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

Legal & General Group Plc lessened its stake in Corcept Therapeutics Incorporated (NASDAQ:CORT) by 14.6% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. 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’s holdings in Corcept Therapeutics were worth $8,526,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in CORT. AQR Capital Management LLC lifted 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 valued at $125,264,000 after acquiring an additional 1,274,215 shares during the period. JPMorgan Chase & Co. raised its holdings in Corcept Therapeutics by 223.4% during the third quarter. JPMorgan Chase & Co. now owns 849,864 shares of the biotechnology company’s stock worth $70,632,000 after purchasing an additional 587,053 shares during the last quarter. UBS Group AG raised its holdings in Corcept Therapeutics by 413.8% during the third quarter. UBS Group AG now owns 549,938 shares of the biotechnology company’s stock worth $45,705,000 after purchasing an additional 442,898 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its position in Corcept Therapeutics by 111.8% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 507,967 shares of the biotechnology company’s stock worth $19,404,000 after purchasing an additional 268,155 shares in the last quarter. Finally, HRT Financial LP purchased a new stake in Corcept Therapeutics during the second quarter worth $14,753,000. Hedge funds and other institutional investors own 93.61% of the company’s stock.

Insider Activity

In other news, CEO Joseph K. Belanoff sold 26,198 shares of Corcept Therapeutics stock in a transaction on Wednesday, March 25th. The stock was sold at an average price of $50.07, for a total value of $1,311,733.86. Following the completion of the sale, the chief executive officer owned 2,918,326 shares of the company’s stock, valued at $146,120,582.82. The trade was a 0.89% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider William Guyer sold 20,000 shares of the company’s stock in a transaction on Tuesday, June 2nd. The shares were sold at an average price of $70.60, for a total value of $1,412,000.00. Following the completion of the transaction, the insider owned 3,985 shares of the company’s stock, valued at $281,341. The trade was a 83.39% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 242,965 shares of company stock valued at $14,802,964 in the last 90 days. Insiders own 20.70% of the company’s stock.

Corcept Therapeutics Stock Up 3.1%

NASDAQ CORT opened at $74.89 on Friday. Corcept Therapeutics Incorporated has a fifty-two week low of $28.66 and a fifty-two week high of $91.00. The business has a fifty day moving average of $51.08 and a 200-day moving average of $52.00. The stock has a market cap of $8.04 billion, a price-to-earnings ratio of 213.98 and a beta of 0.50.

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

Analyst Ratings Changes

CORT has been the subject of a number of research analyst reports. Zacks Research upgraded Corcept Therapeutics from a “strong sell” rating to a “hold” rating in a research report on Monday, May 4th. Truist Financial raised shares of Corcept Therapeutics to a “strong-buy” rating in a research note on Wednesday, March 25th. UBS Group set a $135.00 target price on shares of Corcept Therapeutics in a report on Thursday, May 28th. Piper Sandler lifted their target price on shares of Corcept Therapeutics from $73.00 to $88.00 and gave the stock an “overweight” rating in a research report on Friday, May 1st. Finally, HC Wainwright upped their price target on shares of Corcept Therapeutics from $75.00 to $95.00 and gave the company a “buy” rating in a report on Tuesday. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target 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.