OMERS ADMINISTRATION Corp Purchases New Shares in Corcept Therapeutics Incorporated $CORT

Key Points

• OMERS Administration Corp. acquired 30,700 shares of Corcept Therapeutics in the second quarter, valued at approximately $2.67 million. Institutional investors collectively own 93.61% of the company.
• Corcept reported strong quarterly results, with revenue rising 31.7% year over year to $256.15 million and earnings of $0.36 per share, beating analyst expectations of $0.02.
• Analyst sentiment remains generally positive, with five Buy ratings, two Holds, and one Sell; the average price target is $138.17. Corcept shares opened at $123.57, near their 12-month high of $126.38.

OMERS ADMINISTRATION Corp acquired a new position in Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 30,700 shares of the biotechnology company's stock, valued at approximately $2,669,000.

Several other large investors also recently made changes to their positions in the business. BlackRock Inc. acquired a new stake in shares of Corcept Therapeutics in the second quarter valued at $1,080,964,000. Parallel Advisors LLC grew its holdings in Corcept Therapeutics by 2.5% during the 1st quarter. Parallel Advisors LLC now owns 3,977,404 shares of the biotechnology company's stock worth $160,329,000 after acquiring an additional 96,763 shares during the last quarter. State Street Corp grew 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 worth $103,915,000 after acquiring an additional 15,656 shares during the last quarter. Geode Capital Management LLC increased 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 valued at $92,892,000 after acquiring an additional 734,646 shares in the last quarter. Finally, First Trust Advisors LP increased 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 acquiring an additional 1,480,059 shares in the last quarter. Institutional investors own 93.61% of the company's stock.

Insider Buying and Selling

In other news, Director James N. Wilson sold 10,000 shares of Corcept Therapeutics stock in a transaction on Friday, August 14th. The shares were sold at an average price of $111.43, for a total transaction of $1,114,300.00. Following the transaction, the director directly owned 1,074,543 shares of the company's stock, valued at $119,736,326.49. This trade represents a 0.92% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Sean Maduck sold 3,664 shares of the business's stock in a transaction on Friday, August 14th. The shares were sold at an average price of $114.49, for a total transaction of $419,491.36. Following the completion of the transaction, the insider directly owned 9,755 shares of the company's stock, valued at $1,116,849.95. This trade represents a 27.30% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 440,146 shares of company stock valued at $43,659,514. 20.70% of the stock is owned by company insiders.

Corcept Therapeutics Stock Up 0.3%

NASDAQ:CORT opened at $123.57 on Wednesday. Corcept Therapeutics Incorporated has a 12-month low of $28.66 and a 12-month high of $126.38. The stock's fifty day simple moving average is $98.99 and its 200-day simple moving average is $65.93. The firm has a market capitalization of $13.36 billion, a P/E ratio of 294.22 and a beta of 0.45.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last posted its earnings results on Wednesday, July 29th. The biotechnology company reported $0.36 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.02 by $0.34. Corcept Therapeutics had a return on equity of 8.26% and a net margin of 6.52%.The company had revenue of $256.15 million during the quarter, compared to analyst estimates of $221.15 million. During the same period in the previous year, the company earned $0.29 EPS. The company's revenue for the quarter was up 31.7% compared to the same quarter last year. As a group, equities research analysts expect that Corcept Therapeutics Incorporated will post 1.77 earnings per share for the current year.

Analyst Ratings Changes

CORT has been the topic of several research analyst reports. Zacks Research raised shares of Corcept Therapeutics from a "strong sell" rating to a "hold" rating in a research note on Monday, May 4th. Canaccord Genuity Group boosted their price objective on shares of Corcept Therapeutics from $135.00 to $150.00 and gave the stock a "buy" rating in a research report on Wednesday, July 29th. Wall Street Zen raised Corcept Therapeutics from a "hold" rating to a "strong-buy" rating in a report on Saturday, August 1st. UBS Group set a $135.00 price objective on Corcept Therapeutics in a research report on Thursday, May 28th. Finally, 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 note on Monday, July 27th. Five research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $138.17.

Corcept Therapeutics 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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