Victory Capital Management Inc. Grows Stock Holdings in Corcept Therapeutics Incorporated (NASDAQ:CORT)

Victory Capital Management Inc. grew its holdings in Corcept Therapeutics Incorporated (NASDAQ:CORT) by 49.2% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 41,823 shares of the biotechnology company’s stock after acquiring an additional 13,787 shares during the period. Victory Capital Management Inc.’s holdings in Corcept Therapeutics were worth $1,936,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. lifted its stake in shares of Corcept Therapeutics by 0.3% during the first quarter. Vanguard Group Inc. now owns 9,565,782 shares of the biotechnology company’s stock worth $240,962,000 after purchasing an additional 28,250 shares in the last quarter. O Shaughnessy Asset Management LLC raised its holdings in shares of Corcept Therapeutics by 27.7% during the 1st quarter. O Shaughnessy Asset Management LLC now owns 8,344 shares of the biotechnology company’s stock valued at $210,000 after buying an additional 1,808 shares during the period. Advisors Asset Management Inc. lifted its position in Corcept Therapeutics by 950.2% during the 1st quarter. Advisors Asset Management Inc. now owns 5,587 shares of the biotechnology company’s stock worth $141,000 after acquiring an additional 5,055 shares in the last quarter. Bayesian Capital Management LP purchased a new position in Corcept Therapeutics in the 1st quarter worth approximately $703,000. Finally, Janus Henderson Group PLC lifted its position in shares of Corcept Therapeutics by 482.6% during the first quarter. Janus Henderson Group PLC now owns 265,049 shares of the biotechnology company’s stock worth $6,677,000 after purchasing an additional 219,551 shares in the last quarter. Institutional investors and hedge funds own 93.61% of the company’s stock.

Corcept Therapeutics Stock Performance

Shares of CORT stock opened at $57.54 on Monday. The stock’s fifty day simple moving average is $48.41 and its 200-day simple moving average is $38.07. Corcept Therapeutics Incorporated has a 1-year low of $20.84 and a 1-year high of $61.66. The company has a market capitalization of $6.03 billion, a price-to-earnings ratio of 45.67 and a beta of 0.45. 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 released its quarterly earnings results on Wednesday, October 30th. The biotechnology company reported $0.41 EPS for the quarter, beating analysts’ consensus estimates of $0.27 by $0.14. The company had revenue of $182.55 million for the quarter, compared to analyst estimates of $171.97 million. Corcept Therapeutics had a net margin of 22.35% and a return on equity of 24.54%. The company’s quarterly revenue was up 47.7% compared to the same quarter last year. During the same quarter last year, the firm posted $0.28 earnings per share. On average, sell-side analysts predict that Corcept Therapeutics Incorporated will post 1.31 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have recently commented on CORT. Truist Financial lifted their target price on Corcept Therapeutics from $65.00 to $76.00 and gave the stock a “buy” rating in a research report on Monday, September 30th. StockNews.com raised Corcept Therapeutics from a “buy” rating to a “strong-buy” rating in a research note on Thursday, October 31st. HC Wainwright reiterated a “buy” rating and issued a $80.00 price target on shares of Corcept Therapeutics in a research report on Thursday, October 31st. 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 report on Wednesday, September 18th. Finally, Sandler O’Neill reiterated 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’s stock. Based on data from MarketBeat.com, Corcept Therapeutics has an average rating of “Buy” and a consensus target price of $65.25.

Insider Activity

In related news, insider Gary Charles Robb sold 11,000 shares of the business’s stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $46.28, for a total transaction of $509,080.00. Following the transaction, the insider now directly owns 22,772 shares in the company, valued at $1,053,888.16. The trade was a 32.57 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Daniel N. Swisher, Jr. sold 2,200 shares of the firm’s stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $59.88, for a total value of $131,736.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 33,200 shares of company stock valued at $1,483,516. 20.50% of the stock is owned by insiders.

Corcept Therapeutics Profile

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.