Tealwood Asset Management Inc. has significantly boosted its investment in Corcept Therapeutics Incorporated, increasing its holdings by 58% during the third quarter of 2023. According to the latest Form 13F filing with the U.S. Securities and Exchange Commission, Tealwood now owns 31,156 shares of the biotechnology firm, after acquiring an additional 11,433 shares during this period. The total value of Tealwood’s investment in Corcept is approximately $2.59 million.
The firm is not alone in expanding its position within Corcept. Other institutional investors have also made adjustments to their stakes in the company. For instance, Golden State Wealth Management LLC purchased a new stake worth around $28,000 in the second quarter, while Huntington National Bank increased its holdings by 54%, now owning 479 shares valued at $35,000. Moreover, the Employees Retirement System of Texas and USA Financial Formulas have also acquired new positions, valued at $52,000 and $56,000, respectively. Farther Finance Advisors LLC notably increased its stake by 277.6%, bringing their total to 910 shares worth $67,000.
Institutional investors and hedge funds collectively own an impressive 93.61% of Corcept’s stock, reflecting strong confidence in the company’s prospects.
Market Performance and Insider Trades
Corcept Therapeutics shares opened at $82.65 on the market, with a 52-week range between $49.00 and $117.33. The company has a market capitalization of $8.69 billion and a current ratio of 3.14, indicating a solid financial position. The firm’s price-to-earnings (P/E) ratio stands at 93.92, with a beta of 0.20, suggesting lower volatility compared to the broader market.
In related news, CEO Joseph K. Belanoff sold 40,000 shares of Corcept stock on December 1, 2023, at an average price of $79.77, amounting to a total transaction value of $3.19 million. Following this sale, Belanoff retains 2,701,370 shares, valued at approximately $215.49 million. This transaction reflects a 1.46% decrease in his ownership.
In another insider transaction, Sean Maduck sold 20,000 shares on the same day, receiving $1.59 million at an average price of $79.52. Following this sale, Maduck owns 7,904 shares, valued at $628,526.08, representing a significant decrease of 71.67% in his holdings. Over the last three months, insiders have offloaded a combined total of 261,700 shares valued at $21 million.
Analyst Ratings and Company Profile
Recent coverage from analysts has varied, with some reaffirming their positive outlook on Corcept. Canaccord Genuity Group reiterated a “buy” rating with a price target of $140.00, while UBS Group initiated coverage with a “neutral” rating and a target of $95.00. Wolfe Research also began coverage, assigning a “peer perform” rating. Zacks Research upgraded Corcept from a “strong sell” to a “hold” rating. Presently, Corcept holds an average rating of “Moderate Buy” with a price target of $127.20.
Corcept Therapeutics is a clinical-stage biopharmaceutical company dedicated to developing drugs that modulate the effects of cortisol, a hormone linked to various severe disorders. The company’s primary product, Korlym (mifepristone), is approved in the United States for treating hyperglycemia secondary to Cushing’s syndrome in patients who are not candidates for surgery.
For those interested in tracking further developments, detailed information on hedge funds’ positions in Corcept can be found on financial platforms that provide updates on institutional trading activities.