113,200 Shares in Corcept Therapeutics Incorporated $CORT Purchased by Alberta Investment Management Corp

Key Points

• Alberta Investment Management Corp purchased 113,200 shares of Corcept Therapeutics, valued at approximately $9.84 million, establishing a 0.10% stake. Institutional investors collectively own 93.61% of the company.
• Corcept reported quarterly EPS of $0.36, exceeding the $0.02 consensus estimate, while revenue rose 31.7% year over year to $256.15 million. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $119.17.
• Corcept shares opened at $114.47 and are near their 52-week high of $122.21, but insiders sold 402,876 shares worth approximately $35.1 million over the past quarter.

Alberta Investment Management Corp purchased a new stake in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 113,200 shares of the biotechnology company's stock, valued at approximately $9,843,000. Alberta Investment Management Corp owned 0.10% of Corcept Therapeutics as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in the company. Parallel Advisors LLC boosted its stake in Corcept Therapeutics by 2.5% during the first quarter. Parallel Advisors LLC now owns 3,977,404 shares of the biotechnology company's stock worth $160,329,000 after buying an additional 96,763 shares in the last quarter. State Street Corp lifted its holdings in Corcept Therapeutics by 0.5% during the 4th quarter. State Street Corp now owns 2,986,056 shares of the biotechnology company's stock valued at $103,915,000 after purchasing an additional 15,656 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of 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 valued at $92,892,000 after acquiring an additional 734,646 shares during the last quarter. First Trust Advisors LP raised its position in Corcept Therapeutics by 213.5% in 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 during the last quarter. Finally, Morgan Stanley lifted its position in Corcept Therapeutics by 34.1% during the 4th quarter. Morgan Stanley now owns 1,592,059 shares of the biotechnology company's stock worth $55,404,000 after buying an additional 405,081 shares in the last quarter. Institutional investors and hedge funds own 93.61% of the company's stock.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. Wall Street Zen raised shares of Corcept Therapeutics from a "hold" rating to a "strong-buy" rating in a report on Saturday, August 1st. Weiss Ratings reaffirmed a "hold (c-)" rating on shares of Corcept Therapeutics in a report on Wednesday, June 24th. Truist Financial upgraded Corcept Therapeutics to a "strong-buy" rating in a research report on Monday, June 15th. Zacks Research raised Corcept Therapeutics from a "strong sell" rating to a "hold" rating in a research note on Monday, May 4th. Finally, Wolfe Research downgraded Corcept Therapeutics from a "peer perform" rating to an "underperform" rating and set a $50.00 target price for the company. in a research report on Monday, July 27th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $119.17.

Corcept Therapeutics Price Performance

Shares of NASDAQ:CORT opened at $114.47 on Monday. The stock has a market cap of $12.37 billion, a price-to-earnings ratio of 272.55 and a beta of 0.45. The company has a 50 day moving average of $93.34 and a 200-day moving average of $62.09. Corcept Therapeutics Incorporated has a one year low of $28.66 and a one year high of $122.21.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last announced its quarterly earnings data on Wednesday, July 29th. The biotechnology company reported $0.36 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.02 by $0.34. The firm had revenue of $256.15 million for the quarter, compared to analysts' expectations of $221.15 million. Corcept Therapeutics had a net margin of 6.52% and a return on equity of 8.26%. The business's revenue for the quarter was up 31.7% on a year-over-year basis. During the same period last year, the firm earned $0.29 earnings per share. Equities research analysts anticipate that Corcept Therapeutics Incorporated will post 1.13 earnings per share for the current year.

Insider Buying and Selling at Corcept Therapeutics

In related news, insider William Guyer sold 16,300 shares of the company's stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $113.43, for a total value of $1,848,909.00. Following the completion of the sale, the insider owned 3,985 shares in the company, valued at approximately $452,018.55. This represents a 80.35% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO Atabak Mokari sold 80,000 shares of the stock in a transaction dated Thursday, July 30th. The shares were sold at an average price of $114.71, for a total value of $9,176,800.00. Following the completion of the transaction, the chief financial officer directly owned 16,130 shares in the company, valued at $1,850,272.30. The trade was a 83.22% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 402,876 shares of company stock valued at $35,118,563 over the last quarter. 20.70% of the stock is owned by corporate insiders.

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.

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