Legal & General Group Plc Makes New Investment in Corcept Therapeutics Incorporated $CORT

Legal & General Group Plc acquired a new stake in Corcept Therapeutics Incorporated (NASDAQ:CORT) during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 218,078 shares of the biotechnology company’s stock, valued at approximately $18,962,000.

A number of other institutional investors also recently modified their holdings of the company. Alberta Investment Management Corp bought a new position in Corcept Therapeutics during the 2nd quarter valued at approximately $9,843,000. NewEdge Wealth LLC bought a new stake in shares of Corcept Therapeutics in the 2nd quarter worth approximately $3,034,000. BlackRock Inc. purchased a new position in shares of Corcept Therapeutics during the second quarter valued at approximately $1,080,964,000. Avidity Partners Management LP bought a new position in shares of Corcept Therapeutics during the fourth quarter valued at approximately $766,000. Finally, Caitong International Asset Management Co. Ltd bought a new position in shares of Corcept Therapeutics during the fourth quarter valued at approximately $8,757,000. 93.61% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts recently weighed in on the stock. Wolfe Research cut shares of Corcept Therapeutics from a “peer perform” rating to an “underperform” rating and set a $50.00 price target on the stock. in a report on Monday, July 27th. Weiss Ratings upgraded shares of Corcept Therapeutics from a “hold (c-)” rating to a “hold (c)” rating in a report on Thursday, August 20th. Zacks Research raised shares of Corcept Therapeutics from a “strong sell” rating to a “hold” rating in a research report on Monday, May 4th. Piper Sandler reaffirmed an “overweight” rating and set a $165.00 target price (up from $88.00) on shares of Corcept Therapeutics in a research note on Thursday, July 30th. Finally, Wall Street Zen raised shares of Corcept Therapeutics from a “hold” rating to a “strong-buy” rating in a research note on Saturday, August 1st. Five equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $138.17.

Insider Transactions at Corcept Therapeutics

In related news, insider Sean Maduck sold 30,955 shares of the company’s stock in a transaction that occurred on Tuesday, August 25th. The stock was sold at an average price of $125.58, for a total value of $3,887,328.90. Following the sale, the insider owned 9,755 shares in the company, valued at $1,225,032.90. This represents a 76.04% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director David L. Mahoney sold 103,606 shares of the firm’s stock in a transaction that occurred on Tuesday, August 18th. The shares were sold at an average price of $118.25, for a total value of $12,251,409.50. Following the transaction, the director directly owned 1,133,539 shares of the company’s stock, valued at approximately $134,040,986.75. This trade represents a 8.37% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 497,786 shares of company stock worth $50,817,090. Company insiders own 20.70% of the company’s stock.

Corcept Therapeutics Price Performance

Shares of Corcept Therapeutics stock opened at $113.88 on Friday. Corcept Therapeutics Incorporated has a 1 year low of $28.66 and a 1 year high of $126.38. The firm has a market cap of $12.31 billion, a price-to-earnings ratio of 271.15 and a beta of 0.45. The company has a 50-day moving average of $101.17 and a 200 day moving average of $67.37.

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

Corcept Therapeutics 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.