Janus Henderson Group PLC Acquires 10,817 Shares of Corcept Therapeutics Incorporated $CORT

Key Points

• Janus Henderson increased its Corcept Therapeutics stake by 7.1%, purchasing 10,817 shares to own 164,074 shares worth approximately $6.6 million. Institutional investors collectively own 93.61% of the company.
• Corcept insiders sold substantial holdings, including the CFO’s 80,000 shares and another insider’s 20,305 shares; insiders have sold 381,845 shares worth $32.7 million over the past three months.
• Corcept beat quarterly expectations with $0.36 in EPS versus $0.02 expected and revenue of $256.15 million, up 31.7% year over year. Analysts maintain a “Moderate Buy” consensus with an average price target of $119.17.

Janus Henderson Group PLC raised its holdings in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) by 7.1% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 164,074 shares of the biotechnology company's stock after purchasing an additional 10,817 shares during the quarter. Janus Henderson Group PLC owned approximately 0.15% of Corcept Therapeutics worth $6,614,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have 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 valued at about $25,000. Larson Financial Group LLC grew its stake in Corcept Therapeutics by 2,326.3% in the 3rd quarter. Larson Financial Group LLC now owns 461 shares of the biotechnology company's stock valued at $38,000 after buying an additional 442 shares during the last quarter. Gould Capital LLC grew its stake in Corcept Therapeutics by 50.0% in 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 during the last quarter. Torren Management LLC bought a new position in Corcept Therapeutics in the 4th quarter valued at about $25,000. Finally, CIBC Private Wealth Group LLC raised 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 valued at $64,000 after acquiring an additional 433 shares during the period. 93.61% of the stock is owned by institutional investors.

Insider Buying and Selling at Corcept Therapeutics

In other Corcept Therapeutics news, CFO Atabak Mokari sold 80,000 shares of the firm's 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 transaction, the chief financial officer directly owned 16,130 shares of the company's stock, valued at $1,850,272.30. This trade represents a 83.22% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Sean Maduck sold 20,305 shares of the business's stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $114.70, for a total transaction of $2,328,983.50. Following the completion of the transaction, the insider owned 9,755 shares of the company's stock, valued at $1,118,898.50. The trade was a 67.55% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 381,845 shares of company stock valued at $32,733,040 over the last three months. 20.70% of the stock is owned by insiders.

Analyst Ratings Changes

CORT has been the topic of several research reports. Truist Financial raised Corcept Therapeutics to a "strong-buy" rating in a research report on Monday, June 15th. Wall Street Zen upgraded Corcept Therapeutics from a "hold" rating to a "strong-buy" rating in a research note on Saturday, August 1st. Piper Sandler reaffirmed an "overweight" rating and issued a $165.00 price objective (up from $88.00) on shares of Corcept Therapeutics in a report on Thursday, July 30th. Zacks Research raised Corcept Therapeutics from a "strong sell" rating to a "hold" rating in a report on Monday, May 4th. Finally, Weiss Ratings reiterated a "hold (c-)" rating on shares of Corcept Therapeutics in a research report on Wednesday, June 24th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $119.17.

Corcept Therapeutics Price Performance

Corcept Therapeutics stock opened at $110.69 on Thursday. The firm has a market cap of $11.97 billion, a PE ratio of 263.55 and a beta of 0.45. The stock's fifty day moving average price is $87.69 and its two-hundred day moving average price is $58.49. 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 released its earnings results 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. The firm had revenue of $256.15 million during the quarter, compared to the consensus estimate of $221.15 million. Corcept Therapeutics had a return on equity of 8.26% and a net margin of 6.52%.The company's revenue was up 31.7% compared to the same quarter last year. During the same period in the prior year, the company posted $0.29 EPS. Sell-side analysts expect that Corcept Therapeutics Incorporated will post 1.13 earnings per share for the current fiscal year.

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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