Synergy Asset Management LLC Has $19.50 Million Stock Position in Corcept Therapeutics Incorporated (NASDAQ:CORT)

Synergy Asset Management LLC reduced its position in Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) by 63.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 170,751 shares of the biotechnology company's stock after selling 291,660 shares during the quarter. Corcept Therapeutics accounts for approximately 2.5% of Synergy Asset Management LLC's investment portfolio, making the stock its 10th largest holding. Synergy Asset Management LLC owned approximately 0.16% of Corcept Therapeutics worth $19,503,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Black Diamond Financial LLC raised its holdings in shares of Corcept Therapeutics by 4.0% in the fourth quarter. Black Diamond Financial LLC now owns 5,200 shares of the biotechnology company's stock valued at $262,000 after acquiring an additional 200 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its position in Corcept Therapeutics by 3.0% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 7,954 shares of the biotechnology company's stock valued at $909,000 after acquiring an additional 230 shares in the last quarter. Quadrant Capital Group LLC increased its holdings in shares of Corcept Therapeutics by 9.5% during the 4th quarter. Quadrant Capital Group LLC now owns 2,969 shares of the biotechnology company's stock valued at $150,000 after purchasing an additional 257 shares in the last quarter. Summit Investment Advisors Inc. increased its holdings in Corcept Therapeutics by 3.3% in the fourth quarter. Summit Investment Advisors Inc. now owns 8,459 shares of the biotechnology company's stock valued at $426,000 after buying an additional 268 shares in the last quarter. Finally, Arizona State Retirement System increased its stake in shares of Corcept Therapeutics by 1.1% in the 4th quarter. Arizona State Retirement System now owns 27,270 shares of the biotechnology company's stock valued at $1,374,000 after purchasing an additional 289 shares in the last quarter. 93.61% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, CEO Joseph K. Belanoff sold 1,974 shares of the firm's stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $60.83, for a total transaction of $120,078.42. Following the transaction, the chief executive officer now owns 3,017,437 shares in the company, valued at $183,550,692.71. This trade represents a 0.07% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Daniel N. Swisher, Jr. sold 2,200 shares of the firm's stock in a transaction that occurred on Thursday, April 10th. The stock was sold at an average price of $70.22, for a total transaction of $154,484.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 362,325 shares of company stock valued at $30,509,238. 20.80% of the stock is currently owned by insiders.

Corcept Therapeutics Price Performance

Shares of NASDAQ CORT opened at $71.38 on Friday. The stock's 50-day moving average is $71.56 and its two-hundred day moving average is $64.76. Corcept Therapeutics Incorporated has a 1-year low of $29.42 and a 1-year high of $117.33. The company has a market cap of $7.57 billion, a price-to-earnings ratio of 61.53 and a beta of 0.19.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last released its earnings results on Monday, May 5th. The biotechnology company reported $0.17 earnings per share for the quarter, hitting analysts' consensus estimates of $0.17. Corcept Therapeutics had a net margin of 19.33% and a return on equity of 20.40%. The firm had revenue of $157.21 million for the quarter, compared to analyst estimates of $177.93 million. During the same period in the prior year, the firm earned $0.25 earnings per share. The business's quarterly revenue was up 7.1% compared to the same quarter last year. Equities research analysts anticipate that Corcept Therapeutics Incorporated will post 1.36 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

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

Corcept Therapeutics Company 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.

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