Parallel Advisors LLC Buys 96,763 Shares of Corcept Therapeutics Incorporated $CORT

Parallel Advisors LLC lifted its stake in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT) by 2.5% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,977,404 shares of the biotechnology company’s stock after purchasing an additional 96,763 shares during the period. Corcept Therapeutics makes up about 2.8% of Parallel Advisors LLC’s holdings, making the stock its 6th biggest position. Parallel Advisors LLC’s holdings in Corcept Therapeutics were worth $160,329,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the stock. AQR Capital Management LLC increased its stake in Corcept Therapeutics by 546.9% in the 3rd quarter. AQR Capital Management LLC now owns 1,507,209 shares of the biotechnology company’s stock worth $125,264,000 after purchasing an additional 1,274,215 shares in the last quarter. Geode Capital Management LLC lifted its stake in 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 buying an additional 734,646 shares in the last quarter. Norges Bank acquired a new position in shares of Corcept Therapeutics in the fourth quarter worth about $24,213,000. UBS Group AG boosted its holdings in shares of Corcept Therapeutics by 413.8% in the third quarter. UBS Group AG now owns 549,938 shares of the biotechnology company’s stock worth $45,705,000 after buying an additional 442,898 shares during the period. Finally, Morgan Stanley increased its position in shares of Corcept Therapeutics by 34.1% in the fourth quarter. Morgan Stanley now owns 1,592,059 shares of the biotechnology company’s stock worth $55,404,000 after acquiring an additional 405,081 shares in the last quarter. 93.61% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Corcept Therapeutics

In other news, Director David L. Mahoney sold 20,000 shares of the business’s stock in a transaction on Wednesday, June 17th. The shares were sold at an average price of $84.53, for a total transaction of $1,690,600.00. Following the transaction, the director directly owned 26,147 shares in the company, valued at $2,210,205.91. The trade was a 43.34% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Atabak Mokari sold 40,000 shares of the company’s stock in a transaction on Monday, June 15th. The stock was sold at an average price of $81.15, for a total transaction of $3,246,000.00. Following the completion of the transaction, the chief financial officer directly owned 16,130 shares in the company, valued at $1,308,949.50. This trade represents a 71.26% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 300,000 shares of company stock worth $22,088,050. 20.70% of the stock is currently owned by company insiders.

Corcept Therapeutics Stock Performance

CORT stock opened at $90.52 on Monday. The stock has a market cap of $9.72 billion, a P/E ratio of 258.64 and a beta of 0.47. The firm has a 50 day simple moving average of $76.47 and a 200 day simple moving average of $52.80. Corcept Therapeutics Incorporated has a 52 week low of $28.66 and a 52 week high of $95.11.

Corcept Therapeutics (NASDAQ:CORT) last announced its quarterly earnings data on Thursday, April 30th. The biotechnology company reported ($0.30) EPS for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.19). The company had revenue of $164.90 million for the quarter, compared to analysts’ expectations of $185.83 million. Corcept Therapeutics had a net margin of 6.14% and a return on equity of 7.40%. The business’s revenue for the quarter was up 4.9% on a year-over-year basis. During the same period in the previous year, the firm posted $0.17 earnings per share. Sell-side analysts predict that Corcept Therapeutics Incorporated will post 0.53 EPS for the current year.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. Weiss Ratings restated a “hold (c-)” rating on shares of Corcept Therapeutics in a report on Wednesday, June 24th. Canaccord Genuity Group boosted their target price 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. Wolfe Research upgraded Corcept Therapeutics from an “underperform” rating to a “peer perform” rating in a report on Thursday, March 26th. UBS Group set a $135.00 target price on Corcept Therapeutics in a research report on Thursday, May 28th. Finally, Zacks Research upgraded Corcept Therapeutics from a “strong sell” rating to a “hold” rating in a report on Monday, May 4th. 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 data from MarketBeat.com, Corcept Therapeutics has a consensus rating of “Moderate Buy” and an average target price of $88.83.

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.