Corcept Therapeutics Incorporated $CORT Shares Purchased by California State Teachers Retirement System

Key Points

• California State Teachers Retirement System increased its Corcept Therapeutics stake by 8,572.7% in the second quarter, acquiring 9.5 million additional shares. It now owns approximately 8.89% of the company, valued at about $835.8 million.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $138.17. Several firms recently raised their targets to between $164 and $165.
• Corcept reported quarterly revenue of $256.2 million and earnings of $0.36 per share, exceeding analyst estimates, while revenue grew 31.7% year over year. However, insiders sold 456,119 shares worth approximately $50.9 million during the last quarter.

California State Teachers Retirement System raised its stake in Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) by 8,572.7% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 9,611,888 shares of the biotechnology company's stock after buying an additional 9,501,059 shares during the quarter. California State Teachers Retirement System owned approximately 8.89% of Corcept Therapeutics worth $835,754,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of CORT. Royal Bank of Canada increased its holdings in shares of Corcept Therapeutics by 18.9% in the 1st quarter. Royal Bank of Canada now owns 15,385 shares of the biotechnology company's stock worth $1,757,000 after acquiring an additional 2,444 shares during the period. Amundi acquired a new position in Corcept Therapeutics during the 1st quarter valued at about $450,000. NewEdge Advisors LLC bought a new position in Corcept Therapeutics in the 1st quarter worth about $518,000. EverSource Wealth Advisors LLC grew its position in Corcept Therapeutics by 273.3% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,441 shares of the biotechnology company's stock worth $106,000 after purchasing an additional 1,055 shares during the last quarter. Finally, Marshall Wace LLP increased its stake in shares of Corcept Therapeutics by 795.3% in the second quarter. Marshall Wace LLP now owns 46,200 shares of the biotechnology company's stock valued at $3,391,000 after purchasing an additional 41,040 shares during the period. Institutional investors and hedge funds own 93.61% of the company's stock.

Insider Transactions at Corcept Therapeutics

In other Corcept Therapeutics news, Director David Mahoney sold 103,606 shares of the company's stock in a transaction dated Tuesday, August 18th. The shares were sold at an average price of $118.25, for a total value of $12,251,409.50. Following the completion of the sale, the director directly owned 1,133,539 shares of the company's stock, valued at approximately $134,040,986.75. This represents a 8.37% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Sean Maduck sold 25,000 shares of the firm's stock in a transaction dated Tuesday, September 1st. The shares were sold at an average price of $114.43, for a total transaction of $2,860,750.00. Following the transaction, the insider owned 9,755 shares of the company's stock, valued at approximately $1,116,264.65. This trade represents a 71.93% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 456,119 shares of company stock valued at $50,925,553 in the last quarter. 20.70% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. Wall Street Zen raised Corcept Therapeutics from a "hold" rating to a "strong-buy" rating in a report on Saturday, August 1st. HC Wainwright raised their target price on Corcept Therapeutics from $95.00 to $165.00 and gave the company a "buy" rating in a research report on Thursday, July 30th. UBS Group set a $135.00 target price on Corcept Therapeutics in a research report on Thursday, May 28th. Piper Sandler reaffirmed an "overweight" rating and set a $165.00 target price (up from $88.00) on shares of Corcept Therapeutics in a research note on Thursday, July 30th. Finally, Truist Financial assumed coverage on Corcept Therapeutics in a research report on Tuesday, August 18th. They set a "buy" rating and a $164.00 price target for the company. Five analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $138.17.

Corcept Therapeutics Stock Performance

Shares of NASDAQ CORT opened at $112.79 on Monday. Corcept Therapeutics Incorporated has a 1 year low of $28.66 and a 1 year high of $126.38. The firm has a market cap of $12.19 billion, a P/E ratio of 268.55 and a beta of 0.45. The stock has a fifty day moving average price of $106.64 and a two-hundred day moving average price of $72.81.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last posted its quarterly earnings data on Wednesday, July 29th. The biotechnology company reported $0.36 EPS for the quarter, topping analysts' consensus estimates 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 for the quarter, compared to the consensus estimate of $221.15 million. During the same quarter in the previous year, the business earned $0.29 EPS. The company's quarterly revenue was up 31.7% compared to the same quarter last year. On average, research analysts predict that Corcept Therapeutics Incorporated will post 2.02 earnings per share for the current fiscal year.

About Corcept Therapeutics

Corcept Therapeutics Incorporated is a biopharmaceutical company focused on discovering and developing medicines that modulate the effects of the stress hormone cortisol. The company's research centers on the glucocorticoid receptor, which regulates cortisol activity and may play a role in metabolic, psychiatric, oncologic and other serious diseases.

Corcept's commercial product is Korlym (mifepristone), an oral glucocorticoid receptor antagonist approved in the United States to control hyperglycemia secondary to endogenous Cushing's syndrome in adults with type 2 diabetes or glucose intolerance who are not candidates for surgery or have not responded adequately to surgery.

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