Parallel Advisors LLC Has $160.33 Million Holdings in Corcept Therapeutics Incorporated $CORT

Parallel Advisors LLC raised its holdings in Corcept Therapeutics Incorporated (NASDAQ:CORT) by 2.5% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 3,977,404 shares of the biotechnology company’s stock after buying an additional 96,763 shares during the quarter. Corcept Therapeutics accounts for about 2.9% of Parallel Advisors LLC’s investment portfolio, making the stock its 5th largest position. Parallel Advisors LLC’s holdings in Corcept Therapeutics were worth $160,329,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. First Trust Advisors LP lifted its holdings in shares of Corcept Therapeutics by 213.5% during the first quarter. First Trust Advisors LP now owns 2,173,376 shares of the biotechnology company’s stock worth $87,609,000 after buying an additional 1,480,059 shares during the last quarter. AQR Capital Management LLC grew its stake in shares of Corcept Therapeutics by 546.9% in the third quarter. AQR Capital Management LLC now owns 1,507,209 shares of the biotechnology company’s stock worth $125,264,000 after acquiring 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% in the fourth quarter. Geode Capital Management LLC now owns 2,668,918 shares of the biotechnology company’s stock worth $92,892,000 after acquiring an additional 734,646 shares during the last quarter. Norges Bank bought a new position in Corcept Therapeutics during the fourth quarter worth $24,213,000. Finally, UBS Group AG increased its position in Corcept Therapeutics by 413.8% during the third quarter. UBS Group AG now owns 549,938 shares of the biotechnology company’s stock worth $45,705,000 after acquiring an additional 442,898 shares during the period. 93.61% of the stock is owned by institutional investors.

Corcept Therapeutics Price Performance

CORT opened at $109.80 on Wednesday. The company has a market capitalization of $11.87 billion, a P/E ratio of 261.43 and a beta of 0.45. The firm’s fifty day moving average price is $86.81 and its two-hundred day moving average price is $57.96. Corcept Therapeutics Incorporated has a fifty-two week low of $28.66 and a fifty-two week high of $122.21.

Corcept Therapeutics (NASDAQ:CORT) last announced its quarterly earnings data on Wednesday, July 29th. The biotechnology company reported $0.36 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.02 by $0.34. The company had revenue of $256.15 million during the quarter, compared to analysts’ expectations of $221.15 million. Corcept Therapeutics had a net margin of 6.52% and a return on equity of 8.26%. The business’s revenue was up 31.7% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.29 EPS. On average, equities research analysts expect that Corcept Therapeutics Incorporated will post 1.13 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on CORT. Truist Financial raised shares of Corcept Therapeutics to a “strong-buy” rating in a report on Monday, June 15th. Canaccord Genuity Group boosted their price objective on shares of Corcept Therapeutics from $135.00 to $150.00 and gave the stock a “buy” rating in a report on Wednesday, July 29th. Wall Street Zen raised shares of Corcept Therapeutics from a “hold” rating to a “strong-buy” rating in a research report on Saturday. Piper Sandler reiterated an “overweight” rating and issued a $165.00 target price (up from $88.00) on shares of Corcept Therapeutics in a research note on Thursday, July 30th. Finally, Zacks Research raised Corcept Therapeutics from a “strong sell” rating to a “hold” rating in a research report on Monday, May 4th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $119.17.

Insiders Place Their Bets

In related news, Director James N. Wilson sold 10,000 shares of the company’s stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $83.20, for a total value of $832,000.00. Following the sale, the director owned 1,094,543 shares of the company’s stock, valued at $91,065,977.60. The trade was a 0.91% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director David L. Mahoney sold 20,000 shares of the stock in a transaction dated Wednesday, June 17th. The stock was sold at an average price of $84.53, for a total transaction 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 $2,210,205.91. This trade represents a 43.34% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 360,000 shares of company stock valued at $30,228,250 over the last 90 days. Company insiders own 20.70% of the company’s stock.

Corcept Therapeutics Company 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.