Affinity Asset Advisors LLC Takes Position in Corcept Therapeutics Incorporated $CORT

Affinity Asset Advisors LLC bought a new position in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 50,000 shares of the biotechnology company’s stock, valued at approximately $2,016,000.

Several other institutional investors and hedge funds have also made changes to their positions in CORT. Torren Management LLC acquired a new position in shares of Corcept Therapeutics in the fourth quarter worth about $25,000. Advisory Services Network LLC acquired a new stake in Corcept Therapeutics during the 3rd quarter valued at approximately $25,000. Atlas Capital Advisors Inc. purchased a new stake in Corcept Therapeutics during the 4th quarter worth approximately $31,000. State of Wyoming increased its holdings in Corcept Therapeutics by 29.5% during the 1st quarter. State of Wyoming now owns 816 shares of the biotechnology company’s stock worth $33,000 after purchasing an additional 186 shares during the last quarter. Finally, Hantz Financial Services Inc. raised its position in shares of Corcept Therapeutics by 113.7% in the 4th quarter. Hantz Financial Services Inc. now owns 985 shares of the biotechnology company’s stock valued at $34,000 after purchasing an additional 524 shares in the last quarter. 93.61% of the stock is currently owned by hedge funds and other institutional investors.

Corcept Therapeutics Stock Down 1.3%

CORT opened at $95.36 on Friday. Corcept Therapeutics Incorporated has a fifty-two week low of $28.66 and a fifty-two week high of $97.63. The firm has a market cap of $10.24 billion, a PE ratio of 272.46 and a beta of 0.47. The business has a fifty day simple moving average of $80.40 and a 200-day simple moving average of $54.47.

Corcept Therapeutics (NASDAQ:CORT) last issued its quarterly earnings results on Thursday, April 30th. The biotechnology company reported ($0.30) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.19). Corcept Therapeutics had a return on equity of 7.40% and a net margin of 6.14%.The company had revenue of $164.90 million during the quarter, compared to analysts’ expectations of $185.83 million. During the same period in the prior year, the business posted $0.17 EPS. The company’s revenue for the quarter was up 4.9% compared to the same quarter last year. On average, equities research analysts anticipate that Corcept Therapeutics Incorporated will post 0.53 EPS for the current fiscal year.

Insider Activity at Corcept Therapeutics

In other news, Director David L. Mahoney sold 20,000 shares of Corcept Therapeutics stock in a transaction on Wednesday, June 17th. The stock was sold at an average price of $84.53, for a total transaction of $1,690,600.00. Following the transaction, the director owned 26,147 shares in the company, valued at approximately $2,210,205.91. The trade was a 43.34% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Atabak Mokari sold 40,000 shares of the company’s stock in a transaction on Monday, June 15th. The shares were sold at an average price of $81.15, for a total value of $3,246,000.00. Following the transaction, the chief financial officer directly owned 16,130 shares in the company, valued at $1,308,949.50. The trade was a 71.26% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 300,000 shares of company stock worth $22,088,050. Insiders own 20.70% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently commented on CORT. Canaccord Genuity Group increased their target price on Corcept Therapeutics from $110.00 to $135.00 and gave the company a “buy” rating in a research note on Thursday, May 28th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Corcept Therapeutics in a research note on Wednesday, June 24th. Piper Sandler upped their price objective on Corcept Therapeutics from $73.00 to $88.00 and gave the company an “overweight” rating in a research note on Friday, May 1st. HC Wainwright lifted their target price on Corcept Therapeutics from $75.00 to $95.00 and gave the stock a “buy” rating in a research report on Tuesday, June 2nd. Finally, UBS Group set a $135.00 price target on Corcept Therapeutics in a report on Thursday, May 28th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, Corcept Therapeutics currently has a consensus rating of “Moderate Buy” and a consensus target price of $88.83.

Corcept Therapeutics Profile

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.