Bank of Montreal Can Grows Stake in Corcept Therapeutics Incorporated (NASDAQ:CORT)

Bank of Montreal Can lifted its stake in Corcept Therapeutics Incorporated (NASDAQ:CORT) by 8.9% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 13,678 shares of the biotechnology company’s stock after buying an additional 1,122 shares during the period. Bank of Montreal Can’s holdings in Corcept Therapeutics were worth $689,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of the stock. MML Investors Services LLC purchased a new position in Corcept Therapeutics in the 3rd quarter valued at about $317,000. World Investment Advisors LLC acquired a new stake in shares of Corcept Therapeutics during the third quarter worth $503,000. Franklin Resources Inc. lifted its position in shares of Corcept Therapeutics by 1.0% in the 3rd quarter. Franklin Resources Inc. now owns 242,791 shares of the biotechnology company’s stock worth $10,998,000 after buying an additional 2,475 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in shares of Corcept Therapeutics by 43.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 253,070 shares of the biotechnology company’s stock valued at $11,712,000 after buying an additional 76,573 shares during the period. Finally, GAMMA Investing LLC raised its stake in Corcept Therapeutics by 20.3% during the fourth quarter. GAMMA Investing LLC now owns 2,996 shares of the biotechnology company’s stock worth $151,000 after acquiring an additional 506 shares during the period. Institutional investors and hedge funds own 93.61% of the company’s stock.

Insiders Place Their Bets

In other news, insider Joseph Douglas Lyon sold 421 shares of the stock in a transaction on Monday, March 24th. The shares were sold at an average price of $60.58, for a total value of $25,504.18. Following the completion of the transaction, the insider now owns 9,009 shares in the company, valued at approximately $545,765.22. This represents a 4.46 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Sean Maduck sold 100,000 shares of the stock in a transaction that occurred on Monday, March 31st. The stock was sold at an average price of $100.54, for a total value of $10,054,000.00. Following the completion of the transaction, the insider now directly owns 85,622 shares of the company’s stock, valued at approximately $8,608,435.88. The trade was a 53.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 163,124 shares of company stock valued at $15,117,614 over the last three months. 20.50% of the stock is currently owned by insiders.

Corcept Therapeutics Price Performance

CORT opened at $62.24 on Monday. The firm has a market capitalization of $6.57 billion, a P/E ratio of 49.40 and a beta of 0.15. Corcept Therapeutics Incorporated has a 12-month low of $20.84 and a 12-month high of $117.33. The company has a quick ratio of 3.64, a current ratio of 3.70 and a debt-to-equity ratio of 0.01. The stock has a fifty day moving average of $65.44 and a 200-day moving average of $58.48.

Corcept Therapeutics (NASDAQ:CORT) last posted its quarterly earnings results on Wednesday, February 26th. The biotechnology company reported $0.26 earnings per share 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 analyst estimates of $200.12 million. Equities analysts forecast that Corcept Therapeutics Incorporated will post 1.36 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on CORT. Truist Financial boosted their price target on shares of Corcept Therapeutics from $76.00 to $150.00 and gave the company a “buy” rating in a report on Monday, March 31st. HC Wainwright upped their price target on shares of Corcept Therapeutics from $115.00 to $150.00 and gave the stock a “buy” rating in a research note on Monday, March 31st. Canaccord Genuity Group upped their price objective on Corcept Therapeutics from $130.00 to $142.00 and gave the company a “buy” rating in a report on Tuesday, April 1st. Piper Sandler lifted their target price on Corcept Therapeutics from $128.00 to $131.00 and gave the stock an “overweight” rating in a report on Thursday, April 3rd. Finally, StockNews.com downgraded shares of Corcept Therapeutics from a “buy” rating to a “hold” rating in a report on Friday, February 28th. One analyst has rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, Corcept Therapeutics currently has an average rating of “Moderate Buy” and a consensus price target of $143.25.

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.