OMERS ADMINISTRATION Corp Acquires New Stake in Corcept Therapeutics Incorporated $CORT

OMERS ADMINISTRATION Corp bought a new position in Corcept Therapeutics Incorporated (NASDAQ:CORT) in the second quarter, HoldingsChannel.com reports. The firm bought 30,700 shares of the biotechnology company’s stock, valued at approximately $2,669,000.

A number of other large investors have also recently added to or reduced their stakes in CORT. Royal Bank of Canada boosted its position in shares of Corcept Therapeutics by 18.9% during the first quarter. Royal Bank of Canada now owns 15,385 shares of the biotechnology company’s stock worth $1,757,000 after buying an additional 2,444 shares during the period. Amundi bought a new stake in Corcept Therapeutics in the 1st quarter valued at approximately $450,000. NewEdge Advisors LLC bought a new stake in Corcept Therapeutics in the 1st quarter valued at approximately $518,000. EverSource Wealth Advisors LLC boosted its position in 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 acquiring an additional 1,055 shares during the last quarter. Finally, Marshall Wace LLP boosted its position in Corcept Therapeutics by 795.3% during 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 last quarter. Institutional investors own 93.61% of the company’s stock.

Insiders Place Their Bets

In other Corcept Therapeutics news, CFO Atabak Mokari sold 80,000 shares of the firm’s stock in a transaction on Thursday, July 30th. The stock was sold at an average price of $114.71, for a total transaction of $9,176,800.00. Following the completion of the sale, the chief financial officer owned 16,130 shares of the company’s stock, valued at $1,850,272.30. This trade represents a 83.22% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director David L. Mahoney sold 103,606 shares of Corcept Therapeutics 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 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 ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 440,146 shares of company stock valued at $43,659,514. 20.70% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the stock. UBS Group set a $135.00 price objective on shares of Corcept Therapeutics in a research report on Thursday, May 28th. Zacks Research raised shares of Corcept Therapeutics from a “strong sell” rating to a “hold” rating in a research report on Monday, May 4th. 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 boosted their price target 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, Truist Financial began coverage on shares of Corcept Therapeutics in a research note on Tuesday, August 18th. They set a “buy” rating and a $164.00 price objective for the company. Five research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Corcept Therapeutics has a consensus rating of “Moderate Buy” and an average target price of $138.17.

Corcept Therapeutics Price Performance

Shares of CORT opened at $123.57 on Wednesday. The firm has a 50-day moving average of $98.99 and a 200-day moving average of $65.93. Corcept Therapeutics Incorporated has a one year low of $28.66 and a one year high of $126.38. The company has a market cap of $13.36 billion, a PE ratio of 294.22 and a beta of 0.45.

Corcept Therapeutics (NASDAQ:CORT) last released its quarterly earnings data on Wednesday, July 29th. The biotechnology company reported $0.36 earnings per share for the quarter, topping the consensus estimate 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 for the quarter, compared to analyst estimates of $221.15 million. During the same period in the previous year, the business earned $0.29 EPS. Corcept Therapeutics’s revenue for the quarter was up 31.7% compared to the same quarter last year. Analysts expect that Corcept Therapeutics Incorporated will post 1.77 earnings per share for the current 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.