CIBC Asset Management Inc Makes New Investment in Corcept Therapeutics Incorporated (NASDAQ:CORT)

CIBC Asset Management Inc purchased a new position in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT) during the third quarter, HoldingsChannel reports. The firm purchased 5,214 shares of the biotechnology company’s stock, valued at approximately $241,000.

Other hedge funds have also modified their holdings of the company. KBC Group NV boosted its position in Corcept Therapeutics by 21.3% during the third quarter. KBC Group NV now owns 2,822 shares of the biotechnology company’s stock worth $131,000 after purchasing an additional 496 shares in the last quarter. Nisa Investment Advisors LLC increased its position in Corcept Therapeutics by 10.5% during the 2nd quarter. Nisa Investment Advisors LLC now owns 5,368 shares of the biotechnology company’s stock worth $174,000 after purchasing an additional 510 shares in the last quarter. Capital Performance Advisors LLP purchased a new position in Corcept Therapeutics in the third quarter valued at about $25,000. Allspring Global Investments Holdings LLC lifted its position in Corcept Therapeutics by 0.4% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 127,348 shares of the biotechnology company’s stock worth $4,138,000 after acquiring an additional 541 shares in the last quarter. Finally, Bank of Montreal Can lifted its position in shares of Corcept Therapeutics by 5.0% during the second quarter. Bank of Montreal Can now owns 12,156 shares of the biotechnology company’s stock worth $395,000 after purchasing an additional 580 shares in the last quarter. 93.61% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Corcept Therapeutics

In related news, insider William Guyer sold 3,394 shares of the company’s stock in a transaction on Monday, November 4th. The shares were sold at an average price of $48.97, for a total transaction of $166,204.18. Following the completion of the sale, the insider now directly owns 5,796 shares of the company’s stock, valued at approximately $283,830.12. This represents a 36.93 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Gary Charles Robb sold 3,101 shares of the stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $35.71, for a total value of $110,736.71. Following the sale, the insider now owns 23,190 shares of the company’s stock, valued at approximately $828,114.90. The trade was a 11.79 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 36,301 shares of company stock valued at $1,594,253 in the last quarter. Company insiders own 20.50% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on CORT. StockNews.com upgraded Corcept Therapeutics from a “buy” rating to a “strong-buy” rating in a research note on Thursday, October 31st. HC Wainwright restated a “buy” rating and set a $80.00 price objective on shares of Corcept Therapeutics in a research report on Thursday, October 31st. Truist Financial raised their price target on shares of Corcept Therapeutics from $65.00 to $76.00 and gave the company a “buy” rating in a research note on Monday, September 30th. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $38.00 price objective on shares of Corcept Therapeutics in a report on Tuesday, July 30th. Finally, Piper Sandler upped their target price on Corcept Therapeutics from $38.00 to $67.00 and gave the stock an “overweight” rating in a research report on Wednesday, September 18th. Five research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $65.25.

Corcept Therapeutics Trading Up 2.9 %

Shares of CORT opened at $57.54 on Friday. Corcept Therapeutics Incorporated has a 1-year low of $20.84 and a 1-year high of $61.66. The business’s 50-day moving average price is $48.02 and its 200 day moving average price is $37.65. The stock has a market capitalization of $6.03 billion, a P/E ratio of 44.67 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 posted its quarterly earnings results on Wednesday, October 30th. The biotechnology company reported $0.41 earnings per share for the quarter, beating the consensus estimate 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 quarterly revenue was up 47.7% on a year-over-year basis. During the same period in the previous year, the firm earned $0.28 earnings per share. Analysts expect that Corcept Therapeutics Incorporated will post 1.31 earnings per share for the current year.

Corcept Therapeutics Company 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.