I have been puzzled over the last 12 months at the large and increasing ownership of Corcept by Renaissance LLC. Does anyone here have any thoughtful ideas as to why they have steadily built up a large position in Corcept ??
What I know about them is that they are the most successful uber quantitative hedge fund that invests purely based on intricate mathematical / statistical machine driven alogs. They are the opposite of the bottom up fundamental story driven value investor. They are also mega huge -- manage about $150 billion.
So to see someone like that adding Corcept steadily, with latest filing showing a 7.77mm stake, up from 4.6mm at 12-2018, and 4.9mm in 12-2017, makes me wonder what is going on and why ?