Man Group plc Takes $6.22 Million Position in Corcept Therapeutics Incorporated $CORT

Man Group plc purchased a new position in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 71,491 shares of the biotechnology company’s stock, valued at approximately $6,216,000.

A number of other institutional investors have also made changes to their positions in the business. Torren Management LLC acquired a new position in Corcept Therapeutics during the fourth quarter worth $25,000. Advisory Services Network LLC acquired a new position in shares of Corcept Therapeutics during the 3rd quarter worth about $25,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in shares of Corcept Therapeutics in the second quarter valued at about $27,000. Atlas Capital Advisors Inc. bought a new stake in Corcept Therapeutics during the fourth quarter worth about $31,000. Finally, State of Wyoming boosted its position in Corcept Therapeutics by 29.5% during the first quarter. State of Wyoming now owns 816 shares of the biotechnology company’s stock valued at $33,000 after purchasing an additional 186 shares during the last quarter. Institutional investors own 93.61% of the company’s stock.

Insider Activity at Corcept Therapeutics

In other Corcept Therapeutics news, CFO Atabak Mokari sold 80,000 shares of the business’s stock in a transaction dated 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 transaction, the chief financial officer owned 16,130 shares of the company’s stock, valued at approximately $1,850,272.30. The trade was a 83.22% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director David L. Mahoney sold 103,606 shares of the company’s stock in a transaction that occurred 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 owned 1,133,539 shares of the company’s stock, valued at approximately $134,040,986.75. This represents a 8.37% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 497,786 shares of company stock worth $50,817,090 in the last three months. Insiders own 20.70% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the stock. Weiss Ratings raised shares of Corcept Therapeutics from a “hold (c-)” rating to a “hold (c)” rating in a research note on Thursday, August 20th. Wall Street Zen upgraded shares of Corcept Therapeutics from a “hold” rating to a “strong-buy” rating in a research note on Saturday, August 1st. Wolfe Research cut shares of 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. HC Wainwright lifted their price objective on shares of Corcept Therapeutics from $95.00 to $165.00 and gave the company a “buy” rating in a research report on Thursday, July 30th. Finally, Canaccord Genuity Group boosted their price objective on shares of Corcept Therapeutics from $135.00 to $150.00 and gave the stock a “buy” rating in a research note on Wednesday, July 29th. Five investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Corcept Therapeutics presently has a consensus rating of “Moderate Buy” and an average price target of $138.17.

Corcept Therapeutics Stock Performance

NASDAQ:CORT opened at $113.88 on Friday. Corcept Therapeutics Incorporated has a 52 week low of $28.66 and a 52 week high of $126.38. The firm has a market cap of $12.31 billion, a price-to-earnings ratio of 271.15 and a beta of 0.45. The firm’s 50-day simple moving average is $101.17 and its 200 day simple moving average is $67.37.

Corcept Therapeutics (NASDAQ:CORT) last issued its quarterly earnings results on Wednesday, July 29th. The biotechnology company reported $0.36 earnings per share (EPS) 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 business had revenue of $256.15 million for the quarter, compared to the consensus estimate of $221.15 million. During the same quarter in the prior year, the business posted $0.29 earnings per share. The firm’s quarterly revenue was up 31.7% compared to the same quarter last year. Sell-side analysts anticipate that Corcept Therapeutics Incorporated will post 1.77 EPS for the current year.

About Corcept Therapeutics

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.