Bayforest Capital Ltd Raises Holdings in Corcept Therapeutics Incorporated (NASDAQ:CORT)

Bayforest Capital Ltd lifted its holdings in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT) by 422.3% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,098 shares of the biotechnology company’s stock after purchasing an additional 5,739 shares during the period. Bayforest Capital Ltd’s holdings in Corcept Therapeutics were worth $811,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the business. Vanguard Group Inc. grew its stake in Corcept Therapeutics by 1.1% in the 4th quarter. Vanguard Group Inc. now owns 10,115,624 shares of the biotechnology company’s stock worth $509,726,000 after acquiring an additional 109,294 shares during the period. Parallel Advisors LLC grew its stake in Corcept Therapeutics by 3.7% in the 1st quarter. Parallel Advisors LLC now owns 3,972,416 shares of the biotechnology company’s stock worth $453,729,000 after acquiring an additional 142,784 shares during the period. Arrowstreet Capital Limited Partnership grew its stake in Corcept Therapeutics by 4.1% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,644,942 shares of the biotechnology company’s stock worth $82,889,000 after acquiring an additional 64,321 shares during the period. Jacobs Levy Equity Management Inc. grew its stake in Corcept Therapeutics by 12.5% in the 4th quarter. Jacobs Levy Equity Management Inc. now owns 1,376,881 shares of the biotechnology company’s stock worth $69,381,000 after acquiring an additional 153,100 shares during the period. Finally, Northern Trust Corp grew its stake in Corcept Therapeutics by 10.2% in the 4th quarter. Northern Trust Corp now owns 1,015,515 shares of the biotechnology company’s stock worth $51,172,000 after acquiring an additional 94,128 shares during the period. 93.61% of the stock is owned by hedge funds and other institutional investors.

Corcept Therapeutics Trading Down 1.4%

NASDAQ:CORT opened at $68.20 on Wednesday. The firm has a market capitalization of $7.23 billion, a price-to-earnings ratio of 58.79 and a beta of 0.15. The firm’s fifty day simple moving average is $72.11 and its 200 day simple moving average is $68.09. Corcept Therapeutics Incorporated has a twelve month low of $32.33 and a twelve 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 for the quarter, meeting the consensus estimate of $0.17. The business had revenue of $157.21 million for the quarter, compared to analyst estimates of $177.93 million. Corcept Therapeutics had a net margin of 19.33% and a return on equity of 20.40%. The business’s quarterly revenue was up 7.1% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.25 EPS. On average, analysts predict that Corcept Therapeutics Incorporated will post 1.36 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. Canaccord Genuity Group lifted their target price on shares of Corcept Therapeutics from $130.00 to $142.00 and gave the stock a “buy” rating in a research note on Tuesday, April 1st. HC Wainwright lowered their price objective on shares of Corcept Therapeutics from $150.00 to $145.00 and set a “buy” rating for the company in a research note on Tuesday, May 6th. Truist Financial set a $135.00 price objective on shares of Corcept Therapeutics in a research note on Tuesday, May 6th. Piper Sandler boosted their price objective on shares of Corcept Therapeutics from $128.00 to $131.00 and gave the company an “overweight” rating in a research note on Thursday, April 3rd. Finally, Wall Street Zen cut shares of Corcept Therapeutics from a “buy” rating to a “hold” rating in a research note on Wednesday, May 14th. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $138.25.

Insider Buying and Selling at Corcept Therapeutics

In related news, insider Sean Maduck sold 26,554 shares of Corcept Therapeutics stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $72.23, for a total transaction of $1,917,995.42. Following the transaction, the insider owned 85,622 shares in the company, valued at approximately $6,184,477.06. The trade was a 23.67% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider William Guyer sold 32,262 shares of Corcept Therapeutics stock in a transaction on Friday, May 16th. The shares were sold at an average price of $74.17, for a total transaction of $2,392,872.54. Following the transaction, the insider owned 5,487 shares in the company, valued at $406,970.79. The trade was a 85.46% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 239,592 shares of company stock worth $18,071,616. Corporate insiders own 20.50% 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.