Jupiter Asset Management Ltd. Purchases 684,863 Shares of Corcept Therapeutics Incorporated (NASDAQ:CORT)

Jupiter Asset Management Ltd. grew its position in Corcept Therapeutics Incorporated (NASDAQ:CORT) by 1,149.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 744,469 shares of the biotechnology company’s stock after purchasing an additional 684,863 shares during the period. Jupiter Asset Management Ltd. owned about 0.72% of Corcept Therapeutics worth $18,753,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in CORT. GAMMA Investing LLC increased its stake in Corcept Therapeutics by 90.6% in the 1st quarter. GAMMA Investing LLC now owns 1,218 shares of the biotechnology company’s stock valued at $31,000 after buying an additional 579 shares during the last quarter. FNY Investment Advisers LLC purchased a new stake in shares of Corcept Therapeutics during the fourth quarter valued at approximately $32,000. Gladius Capital Management LP bought a new stake in Corcept Therapeutics during the fourth quarter worth $36,000. Planned Solutions Inc. purchased a new position in Corcept Therapeutics in the fourth quarter worth $45,000. Finally, FinTrust Capital Advisors LLC boosted its position in Corcept Therapeutics by 318.7% in the first quarter. FinTrust Capital Advisors LLC now owns 1,771 shares of the biotechnology company’s stock worth $45,000 after purchasing an additional 1,348 shares during the last quarter. 93.61% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts have issued reports on CORT shares. HC Wainwright restated a “buy” rating and issued a $40.00 price objective on shares of Corcept Therapeutics in a research note on Wednesday, May 29th. Truist Financial restated a “buy” rating and issued a $65.00 price objective on shares of Corcept Therapeutics in a research note on Monday, June 17th. Piper Sandler restated an “overweight” rating and issued a $35.00 price objective on shares of Corcept Therapeutics in a research note on Monday, July 1st. Finally, StockNews.com downgraded Corcept Therapeutics from a “strong-buy” rating to a “buy” rating in a research note on Friday, May 3rd. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $45.10.

Corcept Therapeutics Price Performance

Shares of NASDAQ CORT traded up $0.59 during trading on Friday, reaching $33.88. 1,047,364 shares of the stock traded hands, compared to its average volume of 843,655. Corcept Therapeutics Incorporated has a 52-week low of $20.84 and a 52-week high of $35.22. The company has a 50-day moving average of $30.64 and a 200-day moving average of $26.18. The stock has a market capitalization of $3.53 billion, a P/E ratio of 31.96 and a beta of 0.44.

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

Insider Activity

In other news, insider Joseph Douglas Lyon sold 10,830 shares of the company’s stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $26.00, for a total transaction of $281,580.00. Following the transaction, the insider now owns 7,314 shares of the company’s stock, valued at approximately $190,164. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, insider Joseph Douglas Lyon sold 10,830 shares of the stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $26.00, for a total transaction of $281,580.00. Following the sale, the insider now owns 7,314 shares of the company’s stock, valued at approximately $190,164. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Daniel N. Swisher, Jr. sold 2,200 shares of the stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $32.81, for a total value of $72,182.00. The disclosure for this sale can be found here. Insiders have sold 93,457 shares of company stock valued at $2,655,766 in the last 90 days. 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.