Savant Capital LLC Sells 15,827 Shares of Corcept Therapeutics Incorporated $CORT

Key Points

• Savant Capital LLC cut its Corcept Therapeutics stake by 72.3% in the fourth quarter, selling 15,827 shares and leaving it with 6,050 shares worth about $211,000.
• Despite some selling by Savant and company insiders, institutional ownership remains high at 93.61%, with several funds such as AQR Capital Management and Geode Capital Management significantly adding to their positions.
• Corcept Therapeutics recently reported a quarterly earnings miss, posting EPS of -$0.30 versus expectations of -$0.11 and revenue of $164.9 million versus $185.83 million expected, while analysts still rate the stock Moderate Buy with an average target price of $88.83.

Savant Capital LLC reduced its stake in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) by 72.3% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,050 shares of the biotechnology company's stock after selling 15,827 shares during the quarter. Savant Capital LLC's holdings in Corcept Therapeutics were worth $211,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of CORT. AQR Capital Management LLC grew its stake in shares of Corcept Therapeutics by 546.9% during the third quarter. AQR Capital Management LLC now owns 1,507,209 shares of the biotechnology company's stock valued at $125,264,000 after purchasing an additional 1,274,215 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of Corcept Therapeutics by 38.0% during the fourth quarter. Geode Capital Management LLC now owns 2,668,918 shares of the biotechnology company's stock valued at $92,892,000 after purchasing an additional 734,646 shares during the last quarter. JPMorgan Chase & Co. grew its stake in shares of Corcept Therapeutics by 223.4% during the third quarter. JPMorgan Chase & Co. now owns 849,864 shares of the biotechnology company's stock valued at $70,632,000 after purchasing an additional 587,053 shares during the last quarter. UBS Group AG grew its stake in shares of Corcept Therapeutics by 413.8% during the third quarter. UBS Group AG now owns 549,938 shares of the biotechnology company's stock valued at $45,705,000 after purchasing an additional 442,898 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC grew its stake in shares of Corcept Therapeutics by 111.8% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 507,967 shares of the biotechnology company's stock valued at $19,404,000 after purchasing an additional 268,155 shares during the last quarter. 93.61% of the stock is owned by institutional investors.

Corcept Therapeutics Price Performance

Shares of NASDAQ CORT opened at $72.62 on Monday. The company's 50 day simple moving average is $51.73 and its 200 day simple moving average is $51.98. Corcept Therapeutics Incorporated has a fifty-two week low of $28.66 and a fifty-two week high of $91.00. The firm has a market capitalization of $7.80 billion, a P/E ratio of 207.49 and a beta of 0.50.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last announced its quarterly earnings data on Thursday, April 30th. The biotechnology company reported ($0.30) earnings per share for the quarter, missing the consensus estimate 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 analyst estimates of $185.83 million. During the same quarter in the prior year, the company earned $0.17 earnings per share. The company's quarterly revenue was up 4.9% on a year-over-year basis. Sell-side analysts expect that Corcept Therapeutics Incorporated will post 0.53 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on CORT. Wolfe Research raised shares of Corcept Therapeutics from an "underperform" rating to a "peer perform" rating in a research note on Thursday, March 26th. Canaccord Genuity Group increased their price target on shares of Corcept Therapeutics from $110.00 to $135.00 and gave the company a "buy" rating in a research note on Thursday, May 28th. Piper Sandler increased their price target on shares of Corcept Therapeutics from $73.00 to $88.00 and gave the company an "overweight" rating in a research note on Friday, May 1st. UBS Group set a $135.00 price objective on shares of Corcept Therapeutics in a report on Thursday, May 28th. Finally, HC Wainwright increased their price objective on shares of Corcept Therapeutics from $75.00 to $95.00 and gave the company a "buy" rating in a report on Tuesday, June 2nd. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, Corcept Therapeutics presently has a consensus rating of "Moderate Buy" and an average target price of $88.83.

Insiders Place Their Bets

In other Corcept Therapeutics news, insider William Guyer sold 20,000 shares of the stock in a transaction on Tuesday, June 2nd. The shares were sold at an average price of $70.60, for a total value of $1,412,000.00. Following the sale, the insider directly owned 3,985 shares in the company, valued at approximately $281,341. This trade represents a 83.39% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Atabak Mokari sold 40,000 shares of the stock in a transaction on Monday, June 1st. The stock was sold at an average price of $70.00, for a total transaction of $2,800,000.00. Following the completion of the sale, the chief financial officer owned 15,257 shares in the company, valued at approximately $1,067,990. This trade represents a 72.39% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 242,965 shares of company stock valued at $14,802,964 over the last three months. 20.70% of the stock is owned by insiders.

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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