Patten Group Inc. Takes $519,000 Position in Corcept Therapeutics Incorporated $CORT

Patten Group Inc. acquired a new stake in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT) during the first quarter, HoldingsChannel.com reports. The institutional investor acquired 12,879 shares of the biotechnology company’s stock, valued at approximately $519,000.

A number of other institutional investors have also added to or reduced their stakes in the stock. Formidable Asset Management LLC increased its position in shares of Corcept Therapeutics by 87.5% during the first quarter. Formidable Asset Management LLC now owns 11,681 shares of the biotechnology company’s stock valued at $471,000 after buying an additional 5,450 shares during the period. Pictet Asset Management Holding SA boosted its position in shares of Corcept Therapeutics by 9.1% in the first quarter. Pictet Asset Management Holding SA now owns 15,689 shares of the biotechnology company’s stock valued at $632,000 after acquiring an additional 1,309 shares during the period. AA Financial Advisors LLC purchased a new position in Corcept Therapeutics during the first quarter valued at approximately $202,000. Louisiana State Employees Retirement System purchased a new position in Corcept Therapeutics during the first quarter valued at approximately $1,673,000. Finally, OP Asset Management Ltd bought a new stake in Corcept Therapeutics during the 1st quarter worth approximately $318,000. Hedge funds and other institutional investors own 93.61% of the company’s stock.

Corcept Therapeutics Stock Performance

Shares of Corcept Therapeutics stock opened at $90.21 on Friday. The firm has a market capitalization of $9.68 billion, a PE ratio of 257.75 and a beta of 0.47. Corcept Therapeutics Incorporated has a 12 month low of $28.66 and a 12 month high of $91.00. The business’s 50-day moving average price is $67.96 and its 200-day moving average price is $52.45.

Corcept Therapeutics (NASDAQ:CORT) last released its earnings results on Thursday, April 30th. The biotechnology company reported ($0.30) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.19). The firm had revenue of $164.90 million during the quarter, compared to the consensus estimate of $185.83 million. Corcept Therapeutics had a return on equity of 7.40% and a net margin of 6.14%.The business’s quarterly revenue was up 4.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.17 EPS. As a group, analysts predict that Corcept Therapeutics Incorporated will post 0.53 earnings per share for the current fiscal year.

Insider Activity

In related news, insider William Guyer sold 20,000 shares of the stock in a transaction on Tuesday, June 2nd. The shares were sold at an average price of $70.60, for a total transaction of $1,412,000.00. Following the transaction, the insider owned 3,985 shares of the company’s stock, valued at approximately $281,341. This trade represents a 83.39% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Sean Maduck sold 75,000 shares of the stock in a transaction on Wednesday, May 27th. The shares were sold at an average price of $65.59, for a total transaction of $4,919,250.00. Following the transaction, the insider directly owned 8,977 shares in the company, valued at approximately $588,801.43. This represents a 89.31% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 275,000 shares of company stock valued at $18,836,100. Insiders own 20.70% of the company’s stock.

Wall Street Analyst Weigh In

CORT has been the topic of several recent analyst reports. Zacks Research upgraded shares of Corcept Therapeutics from a “strong sell” rating to a “hold” rating in a research note on Monday, May 4th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Corcept Therapeutics in a report on Wednesday, June 24th. Truist Financial upgraded Corcept Therapeutics to a “strong-buy” rating in a research report on Monday, June 15th. Piper Sandler lifted their price objective on Corcept Therapeutics from $73.00 to $88.00 and gave the company an “overweight” rating in a research note on Friday, May 1st. Finally, HC Wainwright boosted their target price on Corcept Therapeutics from $75.00 to $95.00 and gave the stock a “buy” rating in a research report on Tuesday, June 2nd. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, Corcept Therapeutics currently has a consensus rating of “Moderate Buy” and a consensus target price of $88.83.

About Corcept Therapeutics

Corcept Therapeutics is a clinical-stage biopharmaceutical company focused on discovering and developing drugs that modulate the effects of cortisol, a hormone implicated in a range of severe metabolic, oncologic and psychiatric disorders. The company’s scientific platform centers on selectively targeting the glucocorticoid receptor to counteract the harmful consequences of excess cortisol, a strategy designed to address diseases with significant unmet medical needs.

The company’s flagship marketed product, Korlym (mifepristone), is approved in the United States for the treatment of hyperglycemia secondary to Cushing’s syndrome in patients who have type 2 diabetes or glucose intolerance and are not candidates for surgery.