Man Group plc Makes New $6.22 Million Investment in Corcept Therapeutics Incorporated $CORT

Man Group plc purchased a new stake in Corcept Therapeutics Incorporated (NASDAQ:CORT) in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 71,491 shares of the biotechnology company’s stock, valued at approximately $6,216,000. Man Group plc owned approximately 0.07% of Corcept Therapeutics as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in CORT. BlackRock Inc. bought a new stake in Corcept Therapeutics in the second quarter worth approximately $1,080,964,000. First Trust Advisors LP raised its holdings in shares of Corcept Therapeutics by 213.5% during the 1st quarter. First Trust Advisors LP now owns 2,173,376 shares of the biotechnology company’s stock valued at $87,609,000 after purchasing an additional 1,480,059 shares in the last quarter. AQR Capital Management LLC lifted its stake in shares of Corcept Therapeutics by 546.9% in 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 purchasing an additional 1,274,215 shares during the last quarter. Geode Capital Management LLC boosted its holdings in Corcept Therapeutics by 38.0% in the fourth quarter. Geode Capital Management LLC now owns 2,668,918 shares of the biotechnology company’s stock worth $92,892,000 after purchasing an additional 734,646 shares in the last quarter. Finally, Norges Bank bought a new stake in Corcept Therapeutics in the fourth quarter worth $24,213,000. Institutional investors and hedge funds own 93.61% of the company’s stock.

Corcept Therapeutics Trading Down 2.6%

Shares of NASDAQ CORT opened at $113.88 on Friday. The business has a fifty day simple moving average of $101.17 and a 200 day simple moving average of $67.37. The firm has a market capitalization of $12.31 billion, a price-to-earnings ratio of 271.15 and a beta of 0.45. Corcept Therapeutics Incorporated has a one year low of $28.66 and a one year high of $126.38.

Corcept Therapeutics (NASDAQ:CORT) last announced its quarterly earnings results on Wednesday, July 29th. The biotechnology company reported $0.36 EPS for the quarter, topping analysts’ consensus estimates of $0.02 by $0.34. Corcept Therapeutics had a net margin of 6.52% and a return on equity of 8.26%. The firm had revenue of $256.15 million during the quarter, compared to analysts’ expectations of $221.15 million. During the same quarter last year, the company earned $0.29 earnings per share. The company’s revenue for the quarter was up 31.7% compared to the same quarter last year. On average, research analysts anticipate that Corcept Therapeutics Incorporated will post 1.77 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider William Guyer sold 20,000 shares of the business’s stock in a transaction that occurred 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 in the company, valued at $281,341. The trade was a 83.39% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director David L. Mahoney sold 103,606 shares of the company’s stock in a transaction on Tuesday, August 18th. The shares were sold at an average price of $118.25, for a total value of $12,251,409.50. Following the transaction, the director directly owned 1,133,539 shares in the company, valued at $134,040,986.75. This trade represents a 8.37% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 497,786 shares of company stock valued at $50,817,090. Insiders own 20.70% of the company’s stock.

Analyst Ratings Changes

CORT has been the topic of a number of recent analyst reports. UBS Group set a $135.00 price objective on Corcept Therapeutics in a research note on Thursday, May 28th. Truist Financial assumed coverage on Corcept Therapeutics in a research report on Tuesday, August 18th. They set a “buy” rating and a $164.00 target price for the company. Wolfe Research downgraded Corcept Therapeutics from a “peer perform” rating to an “underperform” rating and set a $50.00 price target on the stock. in a report on Monday, July 27th. Zacks Research raised shares of Corcept Therapeutics from a “strong sell” rating to a “hold” rating in a research report on Monday, May 4th. Finally, 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. Five analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $138.17.

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.