Wakefield Asset Management LLLP Takes Position in Corcept Therapeutics Incorporated (NASDAQ:CORT)

Wakefield Asset Management LLLP acquired a new position in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT) during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 19,707 shares of the biotechnology company’s stock, valued at approximately $993,000.

Other institutional investors have also added to or reduced their stakes in the company. Kestra Investment Management LLC bought a new position in Corcept Therapeutics during the 4th quarter worth about $27,000. Capital Performance Advisors LLP acquired a new position in shares of Corcept Therapeutics during the third quarter worth about $25,000. USA Financial Formulas bought a new position in shares of Corcept Therapeutics during the fourth quarter worth about $54,000. Newbridge Financial Services Group Inc. bought a new position in shares of Corcept Therapeutics during the fourth quarter worth about $58,000. Finally, Principal Securities Inc. raised its position in Corcept Therapeutics by 63.6% in the 4th quarter. Principal Securities Inc. now owns 1,243 shares of the biotechnology company’s stock valued at $63,000 after buying an additional 483 shares during the last quarter. 93.61% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, insider Sean Maduck sold 20,000 shares of the firm’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $50.39, for a total transaction of $1,007,800.00. Following the completion of the sale, the insider now owns 85,318 shares in the company, valued at approximately $4,299,174.02. This trade represents a 18.99 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Daniel N. Swisher, Jr. sold 2,200 shares of Corcept Therapeutics stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $68.08, for a total transaction of $149,776.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 26,600 shares of company stock worth $1,399,576. Company insiders own 20.50% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the company. Canaccord Genuity Group upped their price target on Corcept Therapeutics from $78.00 to $130.00 and gave the stock a “buy” rating in a research report on Thursday, January 30th. StockNews.com cut shares of Corcept Therapeutics from a “strong-buy” rating to a “buy” rating in a report on Monday, November 25th. HC Wainwright reiterated a “buy” rating and issued a $115.00 price target on shares of Corcept Therapeutics in a research note on Thursday. Finally, Piper Sandler increased their price objective on shares of Corcept Therapeutics from $67.00 to $78.00 and gave the stock an “overweight” rating in a research note on Thursday. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Corcept Therapeutics currently has a consensus rating of “Buy” and a consensus price target of $99.75.

Corcept Therapeutics Price Performance

NASDAQ:CORT opened at $59.85 on Friday. The stock has a market capitalization of $6.27 billion, a PE ratio of 47.50 and a beta of 0.58. Corcept Therapeutics Incorporated has a 1-year low of $20.84 and a 1-year high of $75.00. The firm has a fifty day simple moving average of $59.60 and a 200 day simple moving average of $51.16. 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) last announced its quarterly earnings data on Wednesday, February 26th. The biotechnology company reported $0.26 EPS for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.11). The firm had revenue of $181.89 million during the quarter, compared to the consensus estimate of $200.12 million. Corcept Therapeutics had a net margin of 22.35% and a return on equity of 24.54%. On average, research analysts expect that Corcept Therapeutics Incorporated will post 1.36 EPS for the current fiscal year.

About Corcept Therapeutics

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.