41,500 Shares in Corcept Therapeutics Incorporated $CORT Acquired by Louisiana State Employees Retirement System

Key Points

• Louisiana State Employees Retirement System bought a new stake in Corcept Therapeutics, acquiring 41,500 shares valued at about $1.67 million in the first quarter.
• Analysts remain mostly positive on CORT, with several raising price targets and MarketBeat showing an average rating of Moderate Buy and an average target price of $88.83.
• Recent insider activity has leaned toward selling: the CFO and a director both sold shares, and insiders have sold 275,000 shares worth about $18.8 million over the last three months.

Louisiana State Employees Retirement System purchased a new position in Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 41,500 shares of the biotechnology company's stock, valued at approximately $1,673,000.

Other hedge funds have also added to or reduced their stakes in the company. State Street Corp boosted its holdings in shares of Corcept Therapeutics by 0.5% in the 4th quarter. State Street Corp now owns 2,986,056 shares of the biotechnology company's stock valued at $103,915,000 after purchasing an additional 15,656 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Corcept Therapeutics by 38.0% during 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 purchasing an additional 734,646 shares during the last quarter. Morgan Stanley increased its position in Corcept Therapeutics by 34.1% during the 4th quarter. Morgan Stanley now owns 1,592,059 shares of the biotechnology company's stock worth $55,404,000 after purchasing an additional 405,081 shares in the last quarter. AQR Capital Management LLC lifted its stake in Corcept Therapeutics by 546.9% in the 3rd quarter. AQR Capital Management LLC now owns 1,507,209 shares of the biotechnology company's stock valued at $125,264,000 after purchasing an additional 1,274,215 shares during the last quarter. Finally, TD Asset Management Inc boosted its position in Corcept Therapeutics by 4.0% in the fourth quarter. TD Asset Management Inc now owns 994,844 shares of the biotechnology company's stock valued at $34,621,000 after buying an additional 38,708 shares in the last quarter. 93.61% of the stock is owned by institutional investors.

Analyst Ratings Changes

CORT has been the subject of several research analyst reports. Canaccord Genuity Group upped their price target on shares of Corcept Therapeutics from $110.00 to $135.00 and gave the stock a "buy" rating in a report on Thursday, May 28th. UBS Group set a $135.00 price objective on Corcept Therapeutics in a research report on Thursday, May 28th. Truist Financial raised Corcept Therapeutics to a "strong-buy" rating in a report on Monday, June 15th. Weiss Ratings reiterated a "hold (c-)" rating on shares of Corcept Therapeutics in a research report on Wednesday, June 24th. Finally, Piper Sandler boosted their price target on Corcept Therapeutics from $73.00 to $88.00 and gave the stock an "overweight" rating in a report on Friday, May 1st. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat, Corcept Therapeutics has an average rating of "Moderate Buy" and an average target price of $88.83.

Insider Transactions at Corcept Therapeutics

In related news, Director David L. Mahoney sold 20,000 shares of Corcept Therapeutics stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $84.53, for a total value of $1,690,600.00. Following the transaction, the director directly owned 26,147 shares of the company's stock, valued at $2,210,205.91. The trade was a 43.34% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Atabak Mokari sold 40,000 shares of the company's stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $81.15, for a total value of $3,246,000.00. Following the completion of the sale, the chief financial officer owned 16,130 shares in the company, valued at $1,308,949.50. The trade was a 71.26% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 275,000 shares of company stock worth $18,836,100. 20.70% of the stock is currently owned by insiders.

Corcept Therapeutics Stock Performance

Shares of NASDAQ:CORT opened at $88.48 on Thursday. The firm has a market cap of $9.50 billion, a PE ratio of 252.81 and a beta of 0.46. The firm's fifty day moving average is $66.18 and its 200-day moving average is $52.16. Corcept Therapeutics Incorporated has a 52 week low of $28.66 and a 52 week high of $91.00.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last posted 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 during the quarter, compared to analyst estimates of $185.83 million. Corcept Therapeutics had a net margin of 6.14% and a return on equity of 7.40%. The business's revenue for the quarter was up 4.9% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.17 earnings per share. Sell-side analysts forecast that Corcept Therapeutics Incorporated will post 0.53 EPS for the current year.

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.

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