Corcept Therapeutics Incorporated $CORT Shares Sold by New York State Teachers Retirement System

Key Points

• New York State Teachers Retirement System cut its Corcept Therapeutics stake by 12.7% in the first quarter, selling 15,096 shares and leaving it with 103,521 shares valued at about $4.17 million.
• Insider selling has been notable, with Director David L. Mahoney and CFO Atabak Mokari both recently selling shares; insiders have sold 300,000 shares worth $22.1 million over the last 90 days.
• Corcept Therapeutics stock has surged near its 52-week high, opening at $92.94, while the company reported a wider-than-expected quarterly loss and revenue that missed analysts’ estimates despite year-over-year growth.

New York State Teachers Retirement System reduced its stake in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) by 12.7% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 103,521 shares of the biotechnology company's stock after selling 15,096 shares during the period. New York State Teachers Retirement System owned approximately 0.10% of Corcept Therapeutics worth $4,173,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in CORT. Pathstone Holdings LLC boosted its holdings in Corcept Therapeutics by 0.8% during the third quarter. Pathstone Holdings LLC now owns 18,013 shares of the biotechnology company's stock worth $1,497,000 after buying an additional 144 shares in the last quarter. Gould Capital LLC increased its holdings in Corcept Therapeutics by 50.0% in the third quarter. Gould Capital LLC now owns 600 shares of the biotechnology company's stock valued at $50,000 after buying an additional 200 shares in the last quarter. Sequoia Financial Advisors LLC increased its stake in Corcept Therapeutics by 3.7% in the 4th quarter. Sequoia Financial Advisors LLC now owns 6,904 shares of the biotechnology company's stock valued at $240,000 after purchasing an additional 247 shares in the last quarter. Evergreen Capital Management LLC boosted its position in Corcept Therapeutics by 3.0% during the fourth quarter. Evergreen Capital Management LLC now owns 8,609 shares of the biotechnology company's stock worth $300,000 after purchasing an additional 248 shares in the last quarter. Finally, Deutsche Bank AG grew its holdings in Corcept Therapeutics by 3.4% in the fourth quarter. Deutsche Bank AG now owns 8,446 shares of the biotechnology company's stock valued at $294,000 after purchasing an additional 279 shares during the last quarter. 93.61% of the stock is owned by institutional investors and hedge funds.

Corcept Therapeutics Stock Performance

Shares of CORT opened at $92.94 on Thursday. Corcept Therapeutics Incorporated has a fifty-two week low of $28.66 and a fifty-two week high of $94.77. The company has a market capitalization of $9.98 billion, a PE ratio of 265.55 and a beta of 0.47. The stock has a fifty day moving average of $70.78 and a two-hundred day moving average of $52.44.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last issued its earnings results on Thursday, April 30th. The biotechnology company reported ($0.30) earnings per share for the quarter, missing the consensus estimate of ($0.11) by ($0.19). Corcept Therapeutics had a return on equity of 7.40% and a net margin of 6.14%.The firm had revenue of $164.90 million during the quarter, compared to analysts' expectations of $185.83 million. During the same period last year, the business posted $0.17 earnings per share. The company's quarterly revenue was up 4.9% compared to the same quarter last year. As a group, equities research analysts forecast that Corcept Therapeutics Incorporated will post 0.53 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research firms have recently issued reports on CORT. Zacks Research raised Corcept Therapeutics from a "strong sell" rating to a "hold" rating in a research note on Monday, May 4th. Wolfe Research raised shares of Corcept Therapeutics from an "underperform" rating to a "peer perform" rating in a research note on Thursday, March 26th. UBS Group set a $135.00 target price on shares of Corcept Therapeutics in a report on Thursday, May 28th. Canaccord Genuity Group lifted their target price 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. Finally, Piper Sandler upped their price target on shares of Corcept Therapeutics from $73.00 to $88.00 and gave the company an "overweight" rating in a report on Friday, May 1st. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $88.83.

Insiders Place Their Bets

In related news, Director David L. Mahoney sold 20,000 shares of the stock in a transaction dated 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 completion of the transaction, the director owned 26,147 shares of the company's stock, valued at approximately $2,210,205.91. This represents a 43.34% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Atabak Mokari sold 40,000 shares of the firm'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 sale, the chief financial officer owned 16,130 shares of the company's stock, valued at approximately $1,308,949.50. This trade represents a 71.26% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 300,000 shares of company stock valued at $22,088,050. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.