Integrated Quantitative Investments LLC Acquires New Position in Corcept Therapeutics Incorporated (NASDAQ:CORT)

Integrated Quantitative Investments LLC acquired a new stake in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 21,600 shares of the biotechnology company's stock, valued at approximately $1,088,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Norges Bank bought a new position in shares of Corcept Therapeutics in the fourth quarter worth approximately $42,055,000. Braun Stacey Associates Inc. purchased a new position in Corcept Therapeutics in the 4th quarter worth approximately $14,935,000. FMR LLC raised its position in shares of Corcept Therapeutics by 24.6% during the 3rd quarter. FMR LLC now owns 1,363,922 shares of the biotechnology company's stock valued at $63,122,000 after buying an additional 269,074 shares in the last quarter. Synergy Asset Management LLC increased its stake in Corcept Therapeutics by 131.3% in the fourth quarter. Synergy Asset Management LLC now owns 462,411 shares of the biotechnology company's stock valued at $22,369,000 after acquiring an additional 262,503 shares during the last quarter. Finally, Raymond James Financial Inc. purchased a new stake in Corcept Therapeutics during the fourth quarter valued at about $12,084,000. 93.61% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts have recently commented on the company. StockNews.com lowered Corcept Therapeutics from a "buy" rating to a "hold" rating in a research report on Friday, February 28th. Truist Financial lifted their price target on shares of Corcept Therapeutics from $76.00 to $150.00 and gave the stock a "buy" rating in a research note on Monday, March 31st. HC Wainwright boosted their price objective on shares of Corcept Therapeutics from $115.00 to $150.00 and gave the stock a "buy" rating in a report on Monday, March 31st. Piper Sandler increased their target price on shares of Corcept Therapeutics from $128.00 to $131.00 and gave the company an "overweight" rating in a report on Thursday, April 3rd. Finally, Canaccord Genuity Group boosted their price target 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. One analyst has rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $143.25.

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Insider Activity

In related news, CEO Joseph K. Belanoff sold 35,102 shares of the business's stock in a transaction dated Monday, March 31st. The shares were sold at an average price of $94.72, for a total transaction of $3,324,861.44. Following the sale, the chief executive officer now owns 2,982,335 shares of the company's stock, valued at $282,486,771.20. The trade was a 1.16 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Sean Maduck sold 100,000 shares of Corcept Therapeutics stock in a transaction that occurred on Monday, March 31st. The shares were sold at an average price of $100.54, for a total transaction of $10,054,000.00. Following the transaction, the insider now owns 85,622 shares of the company's stock, valued at $8,608,435.88. The trade was a 53.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 163,124 shares of company stock worth $15,074,318 in the last quarter. 20.50% of the stock is owned by company insiders.

Corcept Therapeutics Trading Down 6.5 %

Shares of NASDAQ CORT traded down $4.55 during trading hours on Wednesday, hitting $65.94. The company's stock had a trading volume of 836,130 shares, compared to its average volume of 1,399,595. Corcept Therapeutics Incorporated has a 12 month low of $20.84 and a 12 month high of $117.33. The stock has a market cap of $6.96 billion, a price-to-earnings ratio of 52.33 and a beta of 0.15. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.64 and a current ratio of 3.70. The business has a 50-day simple moving average of $65.48 and a 200-day simple moving average of $57.03.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last announced its earnings results 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 business had revenue of $181.89 million for 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, analysts anticipate that Corcept Therapeutics Incorporated will post 1.36 earnings per share for the current fiscal year.

Corcept Therapeutics 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.