11,996 Shares of Corcept Therapeutics Incorporated $CORT Acquired by Summit Global Investments

Summit Global Investments bought a new stake in Corcept Therapeutics Incorporated (NASDAQ:CORT) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 11,996 shares of the biotechnology company’s stock, valued at approximately $1,382,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. State of Wyoming bought a new position in Corcept Therapeutics in the third quarter worth approximately $182,000. Parcion Private Wealth LLC acquired a new stake in Corcept Therapeutics in the third quarter valued at approximately $420,000. Choreo LLC grew its stake in Corcept Therapeutics by 8.0% in the third quarter. Choreo LLC now owns 4,190 shares of the biotechnology company’s stock valued at $483,000 after acquiring an additional 312 shares during the period. Motley Fool Asset Management LLC bought a new stake in shares of Corcept Therapeutics during the third quarter valued at approximately $403,000. Finally, Brucke Financial Inc. bought a new stake in shares of Corcept Therapeutics during the third quarter valued at approximately $240,000. 93.61% of the stock is owned by institutional investors.

Insider Activity

In other news, insider Sean Maduck sold 30,955 shares of the stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $125.58, for a total value of $3,887,328.90. Following the completion of the sale, the insider owned 9,755 shares in the company, valued at $1,225,032.90. This represents a 76.04% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Roberto Vieira sold 58,333 shares of the firm’s stock in a transaction dated Wednesday, September 2nd. The shares were sold at an average price of $110.76, for a total transaction of $6,460,963.08. Following the transaction, the insider directly owned 4,242 shares in the company, valued at $469,843.92. The trade was a 93.22% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders sold 352,903 shares of company stock worth $41,104,620. Company insiders own 20.70% of the company’s stock.

Corcept Therapeutics Stock Performance

Shares of Corcept Therapeutics stock opened at $81.12 on Monday. The company has a market capitalization of $8.77 billion, a P/E ratio of 193.15 and a beta of 0.54. The stock has a fifty day simple moving average of $111.98 and a 200 day simple moving average of $74.62. Corcept Therapeutics Incorporated has a 12-month low of $28.66 and a 12-month high of $126.38.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the company. Weiss Ratings raised Corcept Therapeutics from a “hold (c-)” rating to a “hold (c)” rating in a research report on Thursday, September 24th. Truist Financial assumed coverage on shares of Corcept Therapeutics in a research report on Tuesday, August 18th. They issued a “buy” rating and a $164.00 price target for the company. Canaccord Genuity Group lifted their price target on shares of Corcept Therapeutics from $135.00 to $150.00 and gave the company a “buy” rating in a research report on Wednesday, July 29th. Piper Sandler restated an “overweight” rating and set a $165.00 price target (up from $88.00) on shares of Corcept Therapeutics in a research note on Thursday, July 30th. Finally, HC Wainwright restated a “buy” rating and set a $165.00 price objective on shares of Corcept Therapeutics in a report on Friday, September 18th. Five investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $138.17.

About Corcept Therapeutics

Corcept Therapeutics Incorporated (NASDAQ:CORT) is a commercial-stage biopharmaceutical company focused on developing medicines that selectively modulate the glucocorticoid receptor. The company’s research is based on the role of excess cortisol in metabolic, psychiatric, oncologic and other serious medical conditions.

Corcept’s primary marketed product is Korlym (mifepristone), an oral glucocorticoid receptor antagonist approved in the United States to control hyperglycemia secondary to endogenous Cushing’s syndrome in adults with type 2 diabetes or glucose intolerance who are not candidates for surgery or have not responded adequately to surgery.