Tealwood Asset Management Increases Stake in Corcept Therapeutics
Tealwood Asset Management Inc. has significantly increased its investment in Corcept Therapeutics Incorporated, raising its stake by 58.0% during the third quarter of 2023. According to the company’s latest Form 13F filing with the Securities and Exchange Commission, Tealwood now holds 31,156 shares of the biotechnology firm after acquiring an additional 11,433 shares during this period. The value of Tealwood’s holdings in Corcept is approximately $2.59 million.
This move comes as other institutional investors also adjust their positions in Corcept Therapeutics. Notably, Golden State Wealth Management LLC purchased a new stake in the company during the second quarter, valued at around $28,000. Similarly, Huntington National Bank increased its holdings by 54.0%, now owning 479 shares worth approximately $35,000. Other hedge funds like Employees Retirement System of Texas and USA Financial Formulas have also made new investments, with stakes valued at $52,000 and $56,000, respectively.
Corcept Therapeutics has seen strong institutional support, with institutional investors and hedge funds owning 93.61% of the company’s stock.
Corcept Therapeutics: Stock Performance and Insider Activities
As of the latest trading session, shares of Corcept Therapeutics (NASDAQ:CORT) opened at $82.65. The company has experienced a 52-week low of $49.00 and a 52-week high of $117.33. Corcept’s financial metrics reflect a solid position, with a debt-to-equity ratio of 0.01, a quick ratio of 3.07, and a current ratio of 3.14. The firm’s market capitalization stands at $8.69 billion, with a price-to-earnings ratio of 93.92.
In addition to the investment activities, the leadership at Corcept has also been active in the stock market. CEO Joseph K. Belanoff sold 40,000 shares on December 1, 2023, at an average price of $79.77, totaling $3.19 million. Following this transaction, Belanoff retains 2,701,370 shares valued at about $215.49 million. This sale represents a 1.46% reduction in his ownership stake.
Another insider, Sean Maduck, sold 20,000 shares on the same day at an average price of $79.52, with the total transaction amounting to $1.59 million. Maduck’s remaining shares now total 7,904, valued at approximately $628,526, marking a 71.67% decrease in his position. Over the past three months, insiders have sold a total of 261,700 shares, valued at $21 million, with company insiders now holding 20.80% of the stock.
Analyst Ratings and Future Outlook
Recent analyst assessments show a mixed outlook for Corcept Therapeutics. Canaccord Genuity Group has maintained 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. Other firms, such as Wolfe Research and Zacks Research, have issued varying ratings, with Zacks upgrading Corcept from a “strong sell” to a “hold” rating.
Overall, the consensus among analysts indicates a “Moderate Buy” rating, with an average price target of $127.20. This reflects confidence in Corcept’s prospects, particularly as the company continues to focus on developing therapies that address significant medical needs related to cortisol regulation.
Corcept Therapeutics is recognized for its development of drugs targeting cortisol, a hormone linked to various severe conditions. Its flagship product, Korlym (mifepristone), is approved in the United States for treating hyperglycemia secondary to Cushing’s syndrome, particularly for patients who are not candidates for surgery.
As institutional support and insider activity indicate growing confidence in Corcept, market participants will be keenly watching how these developments influence the company’s trajectory in the coming quarters.
