Connor Clark & Lunn Investment Management Ltd. Sells 45,577 Shares of Corcept Therapeutics Incorporated (NASDAQ:CORT)

Key Points

• Connor Clark & Lunn Investment Management Ltd. has reduced its holdings in Corcept Therapeutics by 5.7%, selling 45,577 shares to own approximately 0.71% of the company, valued at $85.8 million.
• Insider trading activity included notable sales, with Sean Maduck selling 35,007 shares for over $2.37 million, representing an 82.01% decrease in his position, and Joseph Douglas Lyon selling 5,823 shares, marking a 36.65% decrease.
• Corcept Therapeutics reported $0.29 earnings per share for the last quarter, exceeding estimates, with a revenue of $194.43 million, a net margin of 18.51%, and a return on equity of 20.10%.

Connor Clark & Lunn Investment Management Ltd. cut its holdings in Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) by 5.7% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 751,218 shares of the biotechnology company's stock after selling 45,577 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.71% of Corcept Therapeutics worth $85,804,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in the business. Wealthspire Advisors LLC bought a new stake in Corcept Therapeutics in the first quarter worth $458,000. Advyzon Investment Management LLC bought a new position in shares of Corcept Therapeutics during the first quarter valued at about $217,000. New Age Alpha Advisors LLC raised its stake in shares of Corcept Therapeutics by 35.7% during the first quarter. New Age Alpha Advisors LLC now owns 4,775 shares of the biotechnology company's stock valued at $545,000 after acquiring an additional 1,255 shares during the last quarter. Bank of Nova Scotia bought a new position in shares of Corcept Therapeutics during the first quarter valued at about $203,000. Finally, PNC Financial Services Group Inc. raised its stake in shares of Corcept Therapeutics by 24.4% during the first quarter. PNC Financial Services Group Inc. now owns 13,190 shares of the biotechnology company's stock valued at $1,507,000 after acquiring an additional 2,584 shares during the last quarter. 93.61% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently commented on the stock. Canaccord Genuity Group lowered their price objective on shares of Corcept Therapeutics from $142.00 to $137.00 and set a "buy" rating for the company in a research note on Friday, August 1st. Truist Financial set a $135.00 price objective on shares of Corcept Therapeutics in a research note on Tuesday, May 6th. Wall Street Zen downgraded shares of Corcept Therapeutics from a "buy" rating to a "hold" rating in a research note on Wednesday, May 14th. Piper Sandler lowered their price objective on shares of Corcept Therapeutics from $131.00 to $121.00 and set an "overweight" rating for the company in a research note on Friday, August 1st. Finally, HC Wainwright lowered their price objective on shares of Corcept Therapeutics from $150.00 to $145.00 and set a "buy" rating for the company in a research note on Tuesday, May 6th. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the company's stock. According to data from MarketBeat, Corcept Therapeutics currently has an average rating of "Moderate Buy" and an average target price of $134.50.

Corcept Therapeutics Stock Performance

Shares of NASDAQ CORT traded down $0.39 during midday trading on Wednesday, hitting $73.20. 183,632 shares of the company traded hands, compared to its average volume of 1,346,616. Corcept Therapeutics Incorporated has a 12-month low of $33.34 and a 12-month high of $117.33. The stock has a 50-day moving average price of $71.06 and a 200 day moving average price of $69.09. The firm has a market cap of $7.71 billion, a P/E ratio of 64.78 and a beta of 0.20.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last announced its quarterly earnings results on Thursday, July 31st. The biotechnology company reported $0.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.23 by $0.06. Corcept Therapeutics had a net margin of 18.51% and a return on equity of 20.10%. The company had revenue of $194.43 million for the quarter, compared to analysts' expectations of $199.40 million. During the same quarter in the previous year, the company earned $0.32 earnings per share. Corcept Therapeutics's quarterly revenue was up 18.7% on a year-over-year basis. As a group, equities analysts expect that Corcept Therapeutics Incorporated will post 1.36 earnings per share for the current year.

Insider Activity at Corcept Therapeutics

In related news, CEO Joseph K. Belanoff sold 40,000 shares of the business's stock in a transaction dated Monday, June 2nd. The shares were sold at an average price of $82.86, for a total transaction of $3,314,400.00. Following the transaction, the chief executive officer owned 2,901,985 shares in the company, valued at $240,458,477.10. The trade was a 1.36% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Sean Maduck sold 35,007 shares of the business's stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $67.79, for a total transaction of $2,373,124.53. Following the transaction, the insider owned 7,681 shares in the company, valued at $520,694.99. This represents a 82.01% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 281,829 shares of company stock valued at $20,734,413 over the last three months. Corporate insiders own 20.50% of the company's stock.

Corcept Therapeutics Profile

Corcept Therapeutics Incorporated engages in discovery and development of drugs for the treatment of severe endocrinologic, oncologic, metabolic, and neurologic disorders in the United States. It offers Korlym tablets medication for the treatment of hyperglycemia secondary to hypercortisolism in adult patients with endogenous cushing's syndrome; and who have type 2 diabetes mellitus or glucose intolerance and have failed surgery or are not candidates for surgery.