Merit Financial Group LLC Makes New Investment in Corcept Therapeutics Incorporated (NASDAQ:CORT)

Merit Financial Group LLC purchased a new position in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 2,599 shares of the biotechnology company’s stock, valued at approximately $297,000.

A number of other institutional investors have also recently bought and sold shares of CORT. Kestra Investment Management LLC acquired a new position in Corcept Therapeutics during the fourth quarter worth approximately $27,000. Canada Pension Plan Investment Board acquired a new position in Corcept Therapeutics during the fourth quarter worth approximately $40,000. National Bank of Canada FI acquired a new position in Corcept Therapeutics during the fourth quarter worth approximately $42,000. Principal Securities Inc. increased 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 buying an additional 483 shares during the last quarter. Finally, Gen Wealth Partners Inc acquired a new position in Corcept Therapeutics during the fourth quarter worth approximately $67,000. Institutional investors and hedge funds own 93.61% of the company’s stock.

Corcept Therapeutics Price Performance

Corcept Therapeutics stock opened at $71.24 on Thursday. Corcept Therapeutics Incorporated has a 12 month low of $28.04 and a 12 month high of $117.33. The stock’s 50 day moving average is $71.56 and its 200-day moving average is $64.14. 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 has a market capitalization of $7.55 billion, a price-to-earnings ratio of 56.54 and a beta of 0.19.

Corcept Therapeutics (NASDAQ:CORT) last issued its quarterly earnings results on Monday, May 5th. The biotechnology company reported $0.17 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.17. The business had revenue of $157.21 million during the quarter, compared to analysts’ expectations of $177.93 million. Corcept Therapeutics had a return on equity of 24.54% and a net margin of 22.35%. The firm’s revenue for the quarter was up 7.1% compared to the same quarter last year. During the same period in the previous year, the company posted $0.25 earnings per share. Equities research analysts expect that Corcept Therapeutics Incorporated will post 1.36 EPS for the current year.

Insider Activity at Corcept Therapeutics

In other Corcept Therapeutics news, Director David L. Mahoney sold 27,352 shares of the company’s stock in a transaction on Friday, May 16th. The stock was sold at an average price of $74.23, for a total transaction of $2,030,338.96. The transaction 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 the company’s stock in a transaction on Thursday, April 10th. The stock was sold at an average price of $70.22, for a total value of $154,484.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 340,125 shares of company stock worth $28,905,496. Company insiders own 20.80% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have weighed in on CORT. Truist Financial set a $135.00 price target on Corcept Therapeutics in a research report on Tuesday, May 6th. Piper Sandler upped their target price on Corcept Therapeutics from $128.00 to $131.00 and gave the company an “overweight” rating in a research report on Thursday, April 3rd. Canaccord Genuity Group upped their target price on Corcept Therapeutics from $130.00 to $142.00 and gave the company a “buy” rating in a research report on Tuesday, April 1st. Wall Street Zen downgraded Corcept Therapeutics from a “buy” rating to a “hold” rating in a research report on Wednesday, May 14th. Finally, HC Wainwright decreased their target price on Corcept Therapeutics from $150.00 to $145.00 and set a “buy” rating on the stock in a research report on Tuesday, May 6th. One analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $138.25.

Corcept Therapeutics 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.