First Trust Advisors LP Purchases 1,480,059 Shares of Corcept Therapeutics Incorporated $CORT

First Trust Advisors LP boosted its position in Corcept Therapeutics Incorporated (NASDAQ:CORT) by 213.5% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 2,173,376 shares of the biotechnology company’s stock after purchasing an additional 1,480,059 shares during the period. First Trust Advisors LP’s holdings in Corcept Therapeutics were worth $87,609,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the company. Parallel Advisors LLC increased its position in shares of Corcept Therapeutics by 2.5% during the 1st quarter. Parallel Advisors LLC now owns 3,977,404 shares of the biotechnology company’s stock valued at $160,329,000 after purchasing an additional 96,763 shares during the last quarter. State Street Corp grew its position in Corcept Therapeutics by 0.5% during the fourth quarter. State Street Corp now owns 2,986,056 shares of the biotechnology company’s stock valued at $103,915,000 after buying an additional 15,656 shares during the period. Geode Capital Management LLC increased its holdings in Corcept Therapeutics by 38.0% during the fourth quarter. Geode Capital Management LLC now owns 2,668,918 shares of the biotechnology company’s stock valued at $92,892,000 after buying an additional 734,646 shares during the last quarter. Morgan Stanley raised its position in Corcept Therapeutics by 34.1% in the fourth quarter. Morgan Stanley now owns 1,592,059 shares of the biotechnology company’s stock worth $55,404,000 after acquiring an additional 405,081 shares during the period. Finally, 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 acquiring an additional 1,274,215 shares during the last quarter. 93.61% of the stock is currently owned by institutional investors.

Corcept Therapeutics Price Performance

Shares of NASDAQ CORT opened at $95.36 on Friday. The stock has a market cap of $10.24 billion, a PE ratio of 272.46 and a beta of 0.47. Corcept Therapeutics Incorporated has a 1 year low of $28.66 and a 1 year high of $97.63. The firm has a fifty day moving average price of $80.40 and a 200-day moving average price of $54.47.

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 for the quarter, compared to analysts’ expectations of $185.83 million. Corcept Therapeutics had a net margin of 6.14% and a return on equity of 7.40%. The firm’s quarterly revenue was up 4.9% compared to the same quarter last year. During the same quarter last year, the firm posted $0.17 EPS. On average, research analysts expect that Corcept Therapeutics Incorporated will post 0.53 EPS for the current year.

Insider Buying and Selling at Corcept Therapeutics

In other news, insider Sean Maduck sold 25,000 shares of the business’s stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $88.35, for a total value of $2,208,750.00. Following the transaction, the insider directly owned 9,755 shares in the company, valued at $861,854.25. The trade was a 71.93% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director David L. Mahoney sold 20,000 shares of the company’s stock in a transaction dated Wednesday, June 17th. The stock was sold at an average price of $84.53, for a total value of $1,690,600.00. Following the completion of the transaction, the director directly owned 26,147 shares of the company’s stock, valued at approximately $2,210,205.91. This trade represents a 43.34% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 300,000 shares of company stock valued at $22,088,050. 20.70% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on CORT. UBS Group set a $135.00 price objective on shares of Corcept Therapeutics in a research report on Thursday, May 28th. Piper Sandler lifted their target price on Corcept Therapeutics from $73.00 to $88.00 and gave the company an “overweight” rating in a research report on Friday, May 1st. Weiss Ratings reissued 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. Finally, Zacks Research raised Corcept Therapeutics from a “strong sell” rating to a “hold” rating in a research note on Monday, May 4th. One 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 company. Based on data from MarketBeat, Corcept Therapeutics has a consensus rating of “Moderate Buy” and a consensus price target 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.