Black Diamond Financial LLC Takes $231,000 Position in Corcept Therapeutics Incorporated (NASDAQ:CORT)

Black Diamond Financial LLC acquired a new stake in Corcept Therapeutics Incorporated (NASDAQ:CORT) during the 3rd quarter, Holdings Channel reports. The firm acquired 5,000 shares of the biotechnology company’s stock, valued at approximately $231,000.

Several other large investors have also made changes to their positions in the business. CIBC Asset Management Inc purchased a new position in shares of Corcept Therapeutics in the third quarter valued at about $241,000. Intellectus Partners LLC purchased a new position in shares of Corcept Therapeutics in the third quarter valued at about $2,539,000. KBC Group NV increased its holdings in shares of Corcept Therapeutics by 21.3% in the third quarter. KBC Group NV now owns 2,822 shares of the biotechnology company’s stock worth $131,000 after purchasing an additional 496 shares during the last quarter. Oppenheimer & Co. Inc. increased its holdings in shares of Corcept Therapeutics by 23.9% in the third quarter. Oppenheimer & Co. Inc. now owns 24,774 shares of the biotechnology company’s stock worth $1,147,000 after purchasing an additional 4,774 shares during the last quarter. Finally, Victory Capital Management Inc. increased its holdings 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 purchasing an additional 13,787 shares during the last quarter. 93.61% of the stock is currently owned by hedge funds and other institutional investors.

Corcept Therapeutics Trading Down 2.9 %

Shares of NASDAQ CORT opened at $54.79 on Friday. The business’s 50 day moving average is $46.11 and its two-hundred day moving average is $36.61. 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 1-year low of $20.84 and a 1-year high of $61.66. The stock has a market capitalization of $5.74 billion, a P/E ratio of 43.48 and a beta of 0.45.

Corcept Therapeutics (NASDAQ:CORT) last issued its quarterly earnings data on Wednesday, October 30th. The biotechnology company reported $0.41 earnings per share 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 for the quarter, compared to analysts’ expectations of $171.97 million. During the same period in the previous year, the firm posted $0.28 earnings per share. The firm’s revenue for the quarter was up 47.7% on a year-over-year basis. As a group, research analysts expect that Corcept Therapeutics Incorporated will post 1.31 EPS for the current year.

Analysts Set New Price Targets

CORT has been the topic of several research reports. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $38.00 target price on shares of Corcept Therapeutics in a report on Tuesday, July 30th. Sandler O’Neill reaffirmed a “buy” rating on shares of Corcept Therapeutics in a report on Friday, October 18th. HC Wainwright reaffirmed a “buy” rating and issued a $80.00 target price on shares of Corcept Therapeutics in a report on Thursday, October 31st. 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, Piper Sandler lifted their target price on Corcept Therapeutics from $38.00 to $67.00 and gave the stock an “overweight” rating in a report on Wednesday, September 18th. Five investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Corcept Therapeutics currently has an average rating of “Buy” and a consensus target price of $65.25.

Insiders Place Their Bets

In other news, Director Daniel N. Swisher, Jr. sold 2,200 shares of the company’s stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $59.88, for a total transaction of $131,736.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider William Guyer sold 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $35.30, for a total value of $353,000.00. Following the transaction, the insider now directly owns 6,039 shares in the company, valued at approximately $213,176.70. This represents a 62.35 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 36,301 shares of company stock valued at $1,594,253 over the last ninety days. 20.50% of the stock is owned by insiders.

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.