The Manufacturers Life Insurance Company Invests $2.69 Million in Corcept Therapeutics Incorporated $CORT

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

A number of other hedge funds and other institutional investors have also modified their holdings of CORT. Royal Bank of Canada lifted its holdings in Corcept Therapeutics by 18.9% in the first quarter. Royal Bank of Canada now owns 15,385 shares of the biotechnology company’s stock worth $1,757,000 after purchasing an additional 2,444 shares during the period. Amundi acquired a new position in Corcept Therapeutics during the 1st quarter valued at about $450,000. NewEdge Advisors LLC acquired a new position in Corcept Therapeutics during the 1st quarter valued at about $518,000. EverSource Wealth Advisors LLC raised its position in shares of Corcept Therapeutics by 273.3% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,441 shares of the biotechnology company’s stock worth $106,000 after buying an additional 1,055 shares in the last quarter. Finally, Marshall Wace LLP lifted its stake in shares of Corcept Therapeutics by 795.3% in the 2nd quarter. Marshall Wace LLP now owns 46,200 shares of the biotechnology company’s stock worth $3,391,000 after acquiring an additional 41,040 shares during the period. 93.61% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research firms recently commented on CORT. Weiss Ratings upgraded shares of Corcept Therapeutics from a “hold (c-)” rating to a “hold (c)” rating in a research note on Thursday, August 20th. HC Wainwright upped 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. Piper Sandler reaffirmed an “overweight” rating and set a $165.00 price target (up from $88.00) on shares of Corcept Therapeutics in a research note on Thursday, July 30th. Truist Financial started coverage on Corcept Therapeutics in a research report on Tuesday, August 18th. They set a “buy” rating and a $164.00 price target on the stock. Finally, Wall Street Zen raised Corcept Therapeutics from a “hold” rating to a “strong-buy” rating in a research note on Saturday, August 1st. Five investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $138.17.

Insider Buying and Selling

In other news, Director David L. Mahoney sold 103,606 shares of the stock in a transaction on Tuesday, August 18th. The stock was sold at an average price of $118.25, for a total transaction of $12,251,409.50. Following the completion of the sale, the director owned 1,133,539 shares in the company, valued at approximately $134,040,986.75. This represents a 8.37% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Sean Maduck sold 30,955 shares of the firm’s stock in a transaction 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 directly owned 9,755 shares of the company’s stock, valued at approximately $1,225,032.90. This represents a 76.04% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 412,786 shares of company stock valued at $44,849,840 in the last three months. Insiders own 20.70% of the company’s stock.

Corcept Therapeutics Price Performance

Shares of CORT opened at $110.43 on Thursday. The firm’s 50 day moving average is $103.09 and its 200-day moving average is $69.08. The stock has a market capitalization of $11.94 billion, a P/E ratio of 262.93 and a beta of 0.45. Corcept Therapeutics Incorporated has a 12-month low of $28.66 and a 12-month high of $126.38.

Corcept Therapeutics (NASDAQ:CORT) last released its earnings results on Wednesday, July 29th. The biotechnology company reported $0.36 EPS for the quarter, beating the consensus estimate of $0.02 by $0.34. The business had revenue of $256.15 million during 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%. The business’s quarterly revenue was up 31.7% on a year-over-year basis. During the same period in the prior year, the business earned $0.29 earnings per share. As a group, equities research analysts forecast 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.