Burney Co. Sells 178,058 Shares of Corcept Therapeutics Incorporated $CORT

Key Points

• Burney Co. sharply reduced its stake in Corcept Therapeutics, selling 178,058 shares in the first quarter and cutting its holdings by 79.5% to 45,779 shares valued at about $1.85 million.
• Corcept Therapeutics reported a weaker-than-expected quarter, posting an EPS loss of $0.30 versus estimates for a $0.11 loss and revenue of $164.9 million, below the $185.83 million analysts expected.
• Insider selling has been notable, including large share sales by Director David L. Mahoney and CFO Atabak Mokari, while analysts remain cautiously positive with a consensus rating of Moderate Buy and an average price target of $88.83.

Burney Co. cut its holdings in Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) by 79.5% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 45,779 shares of the biotechnology company's stock after selling 178,058 shares during the period. Burney Co.'s holdings in Corcept Therapeutics were worth $1,845,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Torren Management LLC bought a new position in shares of Corcept Therapeutics in the fourth quarter worth $25,000. Advisory Services Network LLC bought a new stake in shares of Corcept Therapeutics during the 3rd quarter valued at $25,000. Atlas Capital Advisors Inc. bought a new stake in shares of Corcept Therapeutics during the 4th quarter valued at $31,000. Hantz Financial Services Inc. lifted 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 in the last quarter. Finally, Larson Financial Group LLC lifted its holdings in Corcept Therapeutics by 2,326.3% during the 3rd quarter. Larson Financial Group LLC now owns 461 shares of the biotechnology company's stock worth $38,000 after purchasing an additional 442 shares in the last quarter. 93.61% of the stock is currently owned by hedge funds and other institutional investors.

Corcept Therapeutics Stock Performance

NASDAQ CORT opened at $94.04 on Wednesday. Corcept Therapeutics Incorporated has a 52-week low of $28.66 and a 52-week high of $94.77. The company has a fifty day moving average of $69.85 and a 200-day moving average of $52.36. The company has a market capitalization of $10.10 billion, a P/E ratio of 268.69 and a beta of 0.47.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last released its quarterly earnings results on Thursday, April 30th. The biotechnology company reported ($0.30) earnings per share for the quarter, missing analysts' consensus estimates of ($0.11) by ($0.19). Corcept Therapeutics had a net margin of 6.14% and a return on equity of 7.40%. The firm had revenue of $164.90 million for the quarter, compared to analysts' expectations of $185.83 million. During the same quarter in the previous year, the business earned $0.17 EPS. The company's revenue for the quarter was up 4.9% on a year-over-year basis. As a group, analysts forecast that Corcept Therapeutics Incorporated will post 0.53 EPS for the current fiscal year.

Insider Activity at Corcept Therapeutics

In related news, Director David L. Mahoney sold 20,000 shares of the business's stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $84.53, for a total value of $1,690,600.00. Following the completion of the sale, the director owned 26,147 shares in the company, valued at $2,210,205.91. The trade was a 43.34% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Atabak Mokari sold 40,000 shares of the company's stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $81.15, for a total value of $3,246,000.00. Following the completion of the sale, the chief financial officer directly owned 16,130 shares of the company's stock, valued at approximately $1,308,949.50. This represents a 71.26% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 280,000 shares of company stock worth $20,225,450 in the last quarter. 20.70% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of research analysts have weighed in on the company. Piper Sandler lifted their target price on Corcept Therapeutics from $73.00 to $88.00 and gave the company an "overweight" rating in a report on Friday, May 1st. Canaccord Genuity Group increased their price target on shares of Corcept Therapeutics from $110.00 to $135.00 and gave the stock a "buy" rating in a report on Thursday, May 28th. Truist Financial upgraded shares of Corcept Therapeutics to a "strong-buy" rating in a research report on Monday, June 15th. UBS Group set a $135.00 price objective on shares of Corcept Therapeutics in a research note on Thursday, May 28th. Finally, Zacks Research raised shares of Corcept Therapeutics from a "strong sell" rating to a "hold" rating in a report on Monday, May 4th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $88.83.

Corcept Therapeutics 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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