Parallel Advisors LLC Boosts Stake in Corcept Therapeutics Incorporated (NASDAQ:CORT)

Parallel Advisors LLC raised its stake in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) by 0.4% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 3,829,632 shares of the biotechnology company's stock after buying an additional 15,908 shares during the quarter. Corcept Therapeutics comprises 4.3% of Parallel Advisors LLC's portfolio, making the stock its 4th largest holding. Parallel Advisors LLC owned approximately 3.66% of Corcept Therapeutics worth $192,975,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in the stock. Black Diamond Financial LLC grew its holdings in Corcept Therapeutics by 4.0% during the 4th quarter. Black Diamond Financial LLC now owns 5,200 shares of the biotechnology company's stock valued at $262,000 after buying an additional 200 shares in the last quarter. Hancock Whitney Corp grew its holdings in Corcept Therapeutics by 1.2% during the 3rd quarter. Hancock Whitney Corp now owns 22,954 shares of the biotechnology company's stock valued at $1,062,000 after buying an additional 270 shares in the last quarter. Arizona State Retirement System grew its holdings in Corcept Therapeutics by 1.1% during the 4th quarter. Arizona State Retirement System now owns 27,270 shares of the biotechnology company's stock valued at $1,374,000 after buying an additional 289 shares in the last quarter. Illinois Municipal Retirement Fund grew its holdings in Corcept Therapeutics by 0.8% during the 4th quarter. Illinois Municipal Retirement Fund now owns 47,527 shares of the biotechnology company's stock valued at $2,395,000 after buying an additional 368 shares in the last quarter. Finally, Westover Capital Advisors LLC grew its holdings in Corcept Therapeutics by 3.0% during the 4th quarter. Westover Capital Advisors LLC now owns 15,587 shares of the biotechnology company's stock valued at $785,000 after buying an additional 456 shares in the last quarter. Hedge funds and other institutional investors own 93.61% of the company's stock.

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Corcept Therapeutics Price Performance

CORT traded down $0.41 during midday trading on Thursday, hitting $57.59. The stock had a trading volume of 882,522 shares, compared to its average volume of 966,122. The company has a market cap of $6.08 billion, a P/E ratio of 45.71 and a beta of 0.61. The business has a fifty day moving average of $61.20 and a 200 day moving average of $53.48. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.64 and a current ratio of 3.70. Corcept Therapeutics Incorporated has a 1 year low of $20.84 and a 1 year high of $75.00.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last issued its earnings results on Wednesday, February 26th. The biotechnology company reported $0.26 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.37 by ($0.11). Corcept Therapeutics had a return on equity of 24.54% and a net margin of 22.35%. The firm had revenue of $181.89 million during the quarter, compared to analysts' expectations of $200.12 million. As a group, equities analysts forecast that Corcept Therapeutics Incorporated will post 1.36 earnings per share for the current fiscal year.

Insider Activity at Corcept Therapeutics

In other Corcept Therapeutics news, insider Sean Maduck sold 20,000 shares of the stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $50.39, for a total value of $1,007,800.00. Following the completion of the transaction, the insider now owns 85,318 shares in the company, valued at approximately $4,299,174.02. This represents a 18.99 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Joseph K. Belanoff sold 2,924 shares of the stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $60.91, for a total value of $178,100.84. Following the completion of the transaction, the chief executive officer now owns 3,019,411 shares of the company's stock, valued at approximately $183,912,324.01. This trade represents a 0.10 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 45,627 shares of company stock worth $2,557,674 over the last quarter. 20.50% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several research analysts have recently commented on CORT shares. HC Wainwright reissued a "buy" rating and set a $115.00 price objective on shares of Corcept Therapeutics in a report on Thursday, February 27th. Canaccord Genuity Group boosted their price objective on Corcept Therapeutics from $78.00 to $130.00 and gave the stock a "buy" rating in a report on Thursday, January 30th. StockNews.com lowered Corcept Therapeutics from a "buy" rating to a "hold" rating in a report on Friday, February 28th. Finally, Piper Sandler boosted their price objective on Corcept Therapeutics from $67.00 to $78.00 and gave the stock an "overweight" rating in a report on Thursday, February 27th. One analyst has rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, Corcept Therapeutics has a consensus rating of "Moderate Buy" and a consensus target price of $99.75.

Corcept Therapeutics 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.