Connor Clark & Lunn Investment Management Ltd. Takes $7.09 Million Position in Corcept Therapeutics Incorporated $CORT

Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 81,569 shares of the biotechnology company’s stock, valued at approximately $7,092,000.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Advisory Services Network LLC acquired a new position in Corcept Therapeutics during the third quarter worth $25,000. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in Corcept Therapeutics during the second quarter worth $27,000. Larson Financial Group LLC grew its holdings in Corcept Therapeutics by 2,326.3% in the third quarter. Larson Financial Group LLC now owns 461 shares of the biotechnology company’s stock valued at $38,000 after purchasing an additional 442 shares during the last quarter. Gould Capital LLC grew its holdings in Corcept Therapeutics by 50.0% in the third quarter. Gould Capital LLC now owns 600 shares of the biotechnology company’s stock valued at $50,000 after purchasing an additional 200 shares during the last quarter. Finally, Torren Management LLC purchased a new position in shares of Corcept Therapeutics in the fourth quarter valued at $25,000. Institutional investors and hedge funds own 93.61% of the company’s stock.

Corcept Therapeutics Stock Performance

Corcept Therapeutics stock opened at $119.80 on Thursday. The stock has a fifty day moving average of $99.75 and a two-hundred day moving average of $66.51. The company has a market capitalization of $12.95 billion, a price-to-earnings ratio of 285.24 and a beta of 0.45. Corcept Therapeutics Incorporated has a fifty-two week low of $28.66 and a fifty-two week high of $126.38.

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

Analysts Set New Price Targets

CORT has been the subject of several research reports. Wolfe Research downgraded 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. Zacks Research raised shares of Corcept Therapeutics from a “strong sell” rating to a “hold” rating in a research note on Monday, May 4th. UBS Group set a $135.00 target price on shares of Corcept Therapeutics in a report on Thursday, May 28th. HC Wainwright lifted their target price on shares of Corcept Therapeutics from $95.00 to $165.00 and gave the stock a “buy” rating in a research report on Thursday, July 30th. Finally, Weiss Ratings raised shares of Corcept Therapeutics from a “hold (c-)” rating to a “hold (c)” rating in a report on Thursday, August 20th. Five equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Corcept Therapeutics has a consensus rating of “Moderate Buy” and an average price target of $138.17.

Insider Activity

In other Corcept Therapeutics news, Director James N. Wilson sold 10,000 shares of the company’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 transaction, the director directly owned 1,074,543 shares in the company, valued at approximately $119,736,326.49. This represents a 0.92% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Joseph Douglas Lyon sold 1,540 shares of the company’s stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $114.16, for a total transaction of $175,806.40. Following the completion of the transaction, the insider owned 5,495 shares in the company, valued at approximately $627,309.20. This trade represents a 21.89% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 440,146 shares of company stock worth $43,659,514 in the last quarter. Corporate insiders own 20.70% of the company’s stock.

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.