Simplify Asset Management Inc. Purchases New Position in Corcept Therapeutics Incorporated $CORT

Simplify Asset Management Inc. purchased a new position in Corcept Therapeutics Incorporated (NASDAQ:CORT) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 37,763 shares of the biotechnology company’s stock, valued at approximately $1,522,000.

Other large investors also recently added to or reduced their stakes in the company. Torren Management LLC purchased a new stake in Corcept Therapeutics during the fourth quarter valued at approximately $25,000. Advisory Services Network LLC purchased a new position in shares of Corcept Therapeutics in the 3rd quarter worth approximately $25,000. Atlas Capital Advisors Inc. purchased a new position in shares of Corcept Therapeutics in the 4th quarter worth approximately $31,000. Hantz Financial Services Inc. increased its position in shares of Corcept Therapeutics by 113.7% during the 4th quarter. Hantz Financial Services Inc. now owns 985 shares of the biotechnology company’s stock valued at $34,000 after purchasing an additional 524 shares during the last quarter. Finally, Larson Financial Group LLC raised its holdings in Corcept Therapeutics by 2,326.3% during the 3rd quarter. Larson Financial Group LLC now owns 461 shares of the biotechnology company’s stock valued at $38,000 after buying an additional 442 shares during the period. 93.61% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research analysts have commented on CORT shares. Piper Sandler lifted their price objective on shares of Corcept Therapeutics from $73.00 to $88.00 and gave the stock an “overweight” rating in a research note on Friday, May 1st. Wolfe Research raised shares of Corcept Therapeutics from an “underperform” rating to a “peer perform” rating in a research note on Thursday, March 26th. Weiss Ratings restated a “hold (c-)” rating on shares of Corcept Therapeutics in a report on Wednesday, June 24th. Truist Financial upgraded shares of Corcept Therapeutics to a “strong-buy” rating in a report on Monday, June 15th. Finally, HC Wainwright increased their price objective on shares of Corcept Therapeutics from $75.00 to $95.00 and gave the stock a “buy” rating in a research report on Tuesday, June 2nd. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $88.83.

Corcept Therapeutics Stock Performance

NASDAQ CORT opened at $90.21 on Friday. The stock has a market cap of $9.68 billion, a PE ratio of 257.75 and a beta of 0.47. Corcept Therapeutics Incorporated has a 12 month low of $28.66 and a 12 month high of $91.00. The company’s 50-day moving average price is $67.96 and its 200-day moving average price is $52.45.

Corcept Therapeutics (NASDAQ:CORT) last announced its quarterly earnings data on Thursday, April 30th. The biotechnology company reported ($0.30) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.19). The company had revenue of $164.90 million for the quarter, compared to the consensus estimate of $185.83 million. Corcept Therapeutics had a net margin of 6.14% and a return on equity of 7.40%. The company’s quarterly revenue was up 4.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.17 EPS. As a group, sell-side analysts forecast that Corcept Therapeutics Incorporated will post 0.53 earnings per share for the current year.

Insider Activity

In related news, insider Sean Maduck sold 25,000 shares of the business’s stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $70.21, for a total value of $1,755,250.00. Following the completion of the sale, the insider owned 8,977 shares in the company, valued at approximately $630,275.17. The trade was a 73.58% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Atabak Mokari sold 40,000 shares of the stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $81.15, for a total value of $3,246,000.00. Following the completion of the transaction, the chief financial officer directly owned 16,130 shares in the company, valued at approximately $1,308,949.50. This trade represents a 71.26% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 275,000 shares of company stock valued at $18,836,100. Insiders own 20.70% of the company’s stock.

Corcept Therapeutics Profile

Corcept Therapeutics is a clinical-stage biopharmaceutical company focused on discovering and developing drugs that modulate the effects of cortisol, a hormone implicated in a range of severe metabolic, oncologic and psychiatric disorders. The company’s scientific platform centers on selectively targeting the glucocorticoid receptor to counteract the harmful consequences of excess cortisol, a strategy designed to address diseases with significant unmet medical needs.

The company’s flagship marketed product, Korlym (mifepristone), is approved in the United States for the treatment of hyperglycemia secondary to Cushing’s syndrome in patients who have type 2 diabetes or glucose intolerance and are not candidates for surgery.