Legal & General Group Plc Decreases Holdings in Corcept Therapeutics Incorporated $CORT

Legal & General Group Plc reduced its holdings in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT) by 14.6% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 245,009 shares of the biotechnology company’s stock after selling 41,791 shares during the quarter. Legal & General Group Plc owned approximately 0.23% of Corcept Therapeutics worth $8,526,000 as of its most recent filing with the SEC.

A number of other hedge funds have also made changes to their positions in the business. AQR Capital Management LLC raised its position in shares of Corcept Therapeutics by 546.9% during the 3rd quarter. AQR Capital Management LLC now owns 1,507,209 shares of the biotechnology company’s stock worth $125,264,000 after acquiring an additional 1,274,215 shares in the last quarter. TD Asset Management Inc boosted its holdings in Corcept Therapeutics by 16.6% in the third quarter. TD Asset Management Inc now owns 956,136 shares of the biotechnology company’s stock valued at $79,464,000 after purchasing an additional 136,254 shares in the last quarter. JPMorgan Chase & Co. boosted its holdings in Corcept Therapeutics by 223.4% in the third quarter. JPMorgan Chase & Co. now owns 849,864 shares of the biotechnology company’s stock valued at $70,632,000 after purchasing an additional 587,053 shares in the last quarter. Epoch Investment Partners Inc. increased its stake in Corcept Therapeutics by 10.7% in the third quarter. Epoch Investment Partners Inc. now owns 847,104 shares of the biotechnology company’s stock valued at $70,403,000 after purchasing an additional 81,700 shares during the last quarter. Finally, First Trust Advisors LP raised its holdings in Corcept Therapeutics by 34.1% during the third quarter. First Trust Advisors LP now owns 720,224 shares of the biotechnology company’s stock worth $59,858,000 after purchasing an additional 183,038 shares in the last quarter. Hedge funds and other institutional investors own 93.61% of the company’s stock.

Corcept Therapeutics Trading Up 3.1%

Shares of CORT stock opened at $74.89 on Friday. The company has a market capitalization of $8.04 billion, a P/E ratio of 213.98 and a beta of 0.50. The business’s 50 day moving average is $51.08 and its two-hundred day moving average is $52.00. Corcept Therapeutics Incorporated has a twelve month low of $28.66 and a twelve month high of $91.00.

Corcept Therapeutics (NASDAQ:CORT) last released its quarterly earnings results on Thursday, April 30th. The biotechnology company reported ($0.30) EPS for the quarter, missing the consensus estimate of ($0.11) by ($0.19). Corcept Therapeutics had a return on equity of 7.40% and a net margin of 6.14%.The company had revenue of $164.90 million for the quarter, compared to analysts’ expectations of $185.83 million. During the same quarter last year, the company earned $0.17 EPS. Corcept Therapeutics’s revenue for the quarter was up 4.9% compared to the same quarter last year. As a group, equities analysts predict that Corcept Therapeutics Incorporated will post 0.53 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, insider Joseph Douglas Lyon sold 5,000 shares of Corcept Therapeutics stock in a transaction dated Wednesday, May 27th. The shares were sold at an average price of $65.00, for a total value of $325,000.00. Following the sale, the insider owned 6,230 shares of the company’s stock, valued at $404,950. The trade was a 44.52% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Joseph K. Belanoff sold 26,198 shares of the stock in a transaction dated Wednesday, March 25th. The stock was sold at an average price of $50.07, for a total transaction of $1,311,733.86. Following the transaction, the chief executive officer directly owned 2,918,326 shares of the company’s stock, valued at $146,120,582.82. This represents a 0.89% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 242,965 shares of company stock worth $14,802,964. 20.70% of the stock is currently owned by insiders.

Analyst Ratings Changes

CORT has been the subject of several research analyst reports. Zacks Research upgraded shares of Corcept Therapeutics from a “strong sell” rating to a “hold” rating in a research note on Monday, May 4th. Canaccord Genuity Group upped their target price on Corcept Therapeutics from $110.00 to $135.00 and gave the company a “buy” rating in a research report on Thursday, May 28th. UBS Group set a $135.00 price objective on Corcept Therapeutics in a report on Thursday, May 28th. Wolfe Research raised shares of Corcept Therapeutics from an “underperform” rating to a “peer perform” rating in a report on Thursday, March 26th. Finally, Piper Sandler increased their price target on shares of Corcept Therapeutics from $73.00 to $88.00 and gave the stock an “overweight” rating in a research note on Friday, May 1st. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, Corcept Therapeutics has a consensus rating of “Moderate Buy” and a consensus target price of $88.83.

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.