Burney Co. Raises Stock Position in Corcept Therapeutics Incorporated (NASDAQ:CORT)

Burney Co. boosted its stake in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT) by 9.1% during the 4th quarter, according to its most recent filing with the SEC. The firm owned 473,821 shares of the biotechnology company’s stock after purchasing an additional 39,657 shares during the period. Corcept Therapeutics makes up approximately 0.8% of Burney Co.’s portfolio, making the stock its 24th biggest holding. Burney Co. owned 0.45% of Corcept Therapeutics worth $23,876,000 as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of CORT. M&G PLC acquired a new stake in Corcept Therapeutics during the third quarter worth about $11,173,000. Empowered Funds LLC purchased a new position in Corcept Therapeutics in the third quarter valued at $1,784,000. Victory Capital Management Inc. raised its position in shares of Corcept Therapeutics by 49.2% in the third quarter. Victory Capital Management Inc. now owns 41,823 shares of the biotechnology company’s stock worth $1,936,000 after acquiring an additional 13,787 shares during the period. State Street Corp boosted its stake in shares of Corcept Therapeutics by 0.6% during the 3rd quarter. State Street Corp now owns 3,519,263 shares of the biotechnology company’s stock worth $162,871,000 after acquiring an additional 19,893 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. grew its position in shares of Corcept Therapeutics by 20.0% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 859,563 shares of the biotechnology company’s stock valued at $39,781,000 after acquiring an additional 143,507 shares during the period. Hedge funds and other institutional investors own 93.61% of the company’s stock.

Insider Buying and Selling

In related news, insider Sean Maduck sold 20,000 shares of the firm’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $50.39, for a total transaction of $1,007,800.00. Following the completion of the sale, the insider now directly owns 85,318 shares of the company’s stock, valued at approximately $4,299,174.02. This trade represents a 18.99 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider William Guyer sold 6,606 shares of the stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $48.97, for a total transaction of $323,495.82. Following the transaction, the insider now directly owns 5,796 shares of the company’s stock, valued at approximately $283,830.12. This trade represents a 53.27 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 38,011 shares of company stock worth $1,951,268. Insiders own 20.50% of the company’s stock.

Corcept Therapeutics Stock Up 2.3 %

Shares of NASDAQ CORT opened at $52.86 on Wednesday. The company has a current ratio of 3.70, a quick ratio of 3.64 and a debt-to-equity ratio of 0.01. The company has a 50-day moving average of $54.90 and a 200 day moving average of $44.47. Corcept Therapeutics Incorporated has a 12-month low of $20.84 and a 12-month high of $62.22. The stock has a market cap of $5.54 billion, a PE ratio of 41.95 and a beta of 0.56.

Corcept Therapeutics (NASDAQ:CORT) last released its quarterly earnings data on Wednesday, October 30th. The biotechnology company reported $0.41 earnings per share for the quarter, topping analysts’ consensus estimates 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 for 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. The firm’s revenue for the quarter was up 47.7% compared to the same quarter last year. As a group, sell-side analysts predict that Corcept Therapeutics Incorporated will post 1.35 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on CORT. Sandler O’Neill reaffirmed a “buy” rating on shares of Corcept Therapeutics in a report on Friday, October 18th. StockNews.com lowered Corcept Therapeutics from a “strong-buy” rating to a “buy” rating in a research report on Monday, November 25th. Truist Financial boosted their price target on shares of Corcept Therapeutics from $65.00 to $76.00 and gave the stock a “buy” rating in a report on Monday, September 30th. HC Wainwright reaffirmed a “buy” rating and set a $80.00 price objective on shares of Corcept Therapeutics in a report on Thursday, October 31st. Finally, Piper Sandler lifted their target price 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. Six analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has a consensus rating of “Buy” and an average 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.