Corcept Therapeutics Incorporated $CORT Stock Holdings Decreased by New York State Teachers Retirement System

New York State Teachers Retirement System lessened its stake in Corcept Therapeutics Incorporated (NASDAQ:CORT) by 12.7% during the first quarter, HoldingsChannel.com reports. The firm owned 103,521 shares of the biotechnology company’s stock after selling 15,096 shares during the period. New York State Teachers Retirement System’s holdings in Corcept Therapeutics were worth $4,173,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of the stock. Patten Group Inc. bought a new stake in Corcept Therapeutics in the first quarter valued at about $519,000. Formidable Asset Management LLC lifted its holdings in Corcept Therapeutics by 87.5% during the 1st quarter. Formidable Asset Management LLC now owns 11,681 shares of the biotechnology company’s stock worth $471,000 after buying an additional 5,450 shares during the last quarter. Pictet Asset Management Holding SA lifted its holdings in Corcept Therapeutics by 9.1% during the 1st quarter. Pictet Asset Management Holding SA now owns 15,689 shares of the biotechnology company’s stock worth $632,000 after buying an additional 1,309 shares during the last quarter. AA Financial Advisors LLC acquired a new position in shares of Corcept Therapeutics in the 1st quarter worth approximately $202,000. Finally, Louisiana State Employees Retirement System acquired a new position in shares of Corcept Therapeutics in the 1st quarter worth approximately $1,673,000. Institutional investors own 93.61% of the company’s stock.

Corcept Therapeutics Stock Performance

NASDAQ:CORT opened at $92.94 on Thursday. The stock has a market cap of $9.98 billion, a price-to-earnings ratio of 265.55 and a beta of 0.47. Corcept Therapeutics Incorporated has a 1 year low of $28.66 and a 1 year high of $94.77. The business has a fifty day moving average of $70.78 and a 200-day moving average of $52.44.

Corcept Therapeutics (NASDAQ:CORT) last issued its quarterly earnings data on Thursday, April 30th. The biotechnology company reported ($0.30) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.19). The company had revenue of $164.90 million for the quarter, compared to the consensus estimate of $185.83 million. Corcept Therapeutics had a net margin of 6.14% and a return on equity of 7.40%. Corcept Therapeutics’s revenue for the quarter was up 4.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.17 earnings per share. On average, equities research analysts predict that Corcept Therapeutics Incorporated will post 0.53 EPS for the current year.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the company. Weiss Ratings reissued a “hold (c-)” rating on shares of Corcept Therapeutics in a research report on Wednesday, June 24th. Canaccord Genuity Group raised their price target on shares of Corcept Therapeutics from $110.00 to $135.00 and gave the stock a “buy” rating in a research report on Thursday, May 28th. HC Wainwright lifted their price target on shares of Corcept Therapeutics from $75.00 to $95.00 and gave the company a “buy” rating in a report on Tuesday, June 2nd. Piper Sandler increased their price objective on shares of Corcept Therapeutics from $73.00 to $88.00 and gave the stock an “overweight” rating in a research note on Friday, May 1st. Finally, UBS Group set a $135.00 target price on shares of Corcept Therapeutics in a report on Thursday, May 28th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, Corcept Therapeutics presently has an average rating of “Moderate Buy” and a consensus target price of $88.83.

Insider Buying and Selling

In other news, Director David L. Mahoney sold 20,000 shares of the company’s stock in a transaction that occurred on Wednesday, June 17th. The shares were sold at an average price of $84.53, for a total value of $1,690,600.00. Following the completion of the sale, the director directly owned 26,147 shares of the company’s stock, valued at approximately $2,210,205.91. This represents a 43.34% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director James N. Wilson sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $83.20, for a total transaction of $832,000.00. Following the transaction, the director owned 1,094,543 shares in the company, valued at $91,065,977.60. This represents a 0.91% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 300,000 shares of company stock worth $22,088,050. Company insiders own 20.70% of the company’s stock.

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.