Raymond James Financial Inc. Invests $12.08 Million in Corcept Therapeutics Incorporated (NASDAQ:CORT)

Raymond James Financial Inc. acquired a new stake in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 239,803 shares of the biotechnology company's stock, valued at approximately $12,084,000. Raymond James Financial Inc. owned about 0.23% of Corcept Therapeutics at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Kestra Investment Management LLC purchased a new position in shares of Corcept Therapeutics in the fourth quarter worth $27,000. USA Financial Formulas purchased a new position in shares of Corcept Therapeutics in the fourth quarter worth $54,000. Newbridge Financial Services Group Inc. purchased a new position in shares of Corcept Therapeutics in the fourth quarter worth $58,000. Principal Securities Inc. raised its stake in shares of Corcept Therapeutics by 63.6% in the fourth quarter. Principal Securities Inc. now owns 1,243 shares of the biotechnology company's stock worth $63,000 after purchasing an additional 483 shares during the last quarter. Finally, Smartleaf Asset Management LLC raised its stake in shares of Corcept Therapeutics by 311.6% in the fourth quarter. Smartleaf Asset Management LLC now owns 2,371 shares of the biotechnology company's stock worth $121,000 after purchasing an additional 1,795 shares during the last quarter. Hedge funds and other institutional investors own 93.61% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on CORT. StockNews.com cut Corcept Therapeutics from a "buy" rating to a "hold" rating in a research note on Friday, February 28th. Piper Sandler boosted their price target on Corcept Therapeutics from $67.00 to $78.00 and gave the stock an "overweight" rating in a research note on Thursday, February 27th. Canaccord Genuity Group boosted their price target on Corcept Therapeutics from $78.00 to $130.00 and gave the stock a "buy" rating in a research note on Thursday, January 30th. Finally, HC Wainwright reiterated a "buy" rating and set a $115.00 price objective on shares of Corcept Therapeutics in a research report on Thursday, February 27th. One analyst has rated the stock with a hold rating and five have given a buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $99.75.

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Corcept Therapeutics Stock Performance

Corcept Therapeutics stock traded up $1.07 during mid-day trading on Friday, reaching $58.66. 1,943,513 shares of the stock traded hands, compared to its average volume of 971,942. The stock has a market capitalization of $6.19 billion, a PE ratio of 46.56 and a beta of 0.61. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.70 and a quick ratio of 3.64. Corcept Therapeutics Incorporated has a 12-month low of $20.84 and a 12-month high of $75.00. The business's 50-day moving average is $61.49 and its 200-day moving average is $53.81.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last released its quarterly earnings results on Wednesday, February 26th. The biotechnology company reported $0.26 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.37 by ($0.11). Corcept Therapeutics had a net margin of 22.35% and a return on equity of 24.54%. The company had revenue of $181.89 million for the quarter, compared to the consensus estimate of $200.12 million. As a group, sell-side analysts predict that Corcept Therapeutics Incorporated will post 1.36 EPS for the current fiscal year.

Insider Buying and Selling at Corcept Therapeutics

In other news, Director Daniel N. Swisher, Jr. sold 2,200 shares of the company's stock in a transaction dated Friday, January 10th. The stock was sold at an average price of $50.54, for a total value of $111,188.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Sean Maduck sold 20,000 shares of the company's stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $50.39, for a total value of $1,007,800.00. Following the completion of the transaction, the insider now directly owns 85,318 shares of the company's stock, valued at approximately $4,299,174.02. This trade represents a 18.99 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 45,627 shares of company stock valued at $2,557,674. Company 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.