Renaissance Technologies LLC Cuts Stock Position in Corcept Therapeutics Incorporated $CORT

Key Points

• Renaissance Technologies trimmed its Corcept Therapeutics stake by 1.3% in the first quarter, but still held 5.68 million shares worth about $229.1 million, or roughly 5.29% of the company.
• Corcept reported mixed quarterly results, with EPS of -$0.30 versus the -$0.11 estimate and revenue of $164.9 million below expectations, though revenue still rose 4.9% year over year.
• Despite recent insider selling, analysts remain broadly positive: several firms raised price targets, and MarketBeat shows an average rating of Moderate Buy with an average target price of $88.83.

Renaissance Technologies LLC reduced its holdings in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) by 1.3% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 5,682,783 shares of the biotechnology company's stock after selling 75,745 shares during the period. Renaissance Technologies LLC owned about 5.29% of Corcept Therapeutics worth $229,073,000 at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in the business. Torren Management LLC acquired a new position in Corcept Therapeutics during the 4th quarter worth $25,000. Advisory Services Network LLC purchased a new stake in shares of Corcept Therapeutics during the 3rd quarter worth $25,000. Atlas Capital Advisors Inc. acquired a new position in shares of Corcept Therapeutics during the fourth quarter worth $31,000. State of Wyoming increased its holdings in Corcept Therapeutics by 29.5% in the first quarter. State of Wyoming now owns 816 shares of the biotechnology company's stock valued at $33,000 after buying an additional 186 shares during the last quarter. Finally, Hantz Financial Services Inc. raised its stake in Corcept Therapeutics by 113.7% in the fourth quarter. Hantz Financial Services Inc. now owns 985 shares of the biotechnology company's stock valued at $34,000 after buying an additional 524 shares in the last quarter. 93.61% of the stock is currently owned by institutional investors and hedge funds.

Corcept Therapeutics Price Performance

CORT opened at $95.36 on Friday. The business has a 50 day simple moving average of $80.40 and a 200-day simple moving average of $54.47. The stock has a market capitalization of $10.24 billion, a P/E ratio of 272.46 and a beta of 0.47. Corcept Therapeutics Incorporated has a 12 month low of $28.66 and a 12 month high of $97.63.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last posted its quarterly earnings results on Thursday, April 30th. The biotechnology company reported ($0.30) earnings per share for the quarter, missing analysts' consensus estimates 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 analysts' expectations of $185.83 million. During the same quarter last year, the firm earned $0.17 earnings per share. The firm's quarterly revenue was up 4.9% compared to the same quarter last year. Research analysts anticipate that Corcept Therapeutics Incorporated will post 0.53 EPS for the current year.

Insider Activity at Corcept Therapeutics

In other Corcept Therapeutics news, Director David L. Mahoney sold 20,000 shares of the stock in a transaction dated 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 completion of the transaction, the director directly owned 26,147 shares of the company's stock, valued at approximately $2,210,205.91. This trade represents a 43.34% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director James N. Wilson sold 10,000 shares of Corcept Therapeutics stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $83.20, for a total transaction of $832,000.00. Following the sale, the director owned 1,094,543 shares of the company's stock, valued at approximately $91,065,977.60. The trade was a 0.91% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 300,000 shares of company stock valued at $22,088,050 in the last ninety days. Company insiders own 20.70% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on CORT. HC Wainwright boosted their target price on Corcept Therapeutics from $75.00 to $95.00 and gave the stock a "buy" rating in a research note on Tuesday, June 2nd. UBS Group set a $135.00 target price on Corcept Therapeutics in a research report on Thursday, May 28th. Canaccord Genuity Group raised their price target on Corcept Therapeutics from $110.00 to $135.00 and gave the stock a "buy" rating in a research note on Thursday, May 28th. Weiss Ratings reissued a "hold (c-)" rating on shares of Corcept Therapeutics in a research report on Wednesday, June 24th. Finally, Truist Financial upgraded shares of Corcept Therapeutics to a "strong-buy" rating in a research note on Monday, June 15th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, Corcept Therapeutics has an average rating of "Moderate Buy" and an average target price of $88.83.

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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