Jacobs Levy Equity Management Inc. Acquires 352,947 Shares of Corcept Therapeutics Incorporated (NASDAQ:CORT)

Jacobs Levy Equity Management Inc. lifted its holdings in Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) by 40.5% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,223,781 shares of the biotechnology company's stock after acquiring an additional 352,947 shares during the quarter. Jacobs Levy Equity Management Inc. owned 1.17% of Corcept Therapeutics worth $56,637,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. FMR LLC grew its position in shares of Corcept Therapeutics by 24.6% in the third quarter. FMR LLC now owns 1,363,922 shares of the biotechnology company's stock valued at $63,122,000 after purchasing an additional 269,074 shares during the period. The Manufacturers Life Insurance Company grew its holdings in shares of Corcept Therapeutics by 4.5% in the third quarter. The Manufacturers Life Insurance Company now owns 50,996 shares of the biotechnology company's stock valued at $2,360,000 after purchasing an additional 2,216 shares in the last quarter. Hancock Whitney Corp grew its holdings in shares of Corcept Therapeutics by 1.2% in the third quarter. Hancock Whitney Corp now owns 22,954 shares of the biotechnology company's stock valued at $1,062,000 after purchasing an additional 270 shares in the last quarter. Alpha DNA Investment Management LLC acquired a new position in Corcept Therapeutics during the 3rd quarter worth approximately $464,000. Finally, Algert Global LLC grew its holdings in Corcept Therapeutics by 216.2% during the 3rd quarter. Algert Global LLC now owns 40,115 shares of the biotechnology company's stock worth $1,857,000 after acquiring an additional 27,430 shares in the last quarter. Institutional investors and hedge funds own 93.61% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have commented on CORT shares. StockNews.com cut shares of Corcept Therapeutics from a "strong-buy" rating to a "buy" rating in a report on Monday, November 25th. Piper Sandler boosted their price objective on shares of Corcept Therapeutics from $38.00 to $67.00 and gave the stock an "overweight" rating in a research report on Wednesday, September 18th. Truist Financial upped their price objective on shares of Corcept Therapeutics from $65.00 to $76.00 and gave the stock a "buy" rating in a research report on Monday, September 30th. Sandler O'Neill reaffirmed a "buy" rating on shares of Corcept Therapeutics in a research note on Friday, October 18th. Finally, HC Wainwright reissued a "buy" rating and issued a $80.00 price objective on shares of Corcept Therapeutics in a research note on Thursday, October 31st. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Corcept Therapeutics currently has a consensus rating of "Buy" and an average target price of $65.25.

Insiders Place Their Bets

In other Corcept Therapeutics news, Director Daniel N. Swisher, Jr. sold 2,200 shares of the business's stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $59.88, for a total transaction of $131,736.00. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider William Guyer sold 3,394 shares of the company's stock in a transaction dated Monday, November 4th. The shares were sold at an average price of $48.97, for a total value of $166,204.18. Following the completion of the transaction, the insider now owns 5,796 shares in the company, valued at $283,830.12. This represents a 36.93 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 24,611 shares of company stock valued at $1,210,548 over the last 90 days. 20.50% of the stock is owned by company insiders.

Corcept Therapeutics Trading Up 2.0 %

NASDAQ CORT traded up $1.18 during mid-day trading on Wednesday, hitting $60.85. The company's stock had a trading volume of 761,777 shares, compared to its average volume of 1,166,329. Corcept Therapeutics Incorporated has a 52-week low of $20.84 and a 52-week high of $62.22. The stock's fifty day simple moving average is $51.19 and its two-hundred day simple moving average is $39.76. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.70 and a quick ratio of 3.64. The firm has a market capitalization of $6.38 billion, a P/E ratio of 48.29 and a beta of 0.51.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last issued its quarterly earnings data on Wednesday, October 30th. The biotechnology company reported $0.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.27 by $0.14. Corcept Therapeutics had a net margin of 22.35% and a return on equity of 24.54%. The company had revenue of $182.55 million during the quarter, compared to the consensus estimate of $171.97 million. During the same quarter last year, the company earned $0.28 earnings per share. Corcept Therapeutics's revenue for the quarter was up 47.7% on a year-over-year basis. Research analysts expect that Corcept Therapeutics Incorporated will post 1.35 EPS for the current year.

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.