Corcept Therapeutics Incorporated (NASDAQ:CORT) Shares Purchased by JPMorgan Chase & Co.

JPMorgan Chase & Co. grew its position in Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) by 43.4% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 253,070 shares of the biotechnology company's stock after purchasing an additional 76,573 shares during the quarter. JPMorgan Chase & Co. owned about 0.24% of Corcept Therapeutics worth $11,712,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of CORT. Jacobs Levy Equity Management Inc. boosted its holdings in Corcept Therapeutics by 40.5% in the third quarter. Jacobs Levy Equity Management Inc. now owns 1,223,781 shares of the biotechnology company's stock valued at $56,637,000 after purchasing an additional 352,947 shares during the last quarter. FMR LLC raised 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 worth $63,122,000 after acquiring an additional 269,074 shares during the period. M&G PLC acquired a new position in shares of Corcept Therapeutics in the third quarter worth about $11,173,000. Connor Clark & Lunn Investment Management Ltd. raised its position in shares of Corcept Therapeutics by 20.0% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 859,563 shares of the biotechnology company's stock worth $39,781,000 after acquiring an additional 143,507 shares during the period. Finally, abrdn plc raised its position in shares of Corcept Therapeutics by 27.1% in the third quarter. abrdn plc now owns 666,952 shares of the biotechnology company's stock worth $30,867,000 after acquiring an additional 142,310 shares during the period. 93.61% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on CORT shares. HC Wainwright reiterated a "buy" rating and issued a $80.00 price objective on shares of Corcept Therapeutics in a research report on Thursday, October 31st. Piper Sandler upped 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. StockNews.com downgraded shares of Corcept Therapeutics from a "strong-buy" rating to a "buy" rating in a research report on Monday, November 25th. Sandler O'Neill reiterated a "buy" rating on shares of Corcept Therapeutics in a research report on Friday, October 18th. Finally, Truist Financial upped their price target 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. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has an average rating of "Buy" and a consensus price target of $65.25.

Corcept Therapeutics Price Performance

Shares of CORT traded up $1.21 during mid-day trading on Monday, hitting $51.06. 590,429 shares of the company were exchanged, compared to its average volume of 726,090. Corcept Therapeutics Incorporated has a 1-year low of $20.84 and a 1-year high of $62.22. The stock has a market cap of $5.35 billion, a price-to-earnings ratio of 40.52 and a beta of 0.56. 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 company has a 50 day moving average of $54.89 and a 200-day moving average of $44.20.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last announced 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 analysts' expectations of $171.97 million. During the same quarter in the prior year, the company earned $0.28 EPS. Corcept Therapeutics's revenue was up 47.7% compared to the same quarter last year. Analysts expect that Corcept Therapeutics Incorporated will post 1.35 EPS for the current fiscal year.

Insider Activity at Corcept Therapeutics

In other news, insider William Guyer sold 6,606 shares of the firm's stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $48.97, for a total transaction of $323,495.82. Following the completion of the sale, the insider now owns 5,796 shares in the company, valued at $283,830.12. This trade represents a 53.27 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Joseph Douglas Lyon sold 1,411 shares of the firm's stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $56.72, for a total transaction of $80,031.92. Following the sale, the insider now owns 8,494 shares of the company's stock, valued at $481,779.68. This represents a 14.25 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 35,811 shares of company stock valued at $1,840,080. 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.