Canada Pension Plan Investment Board acquired a new stake in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT – Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 191,101 shares of the biotechnology company’s stock, valued at approximately $16,616,000.
A number of other institutional investors and hedge funds have also recently modified their holdings of CORT. Royal Bank of Canada increased its position in Corcept Therapeutics by 18.9% during the first quarter. Royal Bank of Canada now owns 15,385 shares of the biotechnology company’s stock valued at $1,757,000 after acquiring an additional 2,444 shares during the last quarter. Amundi purchased a new stake in shares of Corcept Therapeutics in the first quarter valued at $450,000. NewEdge Advisors LLC bought a new stake in shares of Corcept Therapeutics in the 1st quarter worth about $518,000. EverSource Wealth Advisors LLC lifted its holdings in shares of Corcept Therapeutics by 273.3% in 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 stake in shares of 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 purchasing an additional 41,040 shares during the period. Hedge funds and other institutional investors own 93.61% of the company’s stock.
Corcept Therapeutics Trading Down 2.6%
Shares of CORT opened at $113.88 on Friday. The firm has a market capitalization of $12.31 billion, a P/E ratio of 271.15 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. The firm has a fifty day moving average price of $101.17 and a 200-day moving average price of $67.37.
Analysts Set New Price Targets
Several equities analysts recently commented on CORT shares. Truist Financial assumed coverage on shares of Corcept Therapeutics in a report on Tuesday, August 18th. They set a “buy” rating and a $164.00 price target on the stock. Piper Sandler reissued an “overweight” rating and issued a $165.00 price objective (up from $88.00) on shares of Corcept Therapeutics in a research note on Thursday, July 30th. UBS Group set a $135.00 target price on Corcept Therapeutics in a research report on Thursday, May 28th. Zacks Research raised Corcept Therapeutics from a “strong sell” rating to a “hold” rating in a research note on Monday, May 4th. Finally, Wall Street Zen upgraded Corcept Therapeutics from a “hold” rating to a “strong-buy” rating in a report on Saturday, August 1st. Five analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Corcept Therapeutics currently has an average rating of “Moderate Buy” and an average target price of $138.17.
Read Our Latest Analysis on CORT
Insiders Place Their Bets
In other news, insider William Guyer sold 20,000 shares of Corcept Therapeutics stock in a transaction that occurred on Tuesday, June 2nd. The shares were sold at an average price of $70.60, for a total transaction of $1,412,000.00. Following the completion of the sale, the insider owned 3,985 shares of the company’s stock, valued at approximately $281,341. The trade was a 83.39% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Atabak Mokari sold 80,000 shares of the business’s stock in a transaction that occurred on Thursday, July 30th. The shares were sold at an average price of $114.71, for a total value 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. The trade was a 83.22% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 497,786 shares of company stock worth $50,817,090. 20.70% of the stock is owned by company insiders.
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.
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