an average price of $114.71, for a total value of $9,176,800.00. Following the transaction, the chief financial officer owned 16,130 shares of the company’s stock, valued at approximately $1,850,272.30. This represents a 83.22% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director David L. Mahoney sold 103,606 shares of the firm’s stock in a transaction dated Tuesday, August 18th. The stock was sold at an average price of $118.25, for a total value of $12,251,409.50. Following the completion of the transaction, the director directly owned 1,133,539 shares in the company, valued at $134,040,986.75. The trade was a 8.37% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 497,786 shares of company stock worth $50,817,090. Company insiders own 20.70% of the company’s stock.

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.