Connor Clark & Lunn Investment Management Ltd. Cuts Stock Holdings in Corcept Therapeutics Incorporated (NASDAQ:CORT)

Connor Clark & Lunn Investment Management Ltd. trimmed its position in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT) by 7.3% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 796,795 shares of the biotechnology company’s stock after selling 62,768 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in Corcept Therapeutics were worth $40,150,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently bought and sold shares of CORT. Black Diamond Financial LLC lifted its holdings in Corcept Therapeutics by 4.0% during the fourth quarter. Black Diamond Financial LLC now owns 5,200 shares of the biotechnology company’s stock valued at $262,000 after purchasing an additional 200 shares during the last quarter. Hancock Whitney Corp lifted its holdings in Corcept Therapeutics by 1.2% during the third quarter. Hancock Whitney Corp now owns 22,954 shares of the biotechnology company’s stock valued at $1,062,000 after purchasing an additional 270 shares during the last quarter. Arizona State Retirement System lifted its holdings in Corcept Therapeutics by 1.1% during the fourth quarter. Arizona State Retirement System now owns 27,270 shares of the biotechnology company’s stock valued at $1,374,000 after purchasing an additional 289 shares during the last quarter. Illinois Municipal Retirement Fund lifted its holdings in Corcept Therapeutics by 0.8% during the fourth quarter. Illinois Municipal Retirement Fund now owns 47,527 shares of the biotechnology company’s stock valued at $2,395,000 after purchasing an additional 368 shares during the last quarter. Finally, Westover Capital Advisors LLC lifted its holdings in Corcept Therapeutics by 3.0% during the fourth quarter. Westover Capital Advisors LLC now owns 15,587 shares of the biotechnology company’s stock valued at $785,000 after purchasing an additional 456 shares during the last quarter. 93.61% of the stock is owned by hedge funds and other institutional investors.

Corcept Therapeutics Trading Down 0.8 %

Shares of CORT opened at $55.00 on Thursday. The business’s 50-day moving average price is $60.55 and its 200-day moving average price is $52.71. Corcept Therapeutics Incorporated has a twelve month low of $20.84 and a twelve month high of $75.00. The stock has a market cap of $5.80 billion, a PE ratio of 43.65 and a beta of 0.61. The company has a quick ratio of 3.64, a current ratio of 3.70 and a debt-to-equity ratio of 0.01.

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

Wall Street Analysts Forecast Growth

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

Insider Buying and Selling

In related news, Director Daniel N. Swisher, Jr. sold 2,200 shares of the company’s stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $68.08, for a total value of $149,776.00. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Sean Maduck sold 20,000 shares of the company’s stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $50.39, for a total transaction 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 trade represents a 18.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 45,627 shares of company stock worth $2,557,674. Insiders own 20.50% of the company’s stock.

Corcept Therapeutics Company 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.