Emerald Advisers LLC Cuts Stake in Corcept Therapeutics Incorporated $CORT

Key Points

• Emerald Advisers LLC cut its stake in Corcept Therapeutics by 11.7% in the first quarter, though it still held 205,558 shares worth about $8.3 million at quarter-end.
• Several other institutional investors adjusted their positions, and 93.61% of Corcept’s stock is held by hedge funds and other institutions, underscoring heavy institutional ownership.
• Insider selling has been notable, with Director David L. Mahoney and CFO Atabak Mokari both selling shares recently; in the last 90 days, insiders sold a total of 300,000 shares worth about $22.1 million.

Emerald Advisers LLC lessened its holdings in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) by 11.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 205,558 shares of the biotechnology company's stock after selling 27,181 shares during the quarter. Emerald Advisers LLC owned about 0.19% of Corcept Therapeutics worth $8,286,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in the business. Illumine Investment Management LLC raised its position in shares of Corcept Therapeutics by 25.0% during the first quarter. Illumine Investment Management LLC now owns 17,524 shares of the biotechnology company's stock valued at $706,000 after buying an additional 3,502 shares during the last quarter. Principal Financial Group Inc. boosted its position in shares of Corcept Therapeutics by 2.5% during the first quarter. Principal Financial Group Inc. now owns 455,248 shares of the biotechnology company's stock worth $18,351,000 after acquiring an additional 11,156 shares during the last quarter. Fifth Third Bancorp boosted its position in shares of Corcept Therapeutics by 881.6% during the first quarter. Fifth Third Bancorp now owns 37,242 shares of the biotechnology company's stock worth $1,501,000 after acquiring an additional 33,448 shares during the last quarter. Hsbc Holdings PLC purchased a new position in Corcept Therapeutics during the first quarter valued at $265,000. Finally, Whittier Trust Co. grew its stake in Corcept Therapeutics by 1,243.8% during the first quarter. Whittier Trust Co. now owns 5,402 shares of the biotechnology company's stock valued at $221,000 after acquiring an additional 5,000 shares in the last quarter. 93.61% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Corcept Therapeutics

In related news, Director David L. Mahoney sold 20,000 shares of the firm's stock in a transaction 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 directly owned 26,147 shares in the company, valued at $2,210,205.91. This trade represents a 43.34% 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, CFO Atabak Mokari sold 40,000 shares of Corcept Therapeutics stock in a transaction on Monday, June 15th. The stock was sold at an average price of $81.15, for a total transaction of $3,246,000.00. Following the transaction, the chief financial officer directly owned 16,130 shares of the company's stock, valued at $1,308,949.50. The trade was a 71.26% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 300,000 shares of company stock worth $22,088,050 in the last ninety days. Corporate insiders own 20.70% of the company's stock.

Corcept Therapeutics Trading Up 5.3%

CORT opened at $90.47 on Wednesday. The stock has a 50-day moving average of $74.19 and a 200 day moving average of $52.63. Corcept Therapeutics Incorporated has a 12 month low of $28.66 and a 12 month high of $95.11. The firm has a market cap of $9.71 billion, a P/E ratio of 258.49 and a beta of 0.47.

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

Wall Street Analysts Forecast Growth

CORT has been the topic of several research analyst reports. Canaccord Genuity Group boosted their price target on shares of Corcept Therapeutics from $110.00 to $135.00 and gave the stock a "buy" rating in a research note on Thursday, May 28th. Wolfe Research upgraded Corcept Therapeutics from an "underperform" rating to a "peer perform" rating in a research report on Thursday, March 26th. HC Wainwright lifted their target price on Corcept Therapeutics from $75.00 to $95.00 and gave the stock a "buy" rating in a report on Tuesday, June 2nd. Truist Financial upgraded Corcept Therapeutics to a "strong-buy" rating in a research report on Monday, June 15th. Finally, Piper Sandler increased their price target on Corcept Therapeutics from $73.00 to $88.00 and gave the company an "overweight" rating in a research note on Friday, May 1st. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $88.83.

Corcept Therapeutics Company 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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