California State Teachers Retirement System Sells 284 Shares of Corcept Therapeutics Incorporated $CORT

Key Points

• California State Teachers Retirement System reduced its Corcept Therapeutics stake by 284 shares, leaving it with 110,545 shares worth approximately $9.6 million. Institutional investors collectively own 93.61% of CORT.
• Corcept insiders sold 446,119 shares worth about $50.1 million during the last quarter, including transactions by executives to cover tax withholding obligations from vested equity awards.
• CORT recently reported better-than-expected results, with quarterly EPS of $0.36 versus the $0.02 consensus and revenue up 31.7% year over year. Analysts maintain a “Moderate Buy” consensus with an average price target of $138.17, while shares recently traded near $109.94.

California State Teachers Retirement System lowered its stake in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) by 0.3% in the second quarter, according to its most recent 13F filing with the SEC. The fund owned 110,545 shares of the biotechnology company's stock after selling 284 shares during the period. California State Teachers Retirement System owned approximately 0.10% of Corcept Therapeutics worth $9,611,888 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of CORT. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in shares of Corcept Therapeutics during the second quarter valued at $27,000. State of Wyoming increased its holdings in Corcept Therapeutics by 29.5% in the 1st quarter. State of Wyoming now owns 816 shares of the biotechnology company's stock worth $33,000 after acquiring an additional 186 shares in the last quarter. Hantz Financial Services Inc. grew its position in Corcept Therapeutics by 113.7% in the fourth quarter. Hantz Financial Services Inc. now owns 985 shares of the biotechnology company's stock worth $34,000 after acquiring an additional 524 shares during the period. Gould Capital LLC increased its stake in Corcept Therapeutics by 66.7% in the first quarter. Gould Capital LLC now owns 1,000 shares of the biotechnology company's stock valued at $40,000 after purchasing an additional 400 shares during the last quarter. Finally, SHP Wealth Management acquired a new position in Corcept Therapeutics during the 4th quarter worth approximately $72,000. 93.61% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Corcept Therapeutics

In other news, insider Roberto Vieira sold 58,333 shares of the firm's stock in a transaction on Wednesday, September 2nd. The stock was sold at an average price of $110.76, for a total transaction of $6,460,963.08. Following the completion of the sale, the insider directly owned 4,242 shares of the company's stock, valued at $469,843.92. This trade represents a 93.22% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Sean Maduck sold 25,000 shares of Corcept Therapeutics stock in a transaction on Tuesday, September 1st. The stock was sold at an average price of $114.43, for a total transaction of $2,860,750.00. Following the completion of the transaction, the insider owned 9,755 shares in the company, valued at approximately $1,116,264.65. The trade was a 71.93% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders sold 446,119 shares of company stock valued at $50,093,553. 20.70% of the stock is owned by insiders.

Corcept Therapeutics Trading Down 1.7%

CORT stock traded down $1.85 during trading on Tuesday, reaching $109.94. The stock had a trading volume of 316,961 shares, compared to its average volume of 1,473,618. The company has a market capitalization of $11.89 billion, a P/E ratio of 261.78 and a beta of 0.45. Corcept Therapeutics Incorporated has a 1-year low of $28.66 and a 1-year high of $126.38. The firm has a fifty day moving average price of $107.04 and a 200 day moving average price of $73.34.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last announced its quarterly earnings data on Wednesday, July 29th. The biotechnology company reported $0.36 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.02 by $0.34. The business had revenue of $256.15 million during the quarter, compared to analyst estimates of $221.15 million. Corcept Therapeutics had a return on equity of 8.26% and a net margin of 6.52%.Corcept Therapeutics's quarterly revenue was up 31.7% compared to the same quarter last year. During the same period last year, the company earned $0.29 earnings per share. Sell-side analysts predict that Corcept Therapeutics Incorporated will post 2.02 EPS for the current year.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the company. Piper Sandler reissued an "overweight" rating and set a $165.00 price target (up from $88.00) on shares of Corcept Therapeutics in a research report on Thursday, July 30th. Weiss Ratings cut shares of Corcept Therapeutics from a "hold (c)" rating to a "hold (c-)" rating in a report on Tuesday, September 8th. Wolfe Research lowered Corcept Therapeutics from a "peer perform" rating to an "underperform" rating and set a $50.00 price objective on the stock. in a research note on Monday, July 27th. UBS Group set a $135.00 price objective on shares of Corcept Therapeutics in a report on Thursday, May 28th. Finally, Canaccord Genuity Group increased their price target on shares of Corcept Therapeutics from $135.00 to $150.00 and gave the stock a "buy" rating in a research note on Wednesday, July 29th. Five equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $138.17.

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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