Sound Income Strategies LLC Takes Position in Corcept Therapeutics Incorporated (NASDAQ:CORT)

Sound Income Strategies LLC bought a new position in Corcept Therapeutics Incorporated (NASDAQ:CORT) during the first quarter, HoldingsChannel.com reports. The institutional investor bought 4,959 shares of the biotechnology company’s stock, valued at approximately $125,000.

Several other institutional investors have also added to or reduced their stakes in CORT. FNY Investment Advisers LLC bought a new stake in Corcept Therapeutics during the 4th quarter valued at $32,000. Gladius Capital Management LP bought a new position in shares of Corcept Therapeutics during the fourth quarter valued at about $36,000. GAMMA Investing LLC grew its stake in shares of Corcept Therapeutics by 90.6% in the first quarter. GAMMA Investing LLC now owns 1,218 shares of the biotechnology company’s stock worth $31,000 after purchasing an additional 579 shares during the last quarter. Planned Solutions Inc. purchased a new position in Corcept Therapeutics during the 4th quarter valued at about $45,000. Finally, Headlands Technologies LLC purchased a new stake in Corcept Therapeutics in the 4th quarter worth approximately $47,000. 93.61% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts recently commented on the company. StockNews.com downgraded Corcept Therapeutics from a “strong-buy” rating to a “buy” rating in a report on Friday, May 3rd. HC Wainwright restated a “buy” rating and issued a $40.00 price objective on shares of Corcept Therapeutics in a report on Wednesday, May 29th. Finally, Truist Financial reaffirmed a “buy” rating and set a $65.00 target price on shares of Corcept Therapeutics in a research note on Monday, June 17th. Five analysts have rated the stock with a buy rating, According to MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $44.30.

Insider Activity at Corcept Therapeutics

In related news, Director Daniel N. Swisher, Jr. sold 2,200 shares of the firm’s stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $25.30, for a total transaction of $55,660.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Corcept Therapeutics news, Director Daniel N. Swisher, Jr. sold 2,200 shares of the company’s stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $25.30, for a total transaction of $55,660.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Joseph Douglas Lyon sold 10,830 shares of the business’s stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $26.00, for a total transaction of $281,580.00. Following the transaction, the insider now directly owns 7,314 shares of the company’s stock, valued at $190,164. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 94,400 shares of company stock valued at $2,631,317. 20.50% of the stock is owned by insiders.

Corcept Therapeutics Price Performance

NASDAQ:CORT traded up $1.21 during mid-day trading on Wednesday, hitting $31.60. 843,848 shares of the company’s stock were exchanged, compared to its average volume of 1,384,847. Corcept Therapeutics Incorporated has a one year low of $20.84 and a one year high of $35.22. The business has a fifty day moving average price of $27.82 and a 200 day moving average price of $26.02. The company has a market cap of $3.29 billion, a PE ratio of 29.40 and a beta of 0.46.

Corcept Therapeutics (NASDAQ:CORT) last posted its quarterly earnings results on Wednesday, May 1st. The biotechnology company reported $0.25 earnings per share for the quarter, topping the consensus estimate of $0.21 by $0.04. Corcept Therapeutics had a return on equity of 24.19% and a net margin of 22.38%. The company had revenue of $146.80 million for the quarter, compared to the consensus estimate of $141.19 million. During the same quarter in the prior year, the business posted $0.14 EPS. The firm’s quarterly revenue was up 38.9% compared to the same quarter last year. On average, equities analysts forecast that Corcept Therapeutics Incorporated will post 0.95 EPS for the current fiscal year.

About Corcept Therapeutics

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.