Black Diamond Financial LLC Takes Position in Corcept Therapeutics Incorporated (NASDAQ:CORT)

Black Diamond Financial LLC acquired a new stake in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT) in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 5,000 shares of the biotechnology company’s stock, valued at approximately $231,000.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. KBC Group NV increased its position in shares of Corcept Therapeutics by 21.3% during the third quarter. KBC Group NV now owns 2,822 shares of the biotechnology company’s stock valued at $131,000 after buying an additional 496 shares during the period. Nisa Investment Advisors LLC grew its holdings in Corcept Therapeutics by 10.5% in the second 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 during the period. Capital Performance Advisors LLP purchased a new stake in Corcept Therapeutics in the third quarter worth about $25,000. Allspring Global Investments Holdings LLC grew its holdings in Corcept Therapeutics by 0.4% in the second quarter. Allspring Global Investments Holdings LLC now owns 127,348 shares of the biotechnology company’s stock worth $4,138,000 after purchasing an additional 541 shares during the period. Finally, Bank of Montreal Can grew its holdings in Corcept Therapeutics by 5.0% in 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 during the period. Hedge funds and other institutional investors own 93.61% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on CORT shares. Piper Sandler upped their price objective on shares of Corcept Therapeutics from $38.00 to $67.00 and gave the stock an “overweight” rating in a report on Wednesday, September 18th. StockNews.com upgraded shares of Corcept Therapeutics from a “buy” rating to a “strong-buy” rating in a report on Thursday, October 31st. Sandler O’Neill reissued a “buy” rating on shares of Corcept Therapeutics in a report on Friday, October 18th. Truist Financial lifted their target price on Corcept Therapeutics from $65.00 to $76.00 and gave the stock a “buy” rating in a report on Monday, September 30th. Finally, HC Wainwright reissued a “buy” rating and issued a $80.00 target price on shares of Corcept Therapeutics in a report on Thursday, October 31st. Five research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $65.25.

Corcept Therapeutics Stock Performance

Shares of CORT opened at $54.79 on Friday. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.70 and a quick ratio of 3.64. Corcept Therapeutics Incorporated has a one year low of $20.84 and a one year high of $61.66. The firm has a market capitalization of $5.74 billion, a P/E ratio of 43.48 and a beta of 0.45. The business has a fifty day moving average of $46.11 and a 200 day moving average of $36.61.

Corcept Therapeutics (NASDAQ:CORT) last issued its quarterly earnings data on Wednesday, October 30th. The biotechnology company reported $0.41 EPS for the quarter, topping the consensus estimate of $0.27 by $0.14. Corcept Therapeutics had a return on equity of 24.54% and a net margin of 22.35%. The company had revenue of $182.55 million during the quarter, compared to analyst estimates of $171.97 million. During the same quarter in the previous year, the company posted $0.28 earnings per share. Corcept Therapeutics’s revenue was up 47.7% compared to the same quarter last year. As a group, sell-side analysts anticipate that Corcept Therapeutics Incorporated will post 1.31 EPS for the current year.

Insider Buying and Selling

In related news, insider Gary Charles Robb sold 3,101 shares of Corcept Therapeutics stock in a transaction on Monday, August 26th. The stock was sold at an average price of $35.71, for a total transaction of $110,736.71. Following the transaction, the insider now directly owns 23,190 shares in the company, valued at approximately $828,114.90. The trade was a 11.79 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Daniel N. Swisher, Jr. sold 2,200 shares of Corcept Therapeutics stock in a transaction on Monday, November 11th. The shares were 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. Insiders sold 36,301 shares of company stock valued at $1,594,253 over the last 90 days. Company insiders own 20.50% of the company’s stock.

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.