Rockefeller Capital Management L.P. Buys 53,574 Shares of Corcept Therapeutics Incorporated $CORT

Key Points

• Rockefeller Capital Management significantly increased its stake in Corcept Therapeutics, buying 53,574 more shares in the fourth quarter and lifting its holdings by 438.3% to 65,797 shares valued at about $2.29 million.
• Insider selling was notable, with Director James N. Wilson and CFO Atabak Mokari both selling shares in June; insiders sold 275,000 shares in the last quarter overall.
• Analysts remain generally positive on CORT, with a consensus Moderate Buy rating and a price target of $88.83, even though the company recently missed earnings and revenue estimates in its latest quarterly report.

Rockefeller Capital Management L.P. boosted its position in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) by 438.3% during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 65,797 shares of the biotechnology company's stock after buying an additional 53,574 shares during the quarter. Rockefeller Capital Management L.P. owned approximately 0.06% of Corcept Therapeutics worth $2,290,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Torren Management LLC bought a new stake in shares of Corcept Therapeutics during the fourth quarter worth $25,000. Advisory Services Network LLC bought a new position in Corcept Therapeutics in the third quarter valued at about $25,000. Clearstead Advisors LLC increased its position in Corcept Therapeutics by 163.6% in the third quarter. Clearstead Advisors LLC now owns 311 shares of the biotechnology company's stock worth $26,000 after purchasing an additional 193 shares during the period. Atlas Capital Advisors Inc. acquired a new stake in Corcept Therapeutics in the fourth quarter worth about $31,000. Finally, Hantz Financial Services Inc. raised its holdings in Corcept Therapeutics by 113.7% during the 4th quarter. Hantz Financial Services Inc. now owns 985 shares of the biotechnology company's stock worth $34,000 after purchasing an additional 524 shares during the last quarter. 93.61% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, Director James N. Wilson sold 10,000 shares of the company's stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $83.20, for a total value of $832,000.00. Following the completion of the sale, the director owned 1,094,543 shares in the company, valued at $91,065,977.60. This represents a 0.91% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Atabak Mokari sold 40,000 shares of the firm's stock in a transaction on Monday, June 15th. The stock was sold at an average price of $81.15, for a total value of $3,246,000.00. Following the sale, the chief financial officer directly owned 16,130 shares in the company, valued at $1,308,949.50. The trade was a 71.26% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 275,000 shares of company stock valued at $18,836,100. 20.70% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

CORT has been the topic of a number of research reports. UBS Group set a $135.00 target price on shares of Corcept Therapeutics in a research report on Thursday, May 28th. Canaccord Genuity Group boosted their price target on shares of Corcept Therapeutics from $110.00 to $135.00 and gave the stock a "buy" rating in a research note on Thursday, May 28th. Zacks Research upgraded shares of Corcept Therapeutics from a "strong sell" rating to a "hold" rating in a report on Monday, May 4th. Weiss Ratings reaffirmed a "hold (c-)" rating on shares of Corcept Therapeutics in a research note on Wednesday, June 24th. Finally, HC Wainwright lifted their target price on shares of Corcept Therapeutics from $75.00 to $95.00 and gave the stock a "buy" rating in a report on Tuesday, June 2nd. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, Corcept Therapeutics has a consensus rating of "Moderate Buy" and a consensus price target of $88.83.

Corcept Therapeutics Trading Up 0.7%

Corcept Therapeutics stock opened at $87.89 on Tuesday. The firm has a market capitalization of $9.43 billion, a P/E ratio of 251.12 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 business has a 50-day moving average of $64.52 and a 200-day moving average of $52.14.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last announced 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 firm had revenue of $164.90 million during the quarter, compared to analyst estimates of $185.83 million. During the same quarter in the prior year, the business earned $0.17 earnings per share. The business's revenue was up 4.9% on a year-over-year basis. Research analysts anticipate that Corcept Therapeutics Incorporated will post 0.53 EPS for the current fiscal year.

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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