Convergence Investment Partners LLC Lowers Position in Corcept Therapeutics Incorporated (CORT)
Convergence Investment Partners LLC decreased its stake in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT) by 19.9% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 111,231 shares of the biotechnology company’s stock after selling 27,569 shares during the period. Convergence Investment Partners LLC’s holdings in Corcept Therapeutics were worth $1,313,000 at the end of the most recent quarter.
Other large investors have also recently made changes to their positions in the company. Jane Street Group LLC purchased a new stake in shares of Corcept Therapeutics during the first quarter valued at about $153,000. ARP Americas LLC purchased a new stake in shares of Corcept Therapeutics during the second quarter valued at about $163,000. Prudential Financial Inc. purchased a new stake in shares of Corcept Therapeutics during the first quarter valued at about $198,000. Trexquant Investment LP purchased a new stake in shares of Corcept Therapeutics during the first quarter valued at about $202,000. Finally, Sheets Smith Wealth Management purchased a new stake in shares of Corcept Therapeutics during the second quarter valued at about $283,000. Institutional investors and hedge funds own 55.96% of the company’s stock.
Corcept Therapeutics Incorporated (NASDAQ:CORT) opened at 14.87 on Wednesday. Corcept Therapeutics Incorporated has a 52 week low of $5.24 and a 52 week high of $15.26. The company has a 50 day moving average price of $12.81 and a 200-day moving average price of $10.80. The company has a market capitalization of $1.69 billion, a P/E ratio of 73.98 and a beta of 2.06.
Corcept Therapeutics (NASDAQ:CORT) last issued its quarterly earnings results on Tuesday, August 1st. The biotechnology company reported $0.10 EPS for the quarter, beating the consensus estimate of $0.08 by $0.02. Corcept Therapeutics had a return on equity of 51.45% and a net margin of 22.28%. The firm had revenue of $35.56 million during the quarter, compared to analysts’ expectations of $31.37 million. During the same period in the prior year, the firm posted $0.01 earnings per share. The business’s quarterly revenue was up 80.3% compared to the same quarter last year. On average, equities analysts anticipate that Corcept Therapeutics Incorporated will post $0.43 earnings per share for the current fiscal year.
Several brokerages have recently issued reports on CORT. Piper Jaffray Companies set a $18.00 price target on Corcept Therapeutics and gave the company a “buy” rating in a report on Monday, May 15th. BidaskClub lowered Corcept Therapeutics from a “buy” rating to a “hold” rating in a report on Thursday, June 15th. Zacks Investment Research lowered Corcept Therapeutics from a “buy” rating to a “hold” rating in a report on Monday, May 8th. TheStreet lowered Corcept Therapeutics from a “b-” rating to a “c+” rating in a report on Monday, May 1st. Finally, Ladenburg Thalmann Financial Services set a $20.00 price target on Corcept Therapeutics and gave the company a “buy” rating in a report on Tuesday, July 18th. One investment analyst has rated the stock with a sell rating, four have issued a buy rating and one has given a strong buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $14.20.
In related news, Director David L. Mahoney sold 6,510 shares of the stock in a transaction that occurred on Wednesday, July 12th. The stock was sold at an average price of $12.50, for a total transaction of $81,375.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director David L. Mahoney sold 23,006 shares of the stock in a transaction that occurred on Wednesday, July 19th. The shares were sold at an average price of $12.50, for a total value of $287,575.00. The disclosure for this sale can be found here. Insiders have sold 42,601 shares of company stock valued at $532,513 over the last three months. Insiders own 19.20% of the company’s stock.
About Corcept Therapeutics
Corcept Therapeutics Incorporated is a pharmaceutical company engaged in the discovery, development and commercialization of drugs for the treatment of severe metabolic, psychiatric and oncologic disorders. The Company is developing mifepristone, a compound that modulates the effects of cortisol by acting as a competitive antagonist at the glucocorticoid receptor (GR).
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