Emerald Advisers LLC Reduces Position in Corcept Therapeutics Incorporated $CORT

Emerald Advisers LLC decreased its holdings in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT) by 11.7% during the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 205,558 shares of the biotechnology company’s stock after selling 27,181 shares during the quarter. Emerald Advisers LLC’s holdings in Corcept Therapeutics were worth $8,286,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Torren Management LLC purchased a new position in Corcept Therapeutics during the 4th quarter valued at $25,000. Advisory Services Network LLC purchased a new stake in Corcept Therapeutics in the third quarter worth $25,000. Atlas Capital Advisors Inc. purchased a new stake in Corcept Therapeutics in the fourth quarter worth $31,000. Hantz Financial Services Inc. lifted its position in shares of Corcept Therapeutics by 113.7% during the fourth 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. Finally, Larson Financial Group LLC lifted its position in shares of Corcept Therapeutics by 2,326.3% during the third quarter. Larson Financial Group LLC now owns 461 shares of the biotechnology company’s stock worth $38,000 after purchasing an additional 442 shares during the last quarter. 93.61% of the stock is currently owned by hedge funds and other institutional investors.

Corcept Therapeutics Stock Up 5.3%

Shares of NASDAQ CORT opened at $90.47 on Wednesday. Corcept Therapeutics Incorporated has a twelve month low of $28.66 and a twelve month high of $95.11. The firm has a market cap of $9.71 billion, a PE ratio of 258.49 and a beta of 0.47. The business has a fifty day simple moving average of $74.19 and a two-hundred day simple moving average of $52.63.

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

Insider Buying and Selling

In related news, insider William Guyer sold 20,000 shares of the company’s stock in a transaction dated Tuesday, July 7th. The shares were sold at an average price of $93.13, for a total value of $1,862,600.00. Following the completion of the sale, the insider directly owned 3,985 shares of the company’s stock, valued at $371,123.05. This represents a 83.39% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 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 transaction, the director owned 26,147 shares in the company, valued at approximately $2,210,205.91. The trade was a 43.34% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 300,000 shares of company stock valued at $22,088,050 over the last quarter. 20.70% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the stock. HC Wainwright upped their price target 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. Truist Financial upgraded shares of Corcept Therapeutics to a “strong-buy” rating in a report on Monday, June 15th. Zacks Research raised shares of Corcept Therapeutics from a “strong sell” rating to a “hold” rating in a research report on Monday, May 4th. Canaccord Genuity Group upped their target price 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. Finally, Piper Sandler raised their target price on shares of Corcept Therapeutics from $73.00 to $88.00 and gave the stock an “overweight” rating in a research report on Friday, May 1st. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $88.83.

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.