Quest Partners LLC Raises Stake in Corcept Therapeutics Incorporated (NASDAQ:CORT)

Quest Partners LLC boosted its stake in Corcept Therapeutics Incorporated (NASDAQ:CORT) by 75.8% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 9,256 shares of the biotechnology company’s stock after purchasing an additional 3,990 shares during the period. Quest Partners LLC’s holdings in Corcept Therapeutics were worth $428,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Capital Performance Advisors LLP purchased a new position in Corcept Therapeutics during the third quarter worth about $25,000. Park Place Capital Corp acquired a new position in Corcept Therapeutics during the 2nd quarter worth approximately $32,000. Atwood & Palmer Inc. purchased a new position in shares of Corcept Therapeutics during the 2nd quarter worth approximately $35,000. Kathleen S. Wright Associates Inc. acquired a new stake in shares of Corcept Therapeutics in the 3rd quarter valued at approximately $36,000. Finally, Blue Trust Inc. boosted its stake in shares of Corcept Therapeutics by 125.4% in the second quarter. Blue Trust Inc. now owns 3,526 shares of the biotechnology company’s stock valued at $115,000 after buying an additional 1,962 shares in the last quarter. 93.61% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Corcept Therapeutics

In other Corcept Therapeutics news, insider Gary Charles Robb sold 11,000 shares of the company’s stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $46.28, for a total value of $509,080.00. Following the transaction, the insider now directly owns 22,772 shares in the company, valued at approximately $1,053,888.16. This represents a 32.57 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Daniel N. Swisher, Jr. sold 2,200 shares of Corcept Therapeutics stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $59.88, for a total transaction of $131,736.00. The disclosure for this sale can be found here. Insiders have sold a total of 33,200 shares of company stock valued at $1,483,516 over the last quarter. Insiders own 20.50% of the company’s stock.

Corcept Therapeutics Stock Performance

Shares of CORT opened at $57.54 on Monday. The company has a 50-day moving average of $48.41 and a two-hundred day moving average of $38.07. The stock has a market cap of $6.03 billion, a P/E ratio of 45.67 and a beta of 0.45. Corcept Therapeutics Incorporated has a 12-month low of $20.84 and a 12-month high of $61.66. The company has a current ratio of 3.70, a quick ratio of 3.64 and a debt-to-equity ratio of 0.01.

Corcept Therapeutics (NASDAQ:CORT) last posted its earnings results on Wednesday, October 30th. The biotechnology company reported $0.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.27 by $0.14. The firm had revenue of $182.55 million for the quarter, compared to analyst estimates of $171.97 million. Corcept Therapeutics had a return on equity of 24.54% and a net margin of 22.35%. Corcept Therapeutics’s revenue was up 47.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.28 EPS. As a group, research analysts predict that Corcept Therapeutics Incorporated will post 1.31 EPS for the current fiscal year.

Analysts Set New Price Targets

CORT has been the subject of several research analyst reports. Truist Financial increased their price objective on Corcept Therapeutics from $65.00 to $76.00 and gave the stock a “buy” rating in a research report on Monday, September 30th. Piper Sandler raised their price objective on shares of Corcept Therapeutics from $38.00 to $67.00 and gave the company an “overweight” rating in a research note on Wednesday, September 18th. Canaccord Genuity Group restated a “buy” rating and set a $38.00 target price on shares of Corcept Therapeutics in a research report on Tuesday, July 30th. HC Wainwright reiterated a “buy” rating and set a $80.00 price target on shares of Corcept Therapeutics in a research report on Thursday, October 31st. Finally, Sandler O’Neill restated a “buy” rating on shares of Corcept Therapeutics in a report on Friday, October 18th. Five analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $65.25.

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.