Prudential Financial Inc. Raises Position in Corcept Therapeutics Incorporated (CORT)

Prudential Financial Inc. increased its stake in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT) by 3,409.5% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 633,223 shares of the biotechnology company’s stock after acquiring an additional 615,180 shares during the quarter. Prudential Financial Inc. owned about 0.56% of Corcept Therapeutics worth $7,472,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of CORT. Bank of Montreal Can lifted its position in Corcept Therapeutics by 111.2% during the second quarter. Bank of Montreal Can now owns 34,931 shares of the biotechnology company’s stock valued at $413,000 after purchasing an additional 18,389 shares during the last quarter. Teachers Advisors LLC lifted its position in Corcept Therapeutics by 45.8% during the fourth quarter. Teachers Advisors LLC now owns 184,460 shares of the biotechnology company’s stock valued at $1,339,000 after purchasing an additional 57,985 shares during the last quarter. Trexquant Investment LP bought a new position in Corcept Therapeutics during the first quarter valued at $202,000. AQR Capital Management LLC lifted its position in Corcept Therapeutics by 152.7% during the first quarter. AQR Capital Management LLC now owns 359,615 shares of the biotechnology company’s stock valued at $3,941,000 after purchasing an additional 217,323 shares during the last quarter. Finally, Renaissance Technologies LLC lifted its position in Corcept Therapeutics by 23.3% during the first quarter. Renaissance Technologies LLC now owns 1,858,500 shares of the biotechnology company’s stock valued at $20,369,000 after purchasing an additional 351,000 shares during the last quarter. Hedge funds and other institutional investors own 61.48% of the company’s stock.

Shares of Corcept Therapeutics Incorporated (CORT) opened at 17.81 on Friday. Corcept Therapeutics Incorporated has a 52 week low of $5.77 and a 52 week high of $18.31. The stock has a market cap of $2.02 billion, a P/E ratio of 88.61 and a beta of 2.07. The stock has a 50 day moving average of $15.21 and a 200 day moving average of $12.02.

Corcept Therapeutics (NASDAQ:CORT) last announced its quarterly earnings results on Tuesday, August 1st. The biotechnology company reported $0.10 earnings per share for the quarter, beating the consensus estimate of $0.08 by $0.02. The firm had revenue of $35.56 million for the quarter, compared to analysts’ expectations of $31.37 million. Corcept Therapeutics had a net margin of 22.28% and a return on equity of 51.45%. The company’s revenue was up 80.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.01 EPS. On average, analysts expect that Corcept Therapeutics Incorporated will post $0.42 earnings per share for the current year.

In other news, Director David L. Mahoney sold 6,091 shares of the business’s stock in a transaction dated Tuesday, July 18th. The shares were sold at an average price of $12.50, for a total transaction of $76,137.50. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director David L. Mahoney sold 6,510 shares of the business’s stock in a transaction dated Wednesday, July 12th. The shares were sold at an average price of $12.50, for a total transaction of $81,375.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 42,601 shares of company stock worth $532,513. Corporate insiders own 19.20% of the company’s stock.

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Several equities analysts have commented on the stock. BidaskClub lowered shares of Corcept Therapeutics from a “buy” rating to a “hold” rating in a research report on Thursday, June 15th. Piper Jaffray Companies set a $18.00 price objective on shares of Corcept Therapeutics and gave the company a “buy” rating in a research report on Thursday, August 24th. TheStreet upgraded shares of Corcept Therapeutics from a “c+” rating to a “b” rating in a research report on Monday, May 22nd. Zacks Investment Research upgraded shares of Corcept Therapeutics from a “hold” rating to a “strong-buy” rating and set a $14.00 price objective for the company in a research report on Wednesday, July 19th. Finally, Stifel Nicolaus started coverage on shares of Corcept Therapeutics in a research report on Thursday, August 31st. They set a “buy” rating and a $20.00 price objective for the company. One analyst has rated the stock with a sell rating, four have assigned a buy rating and two have given a strong buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $16.17.

About Corcept Therapeutics

Corcept Therapeutics Incorporated is a pharmaceutical company engaged in the discovery, development and commercialization of drugs for the treatment of severe metabolic, psychiatric and oncologic disorders. The Company is developing mifepristone, a compound that modulates the effects of cortisol by acting as a competitive antagonist at the glucocorticoid receptor (GR).

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Institutional Ownership by Quarter for Corcept Therapeutics (NASDAQ:CORT)

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