Legal & General Group Plc Takes $18.96 Million Position in Corcept Therapeutics Incorporated $CORT

Legal & General Group Plc purchased a new position in Corcept Therapeutics Incorporated (NASDAQ:CORT) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 218,078 shares of the biotechnology company’s stock, valued at approximately $18,962,000. Legal & General Group Plc owned 0.20% of Corcept Therapeutics as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently made changes to their positions in the company. Torren Management LLC bought a new stake in Corcept Therapeutics during the fourth quarter valued at $25,000. Advisory Services Network LLC purchased a new stake in shares of Corcept Therapeutics in the 3rd quarter valued at about $25,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in shares of Corcept Therapeutics during the 2nd quarter valued at about $27,000. Atlas Capital Advisors Inc. bought a new stake in shares of Corcept Therapeutics during the 4th quarter valued at about $31,000. Finally, State of Wyoming grew its holdings in shares of Corcept Therapeutics by 29.5% during the first quarter. State of Wyoming now owns 816 shares of the biotechnology company’s stock worth $33,000 after purchasing an additional 186 shares in the last quarter. Hedge funds and other institutional investors own 93.61% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the stock. Wall Street Zen upgraded shares of Corcept Therapeutics from a “hold” rating to a “strong-buy” rating in a research report on Saturday, August 1st. Zacks Research upgraded shares of Corcept Therapeutics from a “strong sell” rating to a “hold” rating in a research report on Monday, May 4th. Wolfe Research cut shares of Corcept Therapeutics from a “peer perform” rating to an “underperform” rating and set a $50.00 price target for the company. in a research note on Monday, July 27th. Piper Sandler reissued an “overweight” rating and issued a $165.00 price target (up from $88.00) on shares of Corcept Therapeutics in a report on Thursday, July 30th. Finally, UBS Group set a $135.00 price objective on shares of Corcept Therapeutics in a research report on Thursday, May 28th. Five analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $138.17.

Insider Activity

In related news, insider Sean Maduck sold 30,955 shares of the stock in a transaction dated 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 directly owned 9,755 shares in the company, valued at $1,225,032.90. This represents a 76.04% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Kimberly Park sold 26,685 shares of the firm’s stock in a transaction that occurred on Wednesday, August 26th. The stock was sold at an average price of $122.55, for a total value of $3,270,246.75. Following the transaction, the director owned 30,000 shares in the company, valued at approximately $3,676,500. The trade was a 47.08% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 497,786 shares of company stock valued at $50,817,090. Company insiders own 20.70% of the company’s stock.

Corcept Therapeutics Stock Performance

CORT stock opened at $113.88 on Friday. The company has a market capitalization of $12.31 billion, a PE ratio of 271.15 and a beta of 0.45. Corcept Therapeutics Incorporated has a one year low of $28.66 and a one year high of $126.38. The company’s 50 day moving average price is $101.17 and its two-hundred day moving average price is $67.37.

Corcept Therapeutics (NASDAQ:CORT) last announced its quarterly earnings data 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 analysts’ expectations of $221.15 million. During the same quarter in the prior year, the company earned $0.29 EPS. The firm’s revenue was up 31.7% on a year-over-year basis. On average, research analysts predict 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.