Corcept Therapeutics Incorporated $CORT Shares Sold by Renaissance Technologies LLC

Renaissance Technologies LLC trimmed its position in Corcept Therapeutics Incorporated (NASDAQ:CORT) by 1.3% during the first quarter, Holdings Channel.com reports. The firm owned 5,682,783 shares of the biotechnology company’s stock after selling 75,745 shares during the period. Renaissance Technologies LLC owned 0.05% of Corcept Therapeutics worth $229,073,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of CORT. Parallel Advisors LLC grew its stake in Corcept Therapeutics by 2.5% in the 1st quarter. Parallel Advisors LLC now owns 3,977,404 shares of the biotechnology company’s stock worth $160,329,000 after acquiring an additional 96,763 shares during the period. State Street Corp grew its position in shares of Corcept Therapeutics by 0.5% in the fourth quarter. State Street Corp now owns 2,986,056 shares of the biotechnology company’s stock valued at $103,915,000 after purchasing an additional 15,656 shares during the period. Geode Capital Management LLC increased its stake in 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 valued at $92,892,000 after purchasing an additional 734,646 shares during the last quarter. First Trust Advisors LP increased its stake in Corcept Therapeutics by 213.5% in the first quarter. First Trust Advisors LP now owns 2,173,376 shares of the biotechnology company’s stock valued at $87,609,000 after purchasing an additional 1,480,059 shares during the last quarter. Finally, Morgan Stanley lifted its holdings in shares of Corcept Therapeutics by 34.1% during the 4th 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 during the period. 93.61% of the stock is owned by institutional investors and hedge funds.

Corcept Therapeutics Stock Performance

Shares of CORT opened at $95.36 on Friday. The stock has a 50-day moving average price of $80.40 and a 200 day moving average price of $54.47. Corcept Therapeutics Incorporated has a one year low of $28.66 and a one year high of $97.63. The company has a market capitalization of $10.24 billion, a P/E ratio of 272.46 and a beta of 0.47.

Corcept Therapeutics (NASDAQ:CORT) last released its earnings results on Thursday, April 30th. The biotechnology company reported ($0.30) EPS for the quarter, missing the consensus estimate of ($0.11) by ($0.19). The business 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 quarterly revenue was up 4.9% compared to the same quarter last year. During the same quarter last year, the company posted $0.17 earnings per share. As a group, equities research analysts forecast that Corcept Therapeutics Incorporated will post 0.53 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities analysts recently commented on CORT shares. 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 research report on Tuesday, June 2nd. Truist Financial raised shares of Corcept Therapeutics to a “strong-buy” rating in a research report on Monday, June 15th. Zacks Research upgraded shares of Corcept Therapeutics from a “strong sell” rating to a “hold” rating in a research note on Monday, May 4th. Canaccord Genuity Group increased their price objective on shares of Corcept Therapeutics from $110.00 to $135.00 and gave the stock a “buy” rating in a research report on Thursday, May 28th. Finally, Weiss Ratings reissued a “hold (c-)” rating on shares of Corcept Therapeutics in a research report on Wednesday, June 24th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $88.83.

Insiders Place Their Bets

In other Corcept Therapeutics news, insider Sean Maduck sold 75,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 27th. The stock was sold at an average price of $65.59, for a total transaction of $4,919,250.00. Following the sale, the insider owned 8,977 shares in the company, valued at $588,801.43. This represents a 89.31% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director David L. Mahoney sold 20,000 shares of the firm’s stock in a transaction on Wednesday, June 17th. The stock was sold at an average price of $84.53, for a total value of $1,690,600.00. Following the transaction, the director owned 26,147 shares in the company, valued at $2,210,205.91. This trade represents a 43.34% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 300,000 shares of company stock valued at $22,088,050. 20.70% of the stock is owned by company insiders.

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.