Quest Partners LLC Grows Position in Corcept Therapeutics Incorporated (NASDAQ:CORT)

Quest Partners LLC lifted its holdings in Corcept Therapeutics Incorporated (NASDAQ:CORT) by 75.8% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 9,256 shares of the biotechnology company’s stock after buying an additional 3,990 shares during the period. Quest Partners LLC’s holdings in Corcept Therapeutics were worth $428,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Capital Performance Advisors LLP purchased a new stake in Corcept Therapeutics in the 3rd quarter valued at $25,000. Park Place Capital Corp purchased a new stake in shares of Corcept Therapeutics in the second quarter valued at about $32,000. Atwood & Palmer Inc. acquired a new stake in Corcept Therapeutics during the second quarter worth about $35,000. Kathleen S. Wright Associates Inc. purchased a new position in Corcept Therapeutics during the third quarter worth about $36,000. Finally, Blue Trust Inc. boosted its holdings in Corcept Therapeutics by 125.4% in the 2nd quarter. Blue Trust Inc. now owns 3,526 shares of the biotechnology company’s stock valued at $115,000 after purchasing an additional 1,962 shares during the last quarter. 93.61% of the stock is currently owned by institutional investors and hedge funds.

Corcept Therapeutics Stock Performance

Shares of Corcept Therapeutics stock opened at $57.54 on Monday. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.70 and a quick ratio of 3.64. The stock has a market capitalization of $6.03 billion, a price-to-earnings ratio of 45.67 and a beta of 0.45. The business has a 50-day moving average of $48.41 and a 200 day moving average of $38.07. Corcept Therapeutics Incorporated has a 12 month low of $20.84 and a 12 month high of $61.66.

Corcept Therapeutics (NASDAQ:CORT) last announced its quarterly earnings data on Wednesday, October 30th. The biotechnology company reported $0.41 earnings per share for the quarter, beating analysts’ consensus estimates of $0.27 by $0.14. The firm had revenue of $182.55 million during the quarter, compared to analysts’ expectations of $171.97 million. Corcept Therapeutics had a net margin of 22.35% and a return on equity of 24.54%. The business’s quarterly revenue was up 47.7% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.28 earnings per share. As a group, sell-side analysts forecast that Corcept Therapeutics Incorporated will post 1.31 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. Canaccord Genuity Group restated a “buy” rating and set a $38.00 price target on shares of Corcept Therapeutics in a report on Tuesday, July 30th. Sandler O’Neill reissued a “buy” rating on shares of Corcept Therapeutics in a research note on Friday, October 18th. Piper Sandler upped their price target on Corcept Therapeutics from $38.00 to $67.00 and gave the company an “overweight” rating in a research note on Wednesday, September 18th. Truist Financial increased their price target on Corcept Therapeutics from $65.00 to $76.00 and gave the stock a “buy” rating in a report on Monday, September 30th. Finally, HC Wainwright restated a “buy” rating and issued a $80.00 price objective on shares of Corcept Therapeutics in a report on Thursday, October 31st. Five analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $65.25.

Insider Activity at Corcept Therapeutics

In related news, insider William Guyer sold 3,394 shares of the firm’s stock in a transaction that occurred on Monday, November 4th. The shares were sold at an average price of $48.97, for a total value of $166,204.18. Following the sale, the insider now owns 5,796 shares of the company’s stock, valued at $283,830.12. This trade represents a 36.93 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Daniel N. Swisher, Jr. sold 2,200 shares of Corcept Therapeutics 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 disclosure for this sale can be found here. Over the last three months, insiders sold 33,200 shares of company stock worth $1,483,516. Company insiders own 20.50% of the company’s stock.

Corcept Therapeutics Company Profile

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.