Sumitomo Mitsui Trust Group Inc. Purchases Shares of 2,899 Corcept Therapeutics Incorporated (NASDAQ:CORT)

Sumitomo Mitsui Trust Group Inc. purchased a new position in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 2,899 shares of the biotechnology company’s stock, valued at approximately $331,000.

Several other hedge funds have also made changes to their positions in the business. Wealth Enhancement Advisory Services LLC lifted its position in Corcept Therapeutics by 3.0% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 7,954 shares of the biotechnology company’s stock worth $909,000 after buying an additional 230 shares during the period. Quadrant Capital Group LLC increased its stake in shares of Corcept Therapeutics by 9.5% during the 4th quarter. Quadrant Capital Group LLC now owns 2,969 shares of the biotechnology company’s stock valued at $150,000 after acquiring an additional 257 shares during the last quarter. Summit Investment Advisors Inc. lifted its holdings in shares of Corcept Therapeutics by 3.3% during the 4th quarter. Summit Investment Advisors Inc. now owns 8,459 shares of the biotechnology company’s stock worth $426,000 after acquiring an additional 268 shares during the period. Arizona State Retirement System boosted its position in shares of Corcept Therapeutics by 1.1% in the fourth quarter. Arizona State Retirement System now owns 27,270 shares of the biotechnology company’s stock worth $1,374,000 after acquiring an additional 289 shares during the last quarter. Finally, MassMutual Private Wealth & Trust FSB grew its holdings in Corcept Therapeutics by 102.0% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 620 shares of the biotechnology company’s stock valued at $71,000 after purchasing an additional 313 shares during the period. Institutional investors and hedge funds own 93.61% of the company’s stock.

Corcept Therapeutics Price Performance

NASDAQ:CORT opened at $72.65 on Friday. The business’s 50-day moving average is $72.87 and its two-hundred day moving average is $65.87. The firm has a market capitalization of $7.70 billion, a PE ratio of 62.63 and a beta of 0.15. Corcept Therapeutics Incorporated has a 12 month low of $29.42 and a 12 month high of $117.33.

Corcept Therapeutics (NASDAQ:CORT) last posted its earnings results on Monday, May 5th. The biotechnology company reported $0.17 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.17. The business had revenue of $157.21 million during the quarter, compared to analyst estimates of $177.93 million. Corcept Therapeutics had a return on equity of 20.40% and a net margin of 19.33%. The company’s revenue for the quarter was up 7.1% compared to the same quarter last year. During the same quarter last year, the firm earned $0.25 earnings per share. Equities analysts anticipate that Corcept Therapeutics Incorporated will post 1.36 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on CORT. Piper Sandler increased their price target on shares of Corcept Therapeutics from $128.00 to $131.00 and gave the stock an “overweight” rating in a research note on Thursday, April 3rd. HC Wainwright reduced their target price on Corcept Therapeutics from $150.00 to $145.00 and set a “buy” rating on the stock in a report on Tuesday, May 6th. Wall Street Zen downgraded Corcept Therapeutics from a “buy” rating to a “hold” rating in a research report on Wednesday, May 14th. Canaccord Genuity Group raised their price objective on Corcept Therapeutics from $130.00 to $142.00 and gave the stock a “buy” rating in a report on Tuesday, April 1st. Finally, Truist Financial set a $135.00 price objective on Corcept Therapeutics in a research note on Tuesday, May 6th. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $138.25.

Insider Buying and Selling

In other Corcept Therapeutics news, insider Joseph Douglas Lyon sold 5,000 shares of Corcept Therapeutics stock in a transaction that occurred on Monday, June 2nd. The stock was sold at an average price of $78.04, for a total transaction of $390,200.00. Following the sale, the insider directly owned 9,009 shares in the company, valued at $703,062.36. The trade was a 35.69% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider William Guyer sold 32,262 shares of the company’s stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $74.17, for a total value of $2,392,872.54. Following the completion of the transaction, the insider directly owned 5,487 shares in the company, valued at approximately $406,970.79. The trade was a 85.46% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 225,233 shares of company stock worth $17,014,551 over the last quarter. Company insiders own 20.80% of the company’s stock.

Corcept Therapeutics Company Profile

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.