Bank of New York Mellon Corp Invests $49.19 Million in Corcept Therapeutics Incorporated $CORT

Key Points

• Bank of New York Mellon acquired 565,666 Corcept Therapeutics shares worth approximately $49.2 million, while institutional investors collectively own 93.61% of the company.
• Corcept reported stronger-than-expected quarterly results, with earnings of $0.36 per share and revenue of $256.15 million, up 31.7% year over year.
• Analyst sentiment is mixed but leans positive, with a consensus “Moderate Buy” rating and a $138.17 price target; meanwhile, insiders sold roughly $47.5 million in shares over the past quarter.

Bank of New York Mellon Corp acquired a new stake in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) during the second quarter, according to its most recent disclosure with the SEC. The fund acquired 565,666 shares of the biotechnology company's stock, valued at approximately $49,185,000. Bank of New York Mellon Corp owned approximately 0.52% of Corcept Therapeutics as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in CORT. Advisory Services Network LLC bought a new position in shares of Corcept Therapeutics in the third quarter worth approximately $25,000. Larson Financial Group LLC raised its position in shares of Corcept Therapeutics by 2,326.3% during the 3rd quarter. Larson Financial Group LLC now owns 461 shares of the biotechnology company's stock valued at $38,000 after purchasing an additional 442 shares during the period. Gould Capital LLC lifted its stake in shares of Corcept Therapeutics by 50.0% during the 3rd quarter. Gould Capital LLC now owns 600 shares of the biotechnology company's stock valued at $50,000 after buying an additional 200 shares in the last quarter. Torren Management LLC purchased a new position in shares of Corcept Therapeutics during the 4th quarter valued at $25,000. Finally, CIBC Private Wealth Group LLC boosted its holdings in Corcept Therapeutics by 128.5% in the 3rd quarter. CIBC Private Wealth Group LLC now owns 770 shares of the biotechnology company's stock worth $64,000 after buying an additional 433 shares during the period. 93.61% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, 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 sale, the director directly owned 1,133,539 shares of the company's stock, valued at $134,040,986.75. This represents a 8.37% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Sean Maduck sold 30,955 shares of the stock in a transaction that occurred on Tuesday, August 25th. The shares were sold at an average price of $125.58, for a total value of $3,887,328.90. Following the transaction, the insider owned 9,755 shares of the company's stock, valued at $1,225,032.90. This represents a 76.04% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 471,101 shares of company stock worth $47,546,843. Insiders own 20.70% of the company's stock.

Corcept Therapeutics Stock Down 2.4%

Shares of CORT stock opened at $116.93 on Friday. The stock has a market cap of $12.64 billion, a P/E ratio of 278.41 and a beta of 0.45. Corcept Therapeutics Incorporated has a 52 week low of $28.66 and a 52 week high of $126.38. The company's fifty day simple moving average is $100.49 and its two-hundred day simple moving average is $67.04.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last issued its quarterly earnings data on Wednesday, July 29th. The biotechnology company reported $0.36 earnings per share for the quarter, beating 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 firm had revenue of $256.15 million during the quarter, compared to analyst estimates of $221.15 million. During the same quarter last year, the business posted $0.29 earnings per share. The business's quarterly revenue was up 31.7% compared to the same quarter last year. On average, analysts anticipate that Corcept Therapeutics Incorporated will post 1.77 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have issued reports on CORT. Weiss Ratings upgraded Corcept Therapeutics from a "hold (c-)" rating to a "hold (c)" rating in a research note on Thursday, August 20th. Truist Financial began coverage on Corcept Therapeutics in a research note on Tuesday, August 18th. They issued a "buy" rating and a $164.00 price objective for the company. Wolfe Research cut 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. Wall Street Zen raised Corcept Therapeutics from a "hold" rating to a "strong-buy" rating in a research note on Saturday, August 1st. Finally, Piper Sandler reissued an "overweight" rating and issued a $165.00 price target (up from $88.00) on shares of Corcept Therapeutics in a report on Thursday, July 30th. Five investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Corcept Therapeutics currently has a consensus rating of "Moderate Buy" and a consensus price target of $138.17.

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.

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