Parallel Advisors LLC Buys 96,763 Shares of Corcept Therapeutics Incorporated $CORT

Key Points

• Parallel Advisors increased its Corcept Therapeutics position by 2.5%, buying 96,763 shares to hold 3.98 million shares worth approximately $160.3 million. Institutional investors collectively own 93.61% of the company.
• Corcept reported quarterly earnings of $0.36 per share, beating the $0.02 consensus estimate, while revenue rose 31.7% year over year to $256.15 million. Shares opened at $109.80, near their 52-week high of $122.21.
• Analysts have become more bullish, with HC Wainwright and Piper Sandler raising price targets to $165; the stock carries a consensus “Moderate Buy” rating and a $119.17 target. However, insiders sold 360,000 shares worth $30.2 million over the past 90 days.

Parallel Advisors LLC increased its position in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) by 2.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,977,404 shares of the biotechnology company's stock after acquiring an additional 96,763 shares during the period. Corcept Therapeutics comprises approximately 2.9% of Parallel Advisors LLC's portfolio, making the stock its 5th biggest holding. Parallel Advisors LLC owned about 3.71% of Corcept Therapeutics worth $160,329,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently bought and sold shares of the company. State Street Corp increased its position in Corcept Therapeutics by 0.5% in the 4th quarter. State Street Corp now owns 2,986,056 shares of the biotechnology company's stock worth $103,915,000 after purchasing an additional 15,656 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Corcept Therapeutics by 38.0% during the 4th quarter. Geode Capital Management LLC now owns 2,668,918 shares of the biotechnology company's stock valued at $92,892,000 after buying an additional 734,646 shares during the last quarter. First Trust Advisors LP lifted its holdings in shares of Corcept Therapeutics by 213.5% during the 1st quarter. First Trust Advisors LP now owns 2,173,376 shares of the biotechnology company's stock valued at $87,609,000 after buying an additional 1,480,059 shares during the last quarter. Morgan Stanley grew its stake in shares of Corcept Therapeutics by 34.1% in 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. Finally, AQR Capital Management LLC grew its stake in shares of Corcept Therapeutics by 546.9% in the 3rd quarter. AQR Capital Management LLC now owns 1,507,209 shares of the biotechnology company's stock valued at $125,264,000 after buying an additional 1,274,215 shares in the last quarter. Institutional investors and hedge funds own 93.61% of the company's stock.

Corcept Therapeutics Stock Performance

Shares of NASDAQ CORT opened at $109.80 on Wednesday. The firm has a market cap of $11.87 billion, a price-to-earnings ratio of 261.43 and a beta of 0.45. The business's 50-day simple moving average is $86.81 and its 200-day simple moving average is $57.96. Corcept Therapeutics Incorporated has a 52 week low of $28.66 and a 52 week high of $122.21.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last issued its quarterly earnings data on Wednesday, July 29th. The biotechnology company reported $0.36 earnings per share for the quarter, beating analysts' consensus estimates of $0.02 by $0.34. Corcept Therapeutics had a return on equity of 8.26% and a net margin of 6.52%.The business had revenue of $256.15 million for the quarter, compared to the consensus estimate of $221.15 million. During the same period last year, the business earned $0.29 EPS. The firm's revenue was up 31.7% compared to the same quarter last year. As a group, equities research analysts forecast that Corcept Therapeutics Incorporated will post 1.13 earnings per share for the current year.

Insider Buying and Selling

In other news, Director David L. Mahoney sold 20,000 shares of Corcept Therapeutics stock in a transaction that occurred on Wednesday, June 17th. The shares were sold at an average price of $84.53, for a total value of $1,690,600.00. Following the transaction, the director owned 26,147 shares of the company's stock, valued at $2,210,205.91. This trade represents a 43.34% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Atabak Mokari sold 80,000 shares of the business's stock in a transaction on Thursday, July 30th. The stock was sold at an average price of $114.71, for a total transaction of $9,176,800.00. Following the completion of the sale, the chief financial officer owned 16,130 shares of the company's stock, valued at $1,850,272.30. The trade was a 83.22% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 360,000 shares of company stock valued at $30,228,250. 20.70% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of equities analysts recently commented on CORT shares. HC Wainwright increased their price objective on Corcept Therapeutics from $95.00 to $165.00 and gave the stock a "buy" rating in a report on Thursday, July 30th. Truist Financial upgraded shares of Corcept Therapeutics to a "strong-buy" rating in a research note on Monday, June 15th. Wall Street Zen raised shares of Corcept Therapeutics from a "hold" rating to a "strong-buy" rating in a research report on Saturday. Piper Sandler restated an "overweight" rating and set a $165.00 price target (up from $88.00) on shares of Corcept Therapeutics in a research note on Thursday, July 30th. Finally, UBS Group set a $135.00 price target on shares of Corcept Therapeutics in a report on Thursday, May 28th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, Corcept Therapeutics currently has an average rating of "Moderate Buy" and a consensus target price of $119.17.

Corcept Therapeutics 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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