Oak Ridge Investments LLC Makes New Investment in Corcept Therapeutics Incorporated (NASDAQ:CORT)

Oak Ridge Investments LLC bought a new position in Corcept Therapeutics Incorporated (NASDAQ:CORT) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 30,272 shares of the biotechnology company’s stock, valued at approximately $984,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Norden Group LLC purchased a new stake in shares of Corcept Therapeutics in the first quarter valued at approximately $50,081,000. Norges Bank purchased a new position in shares of Corcept Therapeutics during the fourth quarter valued at $24,603,000. Jacobs Levy Equity Management Inc. bought a new stake in shares of Corcept Therapeutics in the first quarter valued at about $18,426,000. Jupiter Asset Management Ltd. raised its holdings in shares of Corcept Therapeutics by 1,149.0% in the first quarter. Jupiter Asset Management Ltd. now owns 744,469 shares of the biotechnology company’s stock valued at $18,753,000 after acquiring an additional 684,863 shares in the last quarter. Finally, Clearbridge Investments LLC purchased a new stake in Corcept Therapeutics in the first quarter worth about $14,670,000. 93.61% of the stock is currently owned by institutional investors.

Corcept Therapeutics Stock Performance

CORT traded up $0.82 during trading on Thursday, hitting $34.61. The stock had a trading volume of 219,311 shares, compared to its average volume of 1,292,355. The stock has a 50 day simple moving average of $32.66 and a two-hundred day simple moving average of $27.56. Corcept Therapeutics Incorporated has a twelve month low of $20.84 and a twelve month high of $39.75. The company has a market capitalization of $3.60 billion, a PE ratio of 31.88 and a beta of 0.44.

Corcept Therapeutics (NASDAQ:CORT) last posted its quarterly earnings data on Monday, July 29th. The biotechnology company reported $0.32 earnings per share for the quarter, topping analysts’ consensus estimates of $0.23 by $0.09. Corcept Therapeutics had a return on equity of 23.66% and a net margin of 21.93%. The firm had revenue of $163.80 million during the quarter, compared to analysts’ expectations of $155.14 million. During the same quarter last year, the firm earned $0.25 EPS. The business’s quarterly revenue was up 39.1% on a year-over-year basis. On average, equities research analysts anticipate that Corcept Therapeutics Incorporated will post 1.03 EPS for the current year.

Analyst Upgrades and Downgrades

CORT has been the subject of several recent research reports. Truist Financial restated a “buy” rating and issued a $65.00 price target on shares of Corcept Therapeutics in a report on Monday, June 17th. Canaccord Genuity Group restated a “buy” rating and set a $38.00 target price on shares of Corcept Therapeutics in a report on Tuesday, July 30th. Piper Sandler increased their target price on Corcept Therapeutics from $35.00 to $38.00 and gave the company an “overweight” rating in a research report on Tuesday, July 30th. HC Wainwright boosted their price target on Corcept Therapeutics from $40.00 to $45.00 and gave the stock a “buy” rating in a research report on Tuesday, July 30th. Finally, StockNews.com cut Corcept Therapeutics from a “strong-buy” rating to a “buy” rating in a research note on Friday, May 3rd. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $46.50.

Insider Buying and Selling at Corcept Therapeutics

In other Corcept Therapeutics news, insider Joseph Douglas Lyon sold 5,000 shares of the company’s stock in a transaction that occurred on Monday, June 3rd. The stock was sold at an average price of $30.18, for a total value of $150,900.00. Following the sale, the insider now owns 7,314 shares in the company, valued at approximately $220,736.52. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, insider Joseph Douglas Lyon sold 5,000 shares of the stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $30.18, for a total transaction of $150,900.00. Following the sale, the insider now directly owns 7,314 shares of the company’s stock, valued at approximately $220,736.52. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Gary Charles Robb sold 11,000 shares of Corcept Therapeutics stock in a transaction dated Tuesday, May 28th. The shares were sold at an average price of $30.39, for a total value of $334,290.00. Following the completion of the transaction, the insider now owns 20,203 shares of the company’s stock, valued at approximately $613,969.17. The disclosure for this sale can be found here. In the last quarter, insiders sold 35,550 shares of company stock worth $1,178,759. Insiders own 20.50% of the company’s stock.

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.