Connor Clark & Lunn Investment Management Ltd. Raises Stake in Corcept Therapeutics Incorporated (NASDAQ:CORT)

Connor Clark & Lunn Investment Management Ltd. grew its position in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) by 20.0% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 859,563 shares of the biotechnology company's stock after buying an additional 143,507 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.82% of Corcept Therapeutics worth $39,781,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Jacobs Levy Equity Management Inc. acquired a new position in shares of Corcept Therapeutics during the first quarter worth approximately $18,426,000. Clearbridge Investments LLC bought a new position in Corcept Therapeutics during the 1st quarter worth approximately $14,670,000. M&G PLC bought a new stake in shares of Corcept Therapeutics in the 3rd quarter worth approximately $11,173,000. Janus Henderson Group PLC lifted its stake in shares of Corcept Therapeutics by 482.6% in the 1st quarter. Janus Henderson Group PLC now owns 265,049 shares of the biotechnology company's stock valued at $6,677,000 after purchasing an additional 219,551 shares during the period. Finally, abrdn plc increased its holdings in shares of Corcept Therapeutics by 27.1% in the 3rd quarter. abrdn plc now owns 666,952 shares of the biotechnology company's stock worth $30,867,000 after purchasing an additional 142,310 shares in the last quarter. Institutional investors own 93.61% of the company's stock.

Insider Activity at Corcept Therapeutics

In related news, Director Daniel N. Swisher, Jr. sold 2,200 shares of the company's stock in a transaction on Monday, November 11th. The stock was sold at an average price of $59.88, for a total transaction of $131,736.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Gary Charles Robb sold 3,101 shares of the company's stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $35.71, for a total value of $110,736.71. Following the completion of the transaction, the insider now directly owns 23,190 shares of the company's stock, valued at approximately $828,114.90. The trade was a 11.79 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 36,301 shares of company stock valued at $1,594,253. 20.50% of the stock is owned by insiders.

Corcept Therapeutics Price Performance

Corcept Therapeutics stock traded up $1.78 during mid-day trading on Wednesday, hitting $56.09. 1,013,142 shares of the company were exchanged, compared to its average volume of 1,182,597. The company has a quick ratio of 3.64, a current ratio of 3.70 and a debt-to-equity ratio of 0.01. The business has a fifty day moving average of $47.21 and a 200 day moving average of $37.39. Corcept Therapeutics Incorporated has a 1-year low of $20.84 and a 1-year high of $61.66. The company has a market capitalization of $5.88 billion, a PE ratio of 43.10 and a beta of 0.45.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last announced its quarterly earnings data on Wednesday, October 30th. The biotechnology company reported $0.41 EPS for the quarter, topping analysts' consensus estimates of $0.27 by $0.14. Corcept Therapeutics had a return on equity of 24.54% and a net margin of 22.35%. The firm had revenue of $182.55 million during the quarter, compared to analyst estimates of $171.97 million. During the same period last year, the company earned $0.28 earnings per share. The company's revenue was up 47.7% on a year-over-year basis. As a group, sell-side analysts expect that Corcept Therapeutics Incorporated will post 1.31 earnings per share for the current year.

Analyst Upgrades and Downgrades

CORT has been the topic of several research analyst reports. Sandler O'Neill restated a "buy" rating on shares of Corcept Therapeutics in a research report on Friday, October 18th. HC Wainwright restated a "buy" rating and issued a $80.00 target price on shares of Corcept Therapeutics in a research note on Thursday, October 31st. Canaccord Genuity Group reiterated a "buy" rating and issued a $38.00 price objective on shares of Corcept Therapeutics in a report on Tuesday, July 30th. StockNews.com raised shares of Corcept Therapeutics from a "buy" rating to a "strong-buy" rating in a research report on Thursday, October 31st. Finally, Truist Financial boosted their price target on shares of Corcept Therapeutics from $65.00 to $76.00 and gave the stock a "buy" rating in a research note on Monday, September 30th. Five research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Corcept Therapeutics currently has a consensus rating of "Buy" and a consensus target price of $65.25.

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.