Corcept Therapeutics Incorporated (NASDAQ:CORT) is Parallel Advisors LLC's Largest Position

Parallel Advisors LLC lifted its holdings in Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) by 3.7% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,972,416 shares of the biotechnology company's stock after purchasing an additional 142,784 shares during the quarter. Corcept Therapeutics accounts for about 9.7% of Parallel Advisors LLC's investment portfolio, making the stock its biggest holding. Parallel Advisors LLC owned 3.77% of Corcept Therapeutics worth $453,729,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of CORT. Norges Bank purchased a new position in shares of Corcept Therapeutics in the fourth quarter worth $42,055,000. GAMMA Investing LLC raised its position in Corcept Therapeutics by 12,888.9% in the 1st quarter. GAMMA Investing LLC now owns 389,148 shares of the biotechnology company's stock worth $44,448,000 after buying an additional 386,152 shares during the last quarter. Braun Stacey Associates Inc. purchased a new position in Corcept Therapeutics in the 4th quarter worth about $14,935,000. Synergy Asset Management LLC raised its position in Corcept Therapeutics by 131.3% in the 4th quarter. Synergy Asset Management LLC now owns 462,411 shares of the biotechnology company's stock worth $22,369,000 after buying an additional 262,503 shares during the last quarter. Finally, Raymond James Financial Inc. purchased a new position in shares of Corcept Therapeutics during the fourth quarter valued at approximately $12,084,000. Hedge funds and other institutional investors own 93.61% of the company's stock.

Corcept Therapeutics Stock Performance

CORT stock traded up $0.45 during midday trading on Friday, reaching $78.09. 1,203,879 shares of the company's stock traded hands, compared to its average volume of 1,122,355. Corcept Therapeutics Incorporated has a 52-week low of $28.04 and a 52-week high of $117.33. The stock has a market cap of $8.28 billion, a P/E ratio of 61.98 and a beta of 0.22. The company has a current ratio of 3.70, a quick ratio of 3.64 and a debt-to-equity ratio of 0.01. The stock's 50-day moving average is $72.53 and its 200 day moving average is $63.33.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last posted its quarterly earnings data on Monday, May 5th. The biotechnology company reported $0.17 EPS for the quarter, hitting the consensus estimate of $0.17. The firm had revenue of $157.21 million during the quarter, compared to analyst estimates of $177.93 million. Corcept Therapeutics had a return on equity of 24.54% and a net margin of 22.35%. Corcept Therapeutics's revenue was up 7.1% on a year-over-year basis. During the same period in the prior year, the business posted $0.25 EPS. As a group, analysts anticipate that Corcept Therapeutics Incorporated will post 1.36 EPS for the current year.

Analyst Upgrades and Downgrades

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

Insiders Place Their Bets

In related news, Director Daniel N. Swisher, Jr. sold 2,200 shares of the 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 document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Sean Maduck sold 100,000 shares of the stock in a transaction that occurred on Monday, March 31st. The stock was sold at an average price of $100.54, for a total transaction of $10,054,000.00. Following the completion of the sale, the insider now directly owns 85,622 shares of the company's stock, valued at $8,608,435.88. This represents a 53.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 296,352 shares of company stock worth $24,908,205 over the last quarter. 20.50% of the stock is currently owned by corporate insiders.

Corcept Therapeutics Profile

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.