Arrowstreet Capital Limited Partnership Sells 81,873 Shares of Corcept Therapeutics Incorporated $CORT

Key Points

• Arrowstreet Capital cut its Corcept Therapeutics stake by 54.6% in the first quarter, selling 81,873 shares and retaining 67,972 shares worth about $2.74 million. Institutional investors collectively own 93.61% of the company.
• Corcept reported a strong quarterly performance, with EPS of $0.36 versus the $0.02 consensus and revenue of $256.15 million, up 31.7% year over year and above estimates.
• Insiders sold 360,000 shares valued at $30.23 million over the past three months, while analyst sentiment remains a “Moderate Buy” with an average price target of $119.17.

Arrowstreet Capital Limited Partnership reduced its stake in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) by 54.6% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 67,972 shares of the biotechnology company's stock after selling 81,873 shares during the quarter. Arrowstreet Capital Limited Partnership owned approximately 0.06% of Corcept Therapeutics worth $2,740,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the stock. Torren Management LLC purchased a new position in shares of Corcept Therapeutics during the fourth quarter worth approximately $25,000. Advisory Services Network LLC purchased a new stake in shares of Corcept Therapeutics in the third quarter valued at approximately $25,000. Atlas Capital Advisors Inc. bought a new position in Corcept Therapeutics in the fourth quarter worth approximately $31,000. State of Wyoming grew its stake in Corcept Therapeutics by 29.5% in the first quarter. State of Wyoming now owns 816 shares of the biotechnology company's stock worth $33,000 after purchasing an additional 186 shares in the last quarter. Finally, Hantz Financial Services Inc. increased its holdings in Corcept Therapeutics by 113.7% during the 4th quarter. Hantz Financial Services Inc. now owns 985 shares of the biotechnology company's stock worth $34,000 after purchasing an additional 524 shares during the period. 93.61% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, Director David L. Mahoney sold 20,000 shares of the firm's stock in a transaction dated Wednesday, June 17th. The shares were sold at an average price of $84.53, for a total value of $1,690,600.00. Following the sale, the director directly owned 26,147 shares in the company, valued at approximately $2,210,205.91. This trade represents a 43.34% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Sean Maduck sold 75,000 shares of Corcept Therapeutics stock in a transaction that occurred on Wednesday, May 27th. The stock was sold at an average price of $65.59, for a total transaction of $4,919,250.00. Following the completion of the transaction, the insider directly owned 8,977 shares in the company, valued at approximately $588,801.43. The trade was a 89.31% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 360,000 shares of company stock valued at $30,228,250 in the last three months. 20.70% of the stock is currently owned by insiders.

Corcept Therapeutics Stock Down 2.7%

Corcept Therapeutics stock opened at $109.80 on Wednesday. The business has a fifty day moving average of $86.81 and a two-hundred day moving average of $57.96. The firm has a market cap of $11.87 billion, a P/E ratio of 261.43 and a beta of 0.45. Corcept Therapeutics Incorporated has a twelve month low of $28.66 and a twelve month high of $122.21.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last announced its quarterly earnings results on Wednesday, July 29th. The biotechnology company reported $0.36 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.02 by $0.34. The business had revenue of $256.15 million for the quarter, compared to the consensus estimate of $221.15 million. Corcept Therapeutics had a return on equity of 8.26% and a net margin of 6.52%.The business's revenue was up 31.7% compared to the same quarter last year. During the same period last year, the business posted $0.29 EPS. Equities analysts expect that Corcept Therapeutics Incorporated will post 1.13 earnings per share for the current year.

Wall Street Analyst Weigh In

Several brokerages have weighed in on CORT. Zacks Research upgraded Corcept Therapeutics from a "strong sell" rating to a "hold" rating in a report on Monday, May 4th. Truist Financial upgraded Corcept Therapeutics to a "strong-buy" rating in a research note on Monday, June 15th. Canaccord Genuity Group lifted their price objective on Corcept Therapeutics from $135.00 to $150.00 and gave the company a "buy" rating in a report on Wednesday, July 29th. Piper Sandler reaffirmed an "overweight" rating and issued a $165.00 price objective (up from $88.00) on shares of Corcept Therapeutics in a research note on Thursday, July 30th. Finally, Wolfe Research cut shares of Corcept Therapeutics from a "peer perform" rating to an "underperform" rating and set a $50.00 target price on the stock. in a report on Monday, July 27th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $119.17.

Corcept Therapeutics Company Profile

Corcept Therapeutics is a clinical-stage biopharmaceutical company focused on discovering and developing drugs that modulate the effects of cortisol, a hormone implicated in a range of severe metabolic, oncologic and psychiatric disorders. The company's scientific platform centers on selectively targeting the glucocorticoid receptor to counteract the harmful consequences of excess cortisol, a strategy designed to address diseases with significant unmet medical needs.

The company's flagship marketed product, Korlym (mifepristone), is approved in the United States for the treatment of hyperglycemia secondary to Cushing's syndrome in patients who have type 2 diabetes or glucose intolerance and are not candidates for surgery.

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