ExodusPoint Capital Management LP Boosts Stock Holdings in Corcept Therapeutics Incorporated (NASDAQ:CORT)

ExodusPoint Capital Management LP lifted its position in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT) by 35.4% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 56,409 shares of the biotechnology company’s stock after purchasing an additional 14,755 shares during the period. ExodusPoint Capital Management LP owned 0.06% of Corcept Therapeutics worth $1,222,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Ingalls & Snyder LLC increased its stake in shares of Corcept Therapeutics by 22.6% during the first quarter. Ingalls & Snyder LLC now owns 8,370,017 shares of the biotechnology company’s stock valued at $181,295,000 after purchasing an additional 1,544,755 shares in the last quarter. Granite Investment Partners LLC bought a new stake in shares of Corcept Therapeutics during the first quarter valued at approximately $17,221,000. Norges Bank bought a new stake in shares of Corcept Therapeutics during the fourth quarter valued at approximately $15,648,000. Vanguard Group Inc. boosted its holdings in Corcept Therapeutics by 4.6% in the third quarter. Vanguard Group Inc. now owns 10,332,077 shares of the biotechnology company’s stock worth $264,915,000 after purchasing an additional 458,414 shares during the last quarter. Finally, BlackRock Inc. boosted its holdings in Corcept Therapeutics by 2.5% in the first quarter. BlackRock Inc. now owns 15,424,767 shares of the biotechnology company’s stock worth $347,366,000 after purchasing an additional 376,774 shares during the last quarter. 78.80% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CAO Joseph Douglas Lyon sold 10,000 shares of the firm’s stock in a transaction on Tuesday, June 6th. The shares were sold at an average price of $23.60, for a total transaction of $236,000.00. Following the sale, the chief accounting officer now owns 5,132 shares in the company, valued at $121,115.20. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other Corcept Therapeutics news, CAO Joseph Douglas Lyon sold 10,000 shares of Corcept Therapeutics stock in a transaction dated Tuesday, June 6th. The shares were sold at an average price of $23.60, for a total transaction of $236,000.00. Following the transaction, the chief accounting officer now directly owns 5,132 shares of the company’s stock, valued at $121,115.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Daniel N. Swisher, Jr. sold 2,850 shares of the business’s stock in a transaction that occurred on Monday, August 7th. The shares were sold at an average price of $30.14, for a total transaction of $85,899.00. The disclosure for this sale can be found here. Insiders sold a total of 63,305 shares of company stock valued at $1,883,466 over the last 90 days. Insiders own 19.80% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on CORT. Piper Sandler lifted their price target on shares of Corcept Therapeutics from $27.00 to $31.00 and gave the stock an “overweight” rating in a research note on Thursday, August 3rd. HC Wainwright raised their price objective on shares of Corcept Therapeutics from $30.00 to $32.00 and gave the company a “buy” rating in a research report on Thursday, August 3rd. LADENBURG THALM/SH SH raised their price objective on shares of Corcept Therapeutics from $44.00 to $47.50 in a research report on Thursday, August 3rd. StockNews.com began coverage on shares of Corcept Therapeutics in a research report on Thursday, August 17th. They set a “buy” rating on the stock. Finally, Truist Financial lifted their price target on shares of Corcept Therapeutics from $26.00 to $29.00 and gave the company a “hold” rating in a report on Thursday, August 3rd. Four analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $30.81.

Corcept Therapeutics Price Performance

Corcept Therapeutics stock opened at $33.10 on Monday. The firm has a 50-day moving average of $26.79 and a two-hundred day moving average of $23.99. Corcept Therapeutics Incorporated has a 1 year low of $17.86 and a 1 year high of $33.24. The stock has a market cap of $3.39 billion, a price-to-earnings ratio of 39.88 and a beta of 0.45.

Corcept Therapeutics (NASDAQ:CORT) last posted its earnings results on Wednesday, August 2nd. The biotechnology company reported $0.25 EPS for the quarter, beating analysts’ consensus estimates of $0.15 by $0.10. The company had revenue of $117.72 million during the quarter, compared to analysts’ expectations of $109.60 million. Corcept Therapeutics had a net margin of 22.02% and a return on equity of 19.57%. Corcept Therapeutics’s revenue for the quarter was up 13.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.24 earnings per share. Research analysts expect that Corcept Therapeutics Incorporated will post 0.78 earnings per share for the current year.

Corcept Therapeutics Company Profile

Corcept Therapeutics Incorporated engages in discovery and development of drugs for the treatment of severe metabolic, oncologic, endocrine, and neurological disorders in the United States. It offers Korlym (mifepristone) tablets as a once-daily oral medication for the treatment of hyperglycemia secondary to hypercortisolism in adult patients with endogenous Cushing's syndrome, who have type 2 diabetes mellitus or glucose intolerance, and have failed surgery or are not candidates for surgery.