Corcept Therapeutics Incorporated $CORT Stake 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 lessened its stake in Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) by 2.5% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 3,871,123 shares of the biotechnology company's stock after selling 101,293 shares during the period. Corcept Therapeutics accounts for approximately 5.7% of Parallel Advisors LLC's investment portfolio, making the stock its 3rd largest holding. Parallel Advisors LLC owned about 3.65% of Corcept Therapeutics worth $284,140,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Voya Investment Management LLC grew its stake in Corcept Therapeutics by 5.3% in the first quarter. Voya Investment Management LLC now owns 234,648 shares of the biotechnology company's stock valued at $26,801,000 after purchasing an additional 11,898 shares during the last quarter. Modern Wealth Management LLC purchased a new position in Corcept Therapeutics in the first quarter valued at about $330,000. Strs Ohio purchased a new position in Corcept Therapeutics in the first quarter valued at about $1,531,000. Advisors Capital Management LLC purchased a new position in Corcept Therapeutics in the first quarter valued at about $251,000. Finally, Iron Gate Global Advisors LLC purchased a new position in Corcept Therapeutics in the first quarter valued at about $400,000. Hedge funds and other institutional investors own 93.61% of the company's stock.

Insider Activity

In related news, insider William Guyer sold 20,000 shares of Corcept Therapeutics stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $70.49, for a total transaction of $1,409,800.00. Following the completion of the sale, the insider owned 5,487 shares of the company's stock, valued at $386,778.63. The trade was a 78.47% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Sean Maduck sold 20,000 shares of Corcept Therapeutics stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $70.49, for a total value of $1,409,800.00. Following the sale, the insider directly owned 7,681 shares of the company's stock, valued at $541,433.69. This trade represents a 72.25% decrease in their position. 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. 20.50% of the stock is owned by insiders.

Wall Street Analyst Weigh In

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

Corcept Therapeutics Stock Performance

Shares of CORT stock opened at $72.87 on Monday. Corcept Therapeutics Incorporated has a fifty-two week low of $35.87 and a fifty-two week high of $117.33. The firm has a market capitalization of $7.68 billion, a price-to-earnings ratio of 64.49 and a beta of 0.29. The stock's 50-day simple moving average is $70.62 and its 200-day simple moving average is $69.76.

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

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.

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