Peregrine Capital Management LLC purchased a new position in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT) in the 3rd quarter, HoldingsChannel reports. The firm purchased 321,799 shares of the biotechnology company’s stock, valued at approximately $4,512,000.
Other institutional investors also recently added to or reduced their stakes in the company. Commonwealth of Pennsylvania Public School Empls Retrmt SYS purchased a new stake in shares of Corcept Therapeutics during the second quarter worth approximately $318,000. Rhumbline Advisers raised its stake in shares of Corcept Therapeutics by 6.9% during the second quarter. Rhumbline Advisers now owns 183,247 shares of the biotechnology company’s stock worth $2,881,000 after purchasing an additional 11,790 shares during the last quarter. Oak Ridge Investments LLC raised its stake in shares of Corcept Therapeutics by 33.6% during the second quarter. Oak Ridge Investments LLC now owns 589,380 shares of the biotechnology company’s stock worth $9,265,000 after purchasing an additional 148,212 shares during the last quarter. Intrust Bank NA raised its stake in shares of Corcept Therapeutics by 32.0% during the second quarter. Intrust Bank NA now owns 15,286 shares of the biotechnology company’s stock worth $240,000 after purchasing an additional 3,704 shares during the last quarter. Finally, BlackRock Inc. raised its position in Corcept Therapeutics by 10.0% in the second quarter. BlackRock Inc. now owns 14,199,726 shares of the biotechnology company’s stock worth $223,220,000 after acquiring an additional 1,294,562 shares in the last quarter. Institutional investors and hedge funds own 74.62% of the company’s stock.
NASDAQ:CORT opened at $12.07 on Tuesday. The firm has a market capitalization of $1.41 billion, a price-to-earnings ratio of 21.73 and a beta of 1.62. Corcept Therapeutics Incorporated has a 1 year low of $11.55 and a 1 year high of $25.96.
Corcept Therapeutics (NASDAQ:CORT) last released its quarterly earnings data on Thursday, August 9th. The biotechnology company reported $0.20 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.24 by ($0.04). The business had revenue of $62.31 million during the quarter, compared to analysts’ expectations of $68.49 million. Corcept Therapeutics had a return on equity of 38.53% and a net margin of 68.32%. The company’s revenue was up 75.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.13 EPS. As a group, equities analysts expect that Corcept Therapeutics Incorporated will post 0.6 EPS for the current fiscal year.
Several research analysts have issued reports on CORT shares. BidaskClub cut Corcept Therapeutics from a “buy” rating to a “hold” rating in a research report on Friday, September 28th. B. Riley cut their price objective on Corcept Therapeutics from $30.00 to $22.00 and set a “buy” rating for the company in a research report on Monday, August 13th. Zacks Investment Research cut Corcept Therapeutics from a “hold” rating to a “sell” rating in a research report on Thursday, September 13th. ValuEngine cut Corcept Therapeutics from a “hold” rating to a “sell” rating in a research report on Thursday, July 19th. Finally, Cantor Fitzgerald started coverage on Corcept Therapeutics in a research report on Thursday, August 23rd. They issued a “neutral” rating and a $17.00 price objective for the company. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and three have given a buy rating to the stock. Corcept Therapeutics currently has a consensus rating of “Hold” and an average target price of $21.83.
In other news, Director G Leonard Baker, Jr. bought 179,686 shares of the stock in a transaction on Wednesday, August 15th. The shares were bought at an average price of $12.48 per share, with a total value of $2,242,481.28. Following the completion of the acquisition, the director now owns 876,838 shares of the company’s stock, valued at $10,942,938.24. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Robert S. Fishman sold 8,000 shares of the company’s stock in a transaction on Tuesday, August 7th. The shares were sold at an average price of $14.15, for a total value of $113,200.00. Following the completion of the sale, the insider now directly owns 8,000 shares in the company, valued at approximately $113,200. The disclosure for this sale can be found here. In the last quarter, insiders acquired 321,159 shares of company stock valued at $4,025,880 and sold 24,000 shares valued at $335,280. Corporate insiders own 15.00% of the company’s stock.
About Corcept Therapeutics
Corcept Therapeutics Incorporated, a pharmaceutical company, discovers, develops, and commercializes drugs for the treatment of severe metabolic, oncologic, and psychiatric disorders in the United States. The company offers Korlym (mifepristone) tablets as a once-daily oral medication for the treatment of hyperglycemia secondary to hypercortisolism in adult patients with endogenous Cushing's syndrome, who have type 2 diabetes mellitus or glucose intolerance, and have failed surgery or are not candidates for surgery, as well as develops CLIA-validated assay to measure FKBP5 gene expression.
Recommended Story: Should I invest in “strong buy” stocks?
Want to see what other hedge funds are holding CORT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Corcept Therapeutics Incorporated (NASDAQ:CORT).
Receive News & Ratings for Corcept Therapeutics Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Corcept Therapeutics and related companies with MarketBeat.com's FREE daily email newsletter.