Avidity Partners Management LP Makes New Investment in Corcept Therapeutics Incorporated $CORT

Avidity Partners Management LP purchased a new position in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 22,000 shares of the biotechnology company’s stock, valued at approximately $766,000.

Several other hedge funds also recently modified their holdings of the company. State Street Corp boosted its stake in shares of Corcept Therapeutics by 0.5% during the 4th quarter. State Street Corp now owns 2,986,056 shares of the biotechnology company’s stock worth $103,915,000 after purchasing an additional 15,656 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of Corcept Therapeutics by 38.0% during the 4th quarter. Geode Capital Management LLC now owns 2,668,918 shares of the biotechnology company’s stock worth $92,892,000 after purchasing an additional 734,646 shares during the last quarter. Morgan Stanley boosted its stake in shares of Corcept Therapeutics by 34.1% during the 4th quarter. Morgan Stanley now owns 1,592,059 shares of the biotechnology company’s stock worth $55,404,000 after purchasing an additional 405,081 shares during the last quarter. AQR Capital Management LLC boosted its stake in shares of Corcept Therapeutics by 546.9% during the 3rd quarter. AQR Capital Management LLC now owns 1,507,209 shares of the biotechnology company’s stock worth $125,264,000 after purchasing an additional 1,274,215 shares during the last quarter. Finally, TD Asset Management Inc boosted its stake in shares of Corcept Therapeutics by 4.0% during the 4th quarter. TD Asset Management Inc now owns 994,844 shares of the biotechnology company’s stock worth $34,621,000 after purchasing an additional 38,708 shares during the last quarter. 93.61% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Corcept Therapeutics

In related news, Director G Leonard Baker, Jr. acquired 100,000 shares of the business’s stock in a transaction dated Tuesday, March 17th. The shares were acquired at an average cost of $33.14 per share, for a total transaction of $3,314,000.00. Following the acquisition, the director directly owned 1,146,631 shares in the company, valued at approximately $37,999,351.34. The trade was a 9.55% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Sean Maduck sold 75,000 shares of the stock in a transaction dated Wednesday, May 27th. The stock was sold at an average price of $65.59, for a total transaction of $4,919,250.00. Following the transaction, the insider owned 8,977 shares in the company, valued at approximately $588,801.43. The trade was a 89.31% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 242,965 shares of company stock worth $14,802,964. 20.70% of the stock is currently owned by insiders.

Corcept Therapeutics Price Performance

Shares of CORT stock opened at $82.91 on Friday. The firm has a market cap of $8.90 billion, a P/E ratio of 236.89 and a beta of 0.50. Corcept Therapeutics Incorporated has a 1-year low of $28.66 and a 1-year high of $91.00. The firm’s 50-day simple moving average is $55.70 and its 200-day simple moving average is $52.26.

Corcept Therapeutics (NASDAQ:CORT) last announced its quarterly earnings data on Thursday, April 30th. The biotechnology company reported ($0.30) earnings per share for the quarter, missing the consensus estimate of ($0.11) by ($0.19). The company had revenue of $164.90 million for the quarter, compared to analysts’ expectations of $185.83 million. Corcept Therapeutics had a return on equity of 7.40% and a net margin of 6.14%.The company’s revenue was up 4.9% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.17 earnings per share. Analysts expect that Corcept Therapeutics Incorporated will post 0.62 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the stock. Truist Financial raised shares of Corcept Therapeutics to a “strong-buy” rating in a research note on Wednesday, March 25th. Zacks Research raised shares of Corcept Therapeutics from a “strong sell” rating to a “hold” rating in a research note on Monday, May 4th. UBS Group set a $135.00 price target on shares of Corcept Therapeutics in a research note on Thursday, May 28th. Canaccord Genuity Group raised their price target on shares of Corcept Therapeutics from $110.00 to $135.00 and gave the stock a “buy” rating in a research note on Thursday, May 28th. Finally, Wolfe Research raised shares of Corcept Therapeutics from an “underperform” rating to a “peer perform” rating in a research note on Thursday, March 26th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $88.83.

Corcept Therapeutics Profile

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.