Corcept Therapeutics Incorporated $CORT Holdings Lowered by Allspring Global Investments Holdings LLC

Key Points

• Allspring Global Investments cut its Corcept Therapeutics stake by 57.8% in the first quarter, leaving it with 214,572 shares valued at about $9.0 million.
• Corcept shares were down 5.0% in Thursday trading, despite still sitting near their 52-week high after a strong run.
• The company recently missed earnings expectations, reporting a quarterly loss of $0.30 per share versus the expected $0.11 loss, while revenue came in below estimates at $164.9 million.

Allspring Global Investments Holdings LLC cut its stake in Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) by 57.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 214,572 shares of the biotechnology company's stock after selling 293,395 shares during the period. Allspring Global Investments Holdings LLC owned approximately 0.20% of Corcept Therapeutics worth $9,008,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in CORT. Sanctuary Advisors LLC raised its holdings in Corcept Therapeutics by 14.0% during the first quarter. Sanctuary Advisors LLC now owns 7,707 shares of the biotechnology company's stock worth $311,000 after purchasing an additional 947 shares in the last quarter. Illumine Investment Management LLC raised its stake in shares of Corcept Therapeutics by 25.0% in the 1st quarter. Illumine Investment Management LLC now owns 17,524 shares of the biotechnology company's stock worth $706,000 after buying an additional 3,502 shares in the last quarter. Principal Financial Group Inc. raised its stake in shares of Corcept Therapeutics by 2.5% in the 1st quarter. Principal Financial Group Inc. now owns 455,248 shares of the biotechnology company's stock worth $18,351,000 after buying an additional 11,156 shares in the last quarter. Fifth Third Bancorp lifted its holdings in shares of Corcept Therapeutics by 881.6% in the first quarter. Fifth Third Bancorp now owns 37,242 shares of the biotechnology company's stock valued at $1,501,000 after buying an additional 33,448 shares during the period. Finally, Hsbc Holdings PLC acquired a new stake in shares of Corcept Therapeutics in the first quarter valued at $265,000. Institutional investors and hedge funds own 93.61% of the company's stock.

Corcept Therapeutics Trading Down 5.0%

NASDAQ CORT opened at $90.88 on Thursday. The stock's 50-day moving average price is $78.85 and its two-hundred day moving average price is $53.77. The company has a market cap of $9.76 billion, a PE ratio of 259.66 and a beta of 0.47. Corcept Therapeutics Incorporated has a 1 year low of $28.66 and a 1 year high of $95.79.

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

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on CORT shares. UBS Group set a $135.00 target price on Corcept Therapeutics in a report on Thursday, May 28th. Truist Financial raised shares of Corcept Therapeutics to a "strong-buy" rating in a report on Monday, June 15th. Canaccord Genuity Group raised their price objective on shares of Corcept Therapeutics from $110.00 to $135.00 and gave the company a "buy" rating in a research report on Thursday, May 28th. HC Wainwright lifted their price objective on shares of Corcept Therapeutics from $75.00 to $95.00 and gave the stock a "buy" rating in a research note on Tuesday, June 2nd. Finally, Weiss Ratings reaffirmed a "hold (c-)" rating on shares of Corcept Therapeutics in a research note on Wednesday, June 24th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $88.83.

Insider Transactions at Corcept Therapeutics

In related news, Director James N. Wilson sold 10,000 shares of the firm's stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $83.20, for a total value of $832,000.00. Following the completion of the transaction, the director owned 1,094,543 shares of the company's stock, valued at approximately $91,065,977.60. This trade represents a 0.91% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider William Guyer sold 20,000 shares of the firm's stock in a transaction on Tuesday, July 7th. The stock was sold at an average price of $93.13, for a total value of $1,862,600.00. Following the completion of the sale, the insider directly owned 3,985 shares of the company's stock, valued at approximately $371,123.05. This trade represents a 83.39% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 300,000 shares of company stock worth $22,088,050. 20.70% of the stock is currently owned by insiders.

About Corcept Therapeutics

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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