NewEdge Wealth LLC Purchases 19,546 Shares of Corcept Therapeutics Incorporated $CORT

NewEdge Wealth LLC raised its holdings in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT) by 234.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 27,887 shares of the biotechnology company’s stock after purchasing an additional 19,546 shares during the quarter. NewEdge Wealth LLC’s holdings in Corcept Therapeutics were worth $1,124,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. First Trust Advisors LP raised its position in shares of Corcept Therapeutics by 213.5% in the first quarter. First Trust Advisors LP now owns 2,173,376 shares of the biotechnology company’s stock valued at $87,609,000 after purchasing an additional 1,480,059 shares during the period. AQR Capital Management LLC boosted its holdings in Corcept Therapeutics by 546.9% in the 3rd quarter. AQR Capital Management LLC now owns 1,507,209 shares of the biotechnology company’s stock worth $125,264,000 after buying an additional 1,274,215 shares during the period. Geode Capital Management LLC boosted its holdings in Corcept Therapeutics by 38.0% in the 4th quarter. Geode Capital Management LLC now owns 2,668,918 shares of the biotechnology company’s stock worth $92,892,000 after buying an additional 734,646 shares during the period. Norges Bank purchased a new position in Corcept Therapeutics in the 4th quarter valued at approximately $24,213,000. Finally, UBS Group AG grew its stake in Corcept Therapeutics by 413.8% in the 3rd quarter. UBS Group AG now owns 549,938 shares of the biotechnology company’s stock valued at $45,705,000 after buying an additional 442,898 shares in the last quarter. Institutional investors own 93.61% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have issued reports on CORT shares. UBS Group set a $135.00 target price on Corcept Therapeutics in a research report on Thursday, May 28th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Corcept Therapeutics in a research report on Wednesday, June 24th. Zacks Research upgraded Corcept Therapeutics from a “strong sell” rating to a “hold” rating in a research note on Monday, May 4th. HC Wainwright increased their price objective on Corcept Therapeutics from $75.00 to $95.00 and gave the stock a “buy” rating in a report on Tuesday, June 2nd. Finally, Wolfe Research restated an “underperform” rating and issued a $50.00 target price on shares of Corcept Therapeutics in a research note on Monday. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $92.17.

Corcept Therapeutics Price Performance

Shares of NASDAQ:CORT opened at $91.12 on Tuesday. The firm has a fifty day moving average price of $81.12 and a two-hundred day moving average price of $55.00. Corcept Therapeutics Incorporated has a one year low of $28.66 and a one year high of $97.63. The company has a market cap of $9.78 billion, a price-to-earnings ratio of 260.35 and a beta of 0.47.

Corcept Therapeutics (NASDAQ:CORT) last released its quarterly earnings results 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). Corcept Therapeutics had a return on equity of 7.40% and a net margin of 6.14%.The firm had revenue of $164.90 million during the quarter, compared to the consensus estimate of $185.83 million. During the same period in the previous year, the company posted $0.17 EPS. The company’s revenue for the quarter was up 4.9% compared to the same quarter last year. Equities research analysts expect that Corcept Therapeutics Incorporated will post 0.53 EPS for the current fiscal year.

Insider Buying and Selling at Corcept Therapeutics

In other news, insider William Guyer sold 20,000 shares of Corcept Therapeutics stock in a transaction dated Tuesday, July 7th. The stock was sold at an average price of $93.13, for a total transaction of $1,862,600.00. Following the completion of the sale, the insider owned 3,985 shares in the company, valued at approximately $371,123.05. This trade represents a 83.39% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Sean Maduck sold 75,000 shares of the business’s stock in a transaction dated Wednesday, May 27th. The stock was sold at an average price of $65.59, for a total value of $4,919,250.00. Following the transaction, the insider directly owned 8,977 shares of the company’s stock, valued at $588,801.43. The trade was a 89.31% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 300,000 shares of company stock valued at $22,088,050 over the last 90 days. Insiders own 20.70% of the company’s stock.

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.