Corcept Therapeutics Incorporated (CORT) Shares Bought by Rhumbline Advisers
Rhumbline Advisers grew its stake in Corcept Therapeutics Incorporated (NASDAQ:CORT) by 21.5% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 87,672 shares of the biotechnology company’s stock after purchasing an additional 15,494 shares during the quarter. Rhumbline Advisers owned approximately 0.08% of Corcept Therapeutics worth $1,035,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. ARP Americas LLC acquired a new stake in shares of Corcept Therapeutics in the second quarter valued at about $163,000. Jane Street Group LLC acquired a new stake in shares of Corcept Therapeutics in the first quarter valued at about $153,000. Prudential Financial Inc. acquired a new stake in shares of Corcept Therapeutics in the first quarter valued at about $198,000. Trexquant Investment LP acquired a new stake in shares of Corcept Therapeutics in the first quarter valued at about $202,000. Finally, Sheets Smith Wealth Management acquired a new stake in shares of Corcept Therapeutics in the second quarter valued at about $283,000. Institutional investors and hedge funds own 61.48% of the company’s stock.
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CORT has been the topic of several research analyst reports. Zacks Investment Research upgraded shares of Corcept Therapeutics from a “hold” rating to a “strong-buy” rating and set a $14.00 target price on the stock in a research report on Wednesday, July 19th. Piper Jaffray Companies raised their price target on shares of Corcept Therapeutics from $18.00 to $24.00 and gave the stock a “buy” rating in a research note on Friday, September 8th. Ladenburg Thalmann Financial Services set a $20.00 price target on shares of Corcept Therapeutics and gave the stock a “buy” rating in a research note on Tuesday, July 18th. Stifel Nicolaus began coverage on shares of Corcept Therapeutics in a research note on Thursday, August 31st. They issued a “buy” rating and a $20.00 price target on the stock. Finally, BidaskClub raised shares of Corcept Therapeutics from a “hold” rating to a “buy” rating in a research note on Saturday, June 24th. One analyst has rated the stock with a sell rating, four have given a buy rating and two have given a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average price target of $16.17.
Corcept Therapeutics Incorporated (CORT) opened at 18.20 on Monday. Corcept Therapeutics Incorporated has a 1-year low of $6.11 and a 1-year high of $18.54. The stock has a market capitalization of $2.06 billion, a P/E ratio of 90.55 and a beta of 2.07. The stock has a 50 day moving average of $15.54 and a 200 day moving average of $12.18.
Corcept Therapeutics (NASDAQ:CORT) last issued its quarterly earnings data on Tuesday, August 1st. The biotechnology company reported $0.10 EPS for the quarter, beating the Zacks’ consensus estimate of $0.08 by $0.02. The firm had revenue of $35.56 million for the quarter, compared to analysts’ expectations of $31.37 million. Corcept Therapeutics had a net margin of 22.28% and a return on equity of 51.45%. The firm’s revenue was up 80.3% on a year-over-year basis. During the same period in the prior year, the company earned $0.01 EPS. On average, analysts expect that Corcept Therapeutics Incorporated will post $0.42 earnings per share for the current year.
In related news, Director David L. Mahoney sold 6,510 shares of the stock in a transaction dated Wednesday, July 12th. The shares were sold at an average price of $12.50, for a total value of $81,375.00. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director David L. Mahoney sold 6,091 shares of the stock in a transaction dated Tuesday, July 18th. The shares were sold at an average price of $12.50, for a total transaction of $76,137.50. The disclosure for this sale can be found here. Over the last three months, insiders sold 42,601 shares of company stock worth $532,513. 19.20% of the stock is owned by corporate insiders.
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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