The Manufacturers Life Insurance Company Makes New Investment in Corcept Therapeutics Incorporated $CORT

The Manufacturers Life Insurance Company bought a new position in Corcept Therapeutics Incorporated (NASDAQ:CORT) during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 30,914 shares of the biotechnology company’s stock, valued at approximately $2,688,000.

A number of other large investors have also made changes to their positions in the company. Advisory Services Network LLC acquired a new position in Corcept Therapeutics in the 3rd quarter worth approximately $25,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in Corcept Therapeutics during the 2nd quarter valued at $27,000. Atlas Capital Advisors Inc. acquired a new stake in Corcept Therapeutics during the 4th quarter valued at $31,000. State of Wyoming lifted its holdings in shares of Corcept Therapeutics by 29.5% in the first quarter. State of Wyoming now owns 816 shares of the biotechnology company’s stock valued at $33,000 after purchasing an additional 186 shares in the last quarter. Finally, Hantz Financial Services Inc. lifted its holdings in shares of Corcept Therapeutics by 113.7% in the fourth quarter. Hantz Financial Services Inc. now owns 985 shares of the biotechnology company’s stock valued at $34,000 after purchasing an additional 524 shares in the last quarter. Institutional investors and hedge funds own 93.61% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently commented on CORT. HC Wainwright raised their target price on Corcept Therapeutics from $95.00 to $165.00 and gave the stock a “buy” rating in a research report on Thursday, July 30th. UBS Group set a $135.00 price target on Corcept Therapeutics in a research report on Thursday, May 28th. Wolfe Research downgraded Corcept Therapeutics from a “peer perform” rating to an “underperform” rating and set a $50.00 price objective for the company. in a research note on Monday, July 27th. Weiss Ratings upgraded Corcept Therapeutics from a “hold (c-)” rating to a “hold (c)” rating in a research report on Thursday, August 20th. Finally, Canaccord Genuity Group lifted their target price on Corcept Therapeutics from $135.00 to $150.00 and gave the company a “buy” rating in a research note on Wednesday, July 29th. Five research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Corcept Therapeutics currently has an average rating of “Moderate Buy” and a consensus price target of $138.17.

Insider Buying and Selling at Corcept Therapeutics

In related news, insider Sean Maduck sold 30,955 shares of Corcept Therapeutics stock in a transaction on Tuesday, August 25th. The stock was sold at an average price of $125.58, for a total transaction of $3,887,328.90. Following the completion of the sale, the insider owned 9,755 shares of the company’s stock, valued at approximately $1,225,032.90. This trade represents a 76.04% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director James N. Wilson sold 10,000 shares of the business’s stock in a transaction dated Friday, August 14th. The shares were sold at an average price of $111.43, for a total value of $1,114,300.00. Following the completion of the transaction, the director owned 1,074,543 shares in the company, valued at $119,736,326.49. This trade represents a 0.92% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 412,786 shares of company stock valued at $44,849,840 in the last quarter. Corporate insiders own 20.70% of the company’s stock.

Corcept Therapeutics Stock Performance

Corcept Therapeutics stock opened at $110.43 on Thursday. Corcept Therapeutics Incorporated has a twelve month low of $28.66 and a twelve month high of $126.38. The firm has a market cap of $11.94 billion, a PE ratio of 262.93 and a beta of 0.45. The firm’s 50 day moving average price is $103.09 and its two-hundred day moving average price is $69.08.

Corcept Therapeutics (NASDAQ:CORT) last issued its earnings results on Wednesday, July 29th. The biotechnology company reported $0.36 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.02 by $0.34. Corcept Therapeutics had a net margin of 6.52% and a return on equity of 8.26%. The company had revenue of $256.15 million during the quarter, compared to analyst estimates of $221.15 million. During the same quarter last year, the business posted $0.29 EPS. The company’s revenue for the quarter was up 31.7% on a year-over-year basis. Equities analysts anticipate that Corcept Therapeutics Incorporated will post 1.77 EPS for the current fiscal year.

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.