Illumine Investment Management LLC Lowers Stock Holdings in Corcept Therapeutics Incorporated (NASDAQ:CORT)

Illumine Investment Management LLC trimmed its holdings in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) by 39.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 12,420 shares of the biotechnology company's stock after selling 8,061 shares during the quarter. Illumine Investment Management LLC's holdings in Corcept Therapeutics were worth $1,419,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in CORT. Public Employees Retirement System of Ohio increased its stake in Corcept Therapeutics by 269.9% during the 4th quarter. Public Employees Retirement System of Ohio now owns 2,859 shares of the biotechnology company's stock worth $144,000 after buying an additional 2,086 shares in the last quarter. HighTower Advisors LLC boosted its stake in shares of Corcept Therapeutics by 30.7% in the fourth quarter. HighTower Advisors LLC now owns 93,677 shares of the biotechnology company's stock worth $4,720,000 after acquiring an additional 22,011 shares during the last quarter. JPMorgan Chase & Co. increased its position in shares of Corcept Therapeutics by 2.7% during the fourth quarter. JPMorgan Chase & Co. now owns 259,902 shares of the biotechnology company's stock worth $13,096,000 after purchasing an additional 6,832 shares in the last quarter. Raymond James Financial Inc. acquired a new position in Corcept Therapeutics in the 4th quarter valued at $12,084,000. Finally, Charles Schwab Investment Management Inc. lifted its holdings in Corcept Therapeutics by 2.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,051,560 shares of the biotechnology company's stock valued at $52,988,000 after purchasing an additional 25,073 shares in the last quarter. Hedge funds and other institutional investors own 93.61% of the company's stock.

Insider Buying and Selling

In other news, Director Daniel N. Swisher, Jr. sold 2,200 shares of the business's stock in a transaction that occurred on Thursday, April 10th. The shares were sold at an average price of $70.22, for a total value of $154,484.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Joseph K. Belanoff sold 35,102 shares of the stock in a transaction that occurred on Monday, March 31st. The stock was sold at an average price of $94.72, for a total transaction of $3,324,861.44. Following the transaction, the chief executive officer now directly owns 2,982,335 shares of the company's stock, valued at $282,486,771.20. The trade was a 1.16% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 359,930 shares of company stock worth $30,363,655. Company insiders own 20.50% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. HC Wainwright dropped their target price on shares of Corcept Therapeutics from $150.00 to $145.00 and set a "buy" rating for the company in a report on Tuesday, May 6th. Canaccord Genuity Group upped their price objective on shares of Corcept Therapeutics from $130.00 to $142.00 and gave the company a "buy" rating in a research note on Tuesday, April 1st. Wall Street Zen lowered shares of Corcept Therapeutics from a "buy" rating to a "hold" rating in a research note on Wednesday, May 14th. Piper Sandler boosted their target price on Corcept Therapeutics from $128.00 to $131.00 and gave the stock an "overweight" rating in a report on Thursday, April 3rd. Finally, Truist Financial set a $135.00 price target on Corcept Therapeutics in a report on Tuesday, May 6th. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $138.25.

Corcept Therapeutics Price Performance

Shares of CORT traded up $2.49 during mid-day trading on Tuesday, reaching $76.77. The stock had a trading volume of 877,088 shares, compared to its average volume of 1,135,703. Corcept Therapeutics Incorporated has a 52-week low of $29.42 and a 52-week high of $117.33. The firm has a market cap of $8.14 billion, a price-to-earnings ratio of 66.18 and a beta of 0.19. The business's fifty day moving average is $71.84 and its 200 day moving average is $64.98.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last posted its earnings results on Monday, May 5th. The biotechnology company reported $0.17 earnings per share for the quarter, meeting the consensus estimate of $0.17. The company had revenue of $157.21 million for the quarter, compared to analyst estimates of $177.93 million. Corcept Therapeutics had a net margin of 19.33% and a return on equity of 20.40%. Corcept Therapeutics's revenue was up 7.1% on a year-over-year basis. During the same period in the previous year, the business posted $0.25 EPS. As a group, sell-side analysts anticipate that Corcept Therapeutics Incorporated will post 1.36 EPS for the current fiscal year.

About Corcept Therapeutics

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.