ClearBridge Investments, an investment management company, released its “ClearBridge Small Cap Strategy” third quarter 2024 investor letter. A copy of the letter can be downloaded here. The Fed’s rate cut in September contributed to a shift from large-cap generative AI winners to a broader range of market leadership, particularly in small-cap stocks. However, the strategy underperformed its benchmark in the third quarter because weaknesses in the communication services and IT sectors outweighed the strong performances in health care and consumer discretionary. In addition, please check the fund’s top five holdings to know its best picks in 2024.
ClearBridge Small Cap Strategy highlighted stocks like Corcept Therapeutics Incorporated (NASDAQ:CORT), in the third quarter 2024 investor letter. Corcept Therapeutics Incorporated (NASDAQ:CORT) engages in the discovery and development of drugs. The one-month return of Corcept Therapeutics Incorporated (NASDAQ:CORT) was -12.16%, and its shares gained 105.82% of their value over the last 52 weeks. On January 6, 2025, Corcept Therapeutics Incorporated (NASDAQ:CORT) stock closed at $51.66 per share with a market capitalization of $5.413 billion.
ClearBridge Small Cap Strategy stated the following regarding Corcept Therapeutics Incorporated (NASDAQ:CORT) in its Q3 2024 investor letter:
“Another top contributor in health care, Corcept Therapeutics Incorporated (NASDAQ:CORT), saw its stock rise in the third quarter after strong earnings results and increased guidance for sales of Korlym, a hyperglycemia drug for adults with Cushing’s syndrome, which investors had been concerned would be vulnerable to the launch of a competitor’s generic version late last year. The company has seen added tailwinds from anticipation surrounding its next-generation version of the drug, which has fewer side effects, and is expected to release phase 3 data later this year and potentially file for FDA approval in 2025.”
A biologist in a lab coat studying a culture of cells to find a cure for metabolic disorders.
Corcept Therapeutics Incorporated (NASDAQ:CORT) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 20 hedge fund portfolios held Corcept Therapeutics Incorporated (NASDAQ:CORT) at the end of the third quarter which was 20 in the previous quarter. Corcept Therapeutics Incorporated’s (NASDAQ:CORT) revenue for the third quarter of 2024 reached $182.5 million, representing a 48% increase from the same quarter last year. While we acknowledge the potential of Corcept Therapeutics Incorporated (NASDAQ:CORT) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
In another article, we discussed Corcept Therapeutics Incorporated (NASDAQ:CORT) and shared the list of stocks that will make you rich in 2025. In addition, please check out our hedge fund investor letters Q3 2024 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.