The Manufacturers Life Insurance Company Increases Stock Position in Corcept Therapeutics Incorporated (NASDAQ:CORT)

The Manufacturers Life Insurance Company increased its position in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT) by 4.5% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 50,996 shares of the biotechnology company’s stock after purchasing an additional 2,216 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Corcept Therapeutics were worth $2,360,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the company. M&G PLC bought a new position in shares of Corcept Therapeutics during the 3rd quarter worth approximately $11,173,000. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in Corcept Therapeutics by 20.0% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 859,563 shares of the biotechnology company’s stock worth $39,781,000 after acquiring an additional 143,507 shares during the period. abrdn plc boosted its position in Corcept Therapeutics by 27.1% in the third quarter. abrdn plc now owns 666,952 shares of the biotechnology company’s stock worth $30,867,000 after purchasing an additional 142,310 shares during the last quarter. Mutual of America Capital Management LLC grew its stake in Corcept Therapeutics by 94.9% in the 2nd quarter. Mutual of America Capital Management LLC now owns 263,296 shares of the biotechnology company’s stock valued at $8,554,000 after purchasing an additional 128,194 shares during the period. Finally, Allspring Global Investments Holdings LLC increased its position in shares of Corcept Therapeutics by 97.2% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 251,068 shares of the biotechnology company’s stock valued at $11,619,000 after purchasing an additional 123,720 shares during the last quarter. 93.61% of the stock is owned by institutional investors.

Corcept Therapeutics Price Performance

CORT opened at $60.78 on Monday. The firm has a 50-day moving average price of $51.85 and a 200-day moving average price of $40.28. Corcept Therapeutics Incorporated has a twelve month low of $20.84 and a twelve month high of $62.22. The company has a quick ratio of 3.64, a current ratio of 3.70 and a debt-to-equity ratio of 0.01. The company has a market capitalization of $6.37 billion, a price-to-earnings ratio of 48.24 and a beta of 0.51.

Corcept Therapeutics (NASDAQ:CORT) last released its quarterly earnings data on Wednesday, October 30th. The biotechnology company reported $0.41 earnings per share for the quarter, beating analysts’ consensus estimates of $0.27 by $0.14. Corcept Therapeutics had a net margin of 22.35% and a return on equity of 24.54%. The business had revenue of $182.55 million during the quarter, compared to analyst estimates of $171.97 million. During the same period in the previous year, the business earned $0.28 EPS. Corcept Therapeutics’s revenue was up 47.7% compared to the same quarter last year. Equities analysts expect that Corcept Therapeutics Incorporated will post 1.35 EPS for the current year.

Insider Activity

In other Corcept Therapeutics news, insider Joseph Douglas Lyon sold 1,411 shares of the stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $56.72, for a total value of $80,031.92. Following the sale, the insider now directly owns 8,494 shares in the company, valued at $481,779.68. This represents a 14.25 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Gary Charles Robb sold 11,000 shares of the firm’s stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $46.28, for a total transaction of $509,080.00. Following the completion of the transaction, the insider now directly owns 22,772 shares of the company’s stock, valued at approximately $1,053,888.16. The trade was a 32.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 24,611 shares of company stock worth $1,210,548. 20.50% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of brokerages recently weighed in on CORT. Sandler O’Neill reissued a “buy” rating on shares of Corcept Therapeutics in a report on Friday, October 18th. StockNews.com cut shares of Corcept Therapeutics from a “strong-buy” rating to a “buy” rating in a research note on Monday, November 25th. Truist Financial raised their price target on shares of Corcept Therapeutics from $65.00 to $76.00 and gave the stock a “buy” rating in a research note on Monday, September 30th. Piper Sandler upped their price objective on Corcept Therapeutics from $38.00 to $67.00 and gave the company an “overweight” rating in a research note on Wednesday, September 18th. Finally, HC Wainwright reissued a “buy” rating and set a $80.00 price objective on shares of Corcept Therapeutics in a report on Thursday, October 31st. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Corcept Therapeutics currently has a consensus rating of “Buy” and a consensus price target of $65.25.

Corcept Therapeutics Company Profile

Corcept Therapeutics Incorporated engages in discovery and development of drugs for the treatment of severe endocrinologic, oncologic, metabolic, and neurologic disorders in the United States. It offers Korlym tablets medication for the treatment of hyperglycemia secondary to hypercortisolism in adult patients with endogenous cushing's syndrome; and who have type 2 diabetes mellitus or glucose intolerance and have failed surgery or are not candidates for surgery.