Epoch Investment Partners Inc. Sells 30,452 Shares of Corcept Therapeutics Incorporated $CORT

Key Points

• Epoch Investment Partners trimmed its Corcept Therapeutics stake by 3.6% in the fourth quarter, selling 30,452 shares and ending with 816,652 shares valued at about $28.4 million.
• Wall Street sentiment on CORT remains constructive, with several analysts upgrading the stock and the consensus rating sitting at Moderate Buy with a target price of $88.83.
• Corcept shares were trading at $82.91, near their 52-week high, but the company recently reported a quarterly EPS loss and revenue that both missed expectations despite modest year-over-year sales growth.

Epoch Investment Partners Inc. lessened its stake in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) by 3.6% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 816,652 shares of the biotechnology company's stock after selling 30,452 shares during the period. Epoch Investment Partners Inc. owned approximately 0.78% of Corcept Therapeutics worth $28,419,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Avidity Partners Management LP bought a new position in Corcept Therapeutics during the 4th quarter valued at approximately $766,000. Bridge City Capital LLC increased its position in Corcept Therapeutics by 53.7% during the 4th quarter. Bridge City Capital LLC now owns 29,535 shares of the biotechnology company's stock valued at $1,028,000 after buying an additional 10,324 shares in the last quarter. Atlas Capital Advisors Inc. bought a new position in Corcept Therapeutics during the 4th quarter valued at approximately $31,000. The Manufacturers Life Insurance Company increased its position in Corcept Therapeutics by 4.3% during the 4th quarter. The Manufacturers Life Insurance Company now owns 22,139 shares of the biotechnology company's stock valued at $770,000 after buying an additional 903 shares in the last quarter. Finally, Morgan Stanley increased its position in Corcept Therapeutics by 34.1% during the 4th quarter. Morgan Stanley now owns 1,592,059 shares of the biotechnology company's stock valued at $55,404,000 after buying an additional 405,081 shares in the last quarter. Institutional investors own 93.61% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on CORT shares. Zacks Research raised Corcept Therapeutics from a "strong sell" rating to a "hold" rating in a research report on Monday, May 4th. UBS Group set a $135.00 price objective on Corcept Therapeutics in a research report on Thursday, May 28th. Wolfe Research raised Corcept Therapeutics from an "underperform" rating to a "peer perform" rating in a research report on Thursday, March 26th. Truist Financial upgraded Corcept Therapeutics to a "strong-buy" rating in a research note on Wednesday, March 25th. Finally, Canaccord Genuity Group increased their target price on Corcept Therapeutics from $110.00 to $135.00 and gave the company a "buy" rating in a research note on Thursday, May 28th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, Corcept Therapeutics currently has a consensus rating of "Moderate Buy" and a consensus target price of $88.83.

Corcept Therapeutics Price Performance

CORT stock opened at $82.91 on Monday. The company has a market cap of $8.90 billion, a P/E ratio of 236.89 and a beta of 0.50. Corcept Therapeutics Incorporated has a 1 year low of $28.66 and a 1 year high of $91.00. The stock's fifty day moving average price is $55.70 and its 200-day moving average price is $52.08.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last released its quarterly earnings results on Thursday, April 30th. The biotechnology company reported ($0.30) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.11) by ($0.19). The firm had revenue of $164.90 million during the quarter, compared to analysts' expectations of $185.83 million. Corcept Therapeutics had a return on equity of 7.40% and a net margin of 6.14%.The business's quarterly revenue was up 4.9% on a year-over-year basis. During the same quarter last year, the business earned $0.17 earnings per share. As a group, analysts expect that Corcept Therapeutics Incorporated will post 0.62 earnings per share for the current year.

Insider Activity at Corcept Therapeutics

In related news, insider William Guyer sold 20,000 shares of Corcept Therapeutics stock in a transaction on Tuesday, June 2nd. The stock was sold at an average price of $70.60, for a total transaction of $1,412,000.00. Following the transaction, the insider directly owned 3,985 shares in the company, valued at approximately $281,341. The trade was a 83.39% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Sean Maduck sold 75,000 shares of Corcept Therapeutics stock in a transaction on Wednesday, May 27th. The shares were sold at an average price of $65.59, for a total value of $4,919,250.00. Following the transaction, the insider owned 8,977 shares in the company, valued at $588,801.43. This trade represents a 89.31% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 242,965 shares of company stock valued at $14,802,964 in the last ninety days. Corporate insiders own 20.70% of the company's stock.

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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