Canada Pension Plan Investment Board Makes New $16.62 Million Investment in Corcept Therapeutics Incorporated $CORT

Key Points

• Canada Pension Plan Investment Board acquired 191,101 Corcept Therapeutics shares valued at approximately $16.62 million, while institutional investors collectively own 93.61% of the company.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $138.17; Truist issued the highest target at $164.
• Corcept reported quarterly revenue of $256.15 million and earnings of $0.36 per share, exceeding estimates, with revenue up 31.7% year over year. However, insiders sold nearly 498,000 shares worth $50.8 million over the past three months.

Canada Pension Plan Investment Board bought a new stake in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 191,101 shares of the biotechnology company's stock, valued at approximately $16,616,000. Canada Pension Plan Investment Board owned 0.18% of Corcept Therapeutics as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently made changes to their positions in CORT. BlackRock Inc. purchased a new position in shares of Corcept Therapeutics during the second quarter valued at approximately $1,080,964,000. Parallel Advisors LLC boosted its holdings in Corcept Therapeutics by 2.5% in the first quarter. Parallel Advisors LLC now owns 3,977,404 shares of the biotechnology company's stock worth $160,329,000 after purchasing an additional 96,763 shares during the last quarter. State Street Corp grew its position in Corcept Therapeutics by 0.5% in the 4th quarter. State Street Corp now owns 2,986,056 shares of the biotechnology company's stock worth $103,915,000 after purchasing an additional 15,656 shares during the period. Geode Capital Management LLC grew its position in Corcept Therapeutics by 38.0% in the 4th 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 during the period. Finally, First Trust Advisors LP grew 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 worth $87,609,000 after purchasing an additional 1,480,059 shares during the period. Hedge funds and other institutional investors own 93.61% of the company's stock.

Insider Buying and Selling at Corcept Therapeutics

In other news, Director David L. Mahoney sold 103,606 shares of the company's stock in a transaction dated Tuesday, August 18th. The stock was sold at an average price of $118.25, for a total value of $12,251,409.50. Following the completion of the transaction, the director owned 1,133,539 shares of the company's stock, valued at $134,040,986.75. This represents a 8.37% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Atabak Mokari sold 80,000 shares of the company's stock in a transaction that occurred on Thursday, July 30th. The stock was 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 owned 16,130 shares of the company's stock, valued at $1,850,272.30. The trade was a 83.22% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 497,786 shares of company stock valued at $50,817,090. 20.70% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on CORT shares. Weiss Ratings raised Corcept Therapeutics from a "hold (c-)" rating to a "hold (c)" rating in a report on Thursday, August 20th. UBS Group set a $135.00 price objective on Corcept Therapeutics in a report on Thursday, May 28th. Canaccord Genuity Group upped their price objective on Corcept Therapeutics from $135.00 to $150.00 and gave the company a "buy" rating in a research report on Wednesday, July 29th. Zacks Research raised Corcept Therapeutics from a "strong sell" rating to a "hold" rating in a report on Monday, May 4th. Finally, Truist Financial began coverage on Corcept Therapeutics in a report on Tuesday, August 18th. They issued a "buy" rating and a $164.00 target price on the stock. Five analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $138.17.

Corcept Therapeutics Price Performance

Shares of CORT stock opened at $113.88 on Friday. The company has a market cap of $12.31 billion, a price-to-earnings ratio of 271.15 and a beta of 0.45. Corcept Therapeutics Incorporated has a 1 year low of $28.66 and a 1 year high of $126.38. The firm has a fifty day moving average price of $101.17 and a 200-day moving average price of $67.37.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last announced its 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. The company had revenue of $256.15 million for the quarter, compared to analysts' expectations of $221.15 million. Corcept Therapeutics had a return on equity of 8.26% and a net margin of 6.52%.Corcept Therapeutics's revenue for the quarter was up 31.7% compared to the same quarter last year. During the same period last year, the firm earned $0.29 EPS. Equities research analysts expect that Corcept Therapeutics Incorporated will post 1.77 EPS for the current year.

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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