Avantax Advisory Services Inc. Makes New Investment in Corcept Therapeutics Incorporated (NASDAQ:CORT)

Avantax Advisory Services Inc. bought a new position in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT) during the 4th quarter, HoldingsChannel.com reports. The fund bought 5,821 shares of the biotechnology company’s stock, valued at approximately $293,000.

Other institutional investors also recently modified their holdings of the company. Kestra Investment Management LLC purchased a new stake in shares of Corcept Therapeutics during the 4th quarter worth approximately $27,000. USA Financial Formulas bought a new position in Corcept Therapeutics during the fourth quarter valued at $54,000. Newbridge Financial Services Group Inc. purchased a new stake in Corcept Therapeutics during the fourth quarter valued at about $58,000. Principal Securities Inc. boosted its position in Corcept Therapeutics by 63.6% during the fourth quarter. Principal Securities Inc. now owns 1,243 shares of the biotechnology company’s stock worth $63,000 after purchasing an additional 483 shares during the period. Finally, Smartleaf Asset Management LLC grew its stake in Corcept Therapeutics by 311.6% in the 4th quarter. Smartleaf Asset Management LLC now owns 2,371 shares of the biotechnology company’s stock valued at $121,000 after buying an additional 1,795 shares in the last quarter. 93.61% of the stock is owned by institutional investors.

Insider Activity at Corcept Therapeutics

In other news, CEO Joseph K. Belanoff sold 2,924 shares of the business’s stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $60.91, for a total value of $178,100.84. Following the completion of the sale, the chief executive officer now directly owns 3,019,411 shares in the company, valued at approximately $183,912,324.01. The trade was a 0.10 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Daniel N. Swisher, Jr. sold 2,200 shares of the stock in a transaction on Monday, February 10th. The shares were sold at an average price of $68.08, for a total transaction of $149,776.00. The disclosure for this sale can be found here. Insiders have sold a total of 45,627 shares of company stock valued at $2,557,674 over the last 90 days. 20.50% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of research firms have recently commented on CORT. Piper Sandler raised their price target on Corcept Therapeutics from $67.00 to $78.00 and gave the stock an “overweight” rating in a report on Thursday, February 27th. HC Wainwright reaffirmed a “buy” rating and set a $115.00 target price on shares of Corcept Therapeutics in a report on Thursday, February 27th. StockNews.com downgraded shares of Corcept Therapeutics from a “buy” rating to a “hold” rating in a report on Friday, February 28th. Finally, Canaccord Genuity Group raised their price target on shares of Corcept Therapeutics from $78.00 to $130.00 and gave the company a “buy” rating in a report on Thursday, January 30th. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, Corcept Therapeutics presently has a consensus rating of “Moderate Buy” and a consensus price target of $99.75.

Corcept Therapeutics Stock Down 1.9 %

CORT stock opened at $58.32 on Wednesday. Corcept Therapeutics Incorporated has a 1-year low of $20.84 and a 1-year high of $75.00. The stock has a market cap of $6.15 billion, a price-to-earnings ratio of 46.29 and a beta of 0.61. The company has a current ratio of 3.70, a quick ratio of 3.64 and a debt-to-equity ratio of 0.01. The company’s 50 day moving average is $61.79 and its 200 day moving average is $54.29.

Corcept Therapeutics (NASDAQ:CORT) last issued its quarterly earnings results on Wednesday, February 26th. The biotechnology company reported $0.26 EPS for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.11). Corcept Therapeutics had a return on equity of 24.54% and a net margin of 22.35%. The company had revenue of $181.89 million during the quarter, compared to the consensus estimate of $200.12 million. Sell-side analysts predict that Corcept Therapeutics Incorporated will post 1.36 EPS for the current fiscal year.

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.