Emerald Mutual Fund Advisers Trust Lowers Holdings in Corcept Therapeutics Incorporated $CORT

Key Points

• Emerald Mutual Fund Advisers Trust cut its Corcept Therapeutics stake by 7.6% in the first quarter, selling 14,742 shares and ending with 179,607 shares valued at about $7.24 million.
• Corcept Therapeutics shares fell 6.5% to $85.90, even after recently reaching a 12-month high of $95.11; the company now has a market cap of $9.22 billion.
• Insiders have been selling stock, while analysts remain mostly positive. CFO Atabak Mokari and Director David L. Mahoney both sold shares, but the stock still carries a consensus “Moderate Buy” rating with an average price target of $88.83.

Emerald Mutual Fund Advisers Trust lessened its position in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) by 7.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 179,607 shares of the biotechnology company's stock after selling 14,742 shares during the period. Emerald Mutual Fund Advisers Trust owned approximately 0.17% of Corcept Therapeutics worth $7,240,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of CORT. Royal Bank of Canada increased its holdings in Corcept Therapeutics by 18.9% during the 1st quarter. Royal Bank of Canada now owns 15,385 shares of the biotechnology company's stock worth $1,757,000 after purchasing an additional 2,444 shares during the last quarter. Amundi acquired a new position in shares of Corcept Therapeutics in the 1st quarter valued at about $450,000. NewEdge Advisors LLC acquired a new position in Corcept Therapeutics in the first quarter valued at approximately $518,000. EverSource Wealth Advisors LLC grew its stake in Corcept Therapeutics by 273.3% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,441 shares of the biotechnology company's stock worth $106,000 after buying an additional 1,055 shares during the last quarter. Finally, Marshall Wace LLP grew its position in shares of Corcept Therapeutics by 795.3% during the second quarter. Marshall Wace LLP now owns 46,200 shares of the biotechnology company's stock worth $3,391,000 after acquiring an additional 41,040 shares during the last quarter. Institutional investors and hedge funds own 93.61% of the company's stock.

Corcept Therapeutics Stock Down 6.5%

Corcept Therapeutics stock opened at $85.90 on Tuesday. The stock has a market cap of $9.22 billion, a price-to-earnings ratio of 245.44 and a beta of 0.47. Corcept Therapeutics Incorporated has a 12 month low of $28.66 and a 12 month high of $95.11. The business has a 50 day moving average price of $73.41 and a two-hundred day moving average price of $52.58.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last announced its quarterly earnings results 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). Corcept Therapeutics had a net margin of 6.14% and a return on equity of 7.40%. The business had revenue of $164.90 million during the quarter, compared to the consensus estimate of $185.83 million. During the same period last year, the firm earned $0.17 EPS. The company's quarterly revenue was up 4.9% compared to the same quarter last year. On average, analysts expect that Corcept Therapeutics Incorporated will post 0.53 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Atabak Mokari sold 40,000 shares of the stock in a transaction that occurred 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 sale, the chief financial officer directly owned 16,130 shares in the company, valued at $1,308,949.50. This represents a 71.26% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director David L. Mahoney sold 20,000 shares of the stock in a transaction dated Wednesday, June 17th. The stock was sold at an average price of $84.53, for a total transaction of $1,690,600.00. Following the sale, the director directly owned 26,147 shares in the company, valued at approximately $2,210,205.91. This represents a 43.34% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 300,000 shares of company stock worth $22,088,050 over the last quarter. Corporate insiders own 20.70% of the company's stock.

Analyst Ratings Changes

Several analysts recently commented on the company. Piper Sandler raised their target price on Corcept Therapeutics from $73.00 to $88.00 and gave the company an "overweight" rating in a research report on Friday, May 1st. HC Wainwright boosted their price target on shares of Corcept Therapeutics from $75.00 to $95.00 and gave the company a "buy" rating in a report on Tuesday, June 2nd. Truist Financial raised Corcept Therapeutics to a "strong-buy" rating in a research note on Monday, June 15th. Zacks Research raised shares of Corcept Therapeutics from a "strong sell" rating to a "hold" rating in a research note on Monday, May 4th. Finally, Weiss Ratings reiterated a "hold (c-)" rating on shares of Corcept Therapeutics in a report on Wednesday, June 24th. One 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.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $88.83.

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.

Want to see what other hedge funds are holding CORT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.