Corcept Therapeutics Incorporated $CORT Stock Position Lowered by Parallel Advisors LLC

Key Points

• Parallel Advisors LLC reduced its stake in Corcept Therapeutics by 2.5%, retaining 3,871,123 shares, which is about 5.7% of its investment portfolio.
• Insider trading activity saw two executives, William Guyer and Sean Maduck, selling 20,000 shares each at an average price of $70.49, marking significant decreases in their ownership.
• Corcept Therapeutics reported earnings that exceeded expectations, with an EPS of $0.29 against a consensus estimate of $0.23, and a revenue increase of 18.7% year-over-year.

Parallel Advisors LLC trimmed its holdings in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) by 2.5% in the second quarter, according to its most recent filing with the SEC. The firm owned 3,871,123 shares of the biotechnology company's stock after selling 101,293 shares during the period. Corcept Therapeutics makes up about 5.7% of Parallel Advisors LLC's investment portfolio, making the stock its 3rd biggest position. Parallel Advisors LLC owned 3.65% of Corcept Therapeutics worth $284,140,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the business. Focus Partners Wealth lifted its stake in Corcept Therapeutics by 0.5% in the first quarter. Focus Partners Wealth now owns 33,243 shares of the biotechnology company's stock valued at $3,797,000 after buying an additional 170 shares in the last quarter. Brooklyn Investment Group grew its stake in Corcept Therapeutics by 99.5% during the first quarter. Brooklyn Investment Group now owns 373 shares of the biotechnology company's stock worth $43,000 after buying an additional 186 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its stake in Corcept Therapeutics by 3.0% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 7,954 shares of the biotechnology company's stock worth $909,000 after buying an additional 230 shares in the last quarter. Evergreen Capital Management LLC lifted its holdings in shares of Corcept Therapeutics by 3.8% in the first quarter. Evergreen Capital Management LLC now owns 7,158 shares of the biotechnology company's stock worth $818,000 after acquiring an additional 265 shares during the last quarter. Finally, MassMutual Private Wealth & Trust FSB raised its holdings in Corcept Therapeutics by 102.0% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 620 shares of the biotechnology company's stock valued at $71,000 after buying an additional 313 shares during the last quarter. Institutional investors own 93.61% of the company's stock.

Analyst Ratings Changes

Several research firms recently issued reports on CORT. Canaccord Genuity Group lifted their price target on shares of Corcept Therapeutics from $137.00 to $140.00 and gave the company a "buy" rating in a research report on Wednesday, September 10th. Piper Sandler reduced their price target on shares of Corcept Therapeutics from $131.00 to $121.00 and set an "overweight" rating for the company in a research report on Friday, August 1st. Five investment analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the stock has an average rating of "Buy" and an average target price of $135.25.

Insider Buying and Selling

In other news, insider Sean Maduck sold 20,000 shares of the company's stock in a transaction on Tuesday, September 2nd. The shares were sold at an average price of $70.49, for a total value of $1,409,800.00. Following the transaction, the insider directly owned 7,681 shares of the company's stock, valued at approximately $541,433.69. This represents a 72.25% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Joseph Douglas Lyon sold 5,000 shares of Corcept Therapeutics stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $70.25, for a total value of $351,250.00. Following the sale, the insider directly owned 10,066 shares in the company, valued at approximately $707,136.50. This trade represents a 33.19% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 222,215 shares of company stock valued at $15,572,699. 20.80% of the stock is currently owned by company insiders.

Corcept Therapeutics Trading Up 0.1%

Shares of CORT traded up $0.05 during mid-day trading on Friday, hitting $79.85. The company's stock had a trading volume of 306,549 shares, compared to its average volume of 1,254,653. The firm has a 50-day simple moving average of $70.97 and a 200 day simple moving average of $70.02. The firm has a market capitalization of $8.41 billion, a P/E ratio of 70.55 and a beta of 0.29. Corcept Therapeutics Incorporated has a 1-year low of $40.62 and a 1-year high of $117.33.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The biotechnology company reported $0.29 EPS for the quarter, topping analysts' consensus estimates of $0.23 by $0.06. The company had revenue of $194.43 million for the quarter, compared to analysts' expectations of $199.40 million. Corcept Therapeutics had a return on equity of 20.10% and a net margin of 18.51%.The firm's quarterly revenue was up 18.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.32 earnings per share. Corcept Therapeutics has set its FY 2025 guidance at EPS. As a group, sell-side analysts predict that Corcept Therapeutics Incorporated will post 1.36 EPS for the current fiscal year.

Corcept Therapeutics Company 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.