Mackenzie Financial Corp Has $1.62 Million Holdings in Corcept Therapeutics Incorporated (NASDAQ:CORT)

Key Points

• Mackenzie Financial Corp increased its stake in Corcept Therapeutics by 128.0% during the 1st quarter, holding 14,155 shares valued at approximately $1.62 million.
• Corcept Therapeutics reported earnings of $0.29 per share for the last quarter, exceeding analysts' expectations of $0.23 per share, while revenue increased by 18.7% year-over-year.
• Despite some analysts lowering their price targets, Corcept Therapeutics maintains an average rating of "Moderate Buy" with a target price of $134.50.

Mackenzie Financial Corp boosted its stake in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) by 128.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 14,155 shares of the biotechnology company's stock after purchasing an additional 7,948 shares during the quarter. Mackenzie Financial Corp's holdings in Corcept Therapeutics were worth $1,617,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Canada Pension Plan Investment Board bought a new stake in Corcept Therapeutics in the 4th quarter valued at $40,000. National Bank of Canada FI bought a new stake in Corcept Therapeutics in the 4th quarter valued at $42,000. Gen Wealth Partners Inc bought a new stake in Corcept Therapeutics in the 4th quarter valued at $67,000. MassMutual Private Wealth & Trust FSB increased its holdings in Corcept Therapeutics by 102.0% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 620 shares of the biotechnology company's stock valued at $71,000 after buying an additional 313 shares during the period. Finally, IFP Advisors Inc increased its holdings in Corcept Therapeutics by 1,150.8% in the 1st quarter. IFP Advisors Inc now owns 738 shares of the biotechnology company's stock valued at $84,000 after buying an additional 679 shares during the period. 93.61% of the stock is currently owned by institutional investors and hedge funds.

Corcept Therapeutics Stock Performance

CORT opened at $71.77 on Tuesday. The firm's 50-day simple moving average is $71.48 and its 200-day simple moving average is $68.65. Corcept Therapeutics Incorporated has a twelve month low of $32.33 and a twelve month high of $117.33. The firm has a market cap of $7.61 billion, a price-to-earnings ratio of 63.51 and a beta of 0.20.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The biotechnology company reported $0.29 EPS for the quarter, topping analysts' consensus estimates of $0.23 by $0.06. Corcept Therapeutics had a net margin of 18.51% and a return on equity of 20.10%. The firm had revenue of $194.43 million for the quarter, compared to analyst estimates of $199.40 million. During the same quarter in the prior year, the firm earned $0.32 EPS. The company's revenue was up 18.7% on a year-over-year basis. As a group, sell-side analysts anticipate that Corcept Therapeutics Incorporated will post 1.36 EPS for the current fiscal year.

Insider Activity

In other Corcept Therapeutics news, insider Sean Maduck sold 473 shares of the company's stock in a transaction dated Friday, July 18th. The shares were sold at an average price of $73.44, for a total transaction of $34,737.12. Following the transaction, the insider directly owned 17,705 shares in the company, valued at approximately $1,300,255.20. This represents a 2.60% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Joseph Douglas Lyon sold 3,877 shares of the company's stock in a transaction dated Thursday, July 17th. The shares were sold at an average price of $73.48, for a total transaction of $284,881.96. Following the transaction, the insider owned 10,066 shares in the company, valued at approximately $739,649.68. The trade was a 27.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 165,978 shares of company stock worth $12,712,992. 20.50% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

CORT has been the topic of several analyst reports. HC Wainwright lowered their price target on shares of Corcept Therapeutics from $150.00 to $145.00 and set a "buy" rating on the stock in a report on Tuesday, May 6th. Wall Street Zen lowered shares of Corcept Therapeutics from a "buy" rating to a "hold" rating in a report on Wednesday, May 14th. Canaccord Genuity Group lowered their price target on shares of Corcept Therapeutics from $142.00 to $137.00 and set a "buy" rating on the stock in a report on Friday. Truist Financial set a $135.00 target price on shares of Corcept Therapeutics in a report on Tuesday, May 6th. Finally, Piper Sandler lowered their target price on shares of Corcept Therapeutics from $131.00 to $121.00 and set an "overweight" rating on the stock in a report on Friday. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, Corcept Therapeutics presently has an average rating of "Moderate Buy" and an average price target of $134.50.

Corcept Therapeutics Profile

Corcept Therapeutics Incorporated engages in discovery and development of drugs for the treatment of severe endocrinologic, oncologic, metabolic, and neurologic disorders in the United States. It offers Korlym tablets medication for the treatment of hyperglycemia secondary to hypercortisolism in adult patients with endogenous cushing's syndrome; and who have type 2 diabetes mellitus or glucose intolerance and have failed surgery or are not candidates for surgery.

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