Tealwood Asset Management Inc. has significantly increased its investment in Corcept Therapeutics Incorporated, purchasing an additional 11,433 shares during the third quarter of 2023. This move raised Tealwood’s total holdings in the biotechnology firm by 58.0%, bringing its total to 31,156 shares. According to the latest Form 13F filing with the Securities and Exchange Commission, these shares were valued at approximately $2,589,000.
Other institutional investors have also adjusted their positions in Corcept Therapeutics recently. Golden State Wealth Management LLC acquired a new stake worth around $28,000 during the second quarter. Similarly, Huntington National Bank increased its stake by 54.0%, now owning 479 shares valued at $35,000 after acquiring an additional 168 shares. The Employees Retirement System of Texas and USA Financial Formulas both established new positions worth $52,000 and $56,000, respectively. Additionally, Farther Finance Advisors LLC expanded its stake by 277.6%, now holding 910 shares valued at $67,000. Institutional investors and hedge funds collectively own 93.61% of Corcept’s stock.
Corcept Therapeutics’ Market Performance
Shares of Corcept Therapeutics (NASDAQ:CORT) opened at $82.65 on the most recent trading day. The company has a 52-week low of $49.00 and a high of $117.33. Financial indicators show a debt-to-equity ratio of 0.01, a quick ratio of 3.07, and a current ratio of 3.14. The firm’s market capitalization is approximately $8.69 billion, with a price-to-earnings (P/E) ratio of 93.92 and a beta of 0.20.
In a recent insider transaction, CEO Joseph K. Belanoff sold 40,000 shares of Corcept Therapeutics on December 1, 2023, at an average price of $79.77, amounting to a total of $3,190,800. Following this sale, Belanoff retains 2,701,370 shares, valued at approximately $215,488,284.90, representing a 1.46% decrease in his ownership. Additionally, insider Sean Maduck sold 20,000 shares on the same day, realizing $1,590,400. After this transaction, Maduck holds 7,904 shares valued at $628,526.08, marking a significant 71.67% reduction in his position. Over the past three months, insiders have divested 261,700 shares worth $21,002,348, with insiders owning 20.80% of the company’s stock.
Analyst Ratings and Company Overview
Several analysts have provided assessments of Corcept Therapeutics. Canaccord Genuity Group reaffirmed a “buy” rating with a price objective of $140.00 per share on September 25, 2023. Meanwhile, UBS Group initiated coverage with a “neutral” rating and a price target of $95.00. Wolfe Research also began coverage, assigning a “peer perform” rating. Additionally, Zacks Research upgraded the stock from a “strong sell” to a “hold” rating on December 15, 2023. Overall, four investment analysts rate Corcept Therapeutics as a buy, while four others recommend holding the stock. Currently, the company holds an average rating of “Moderate Buy” and an average price target of $127.20, according to data from MarketBeat.
Corcept Therapeutics is a clinical-stage biopharmaceutical company focused on developing drugs that modulate cortisol effects, linked to various severe disorders. The firm’s leading product, Korlym (mifepristone), is approved in the United States for treating hyperglycemia related to Cushing’s syndrome in patients with type 2 diabetes who are not candidates for surgery.
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