Maryland State Retirement & Pension System Sells 4,189 Shares of Corcept Therapeutics Incorporated (NASDAQ:CORT)

Key Points

• Maryland State Retirement & Pension System has reduced its holdings in Corcept Therapeutics by 13.3%, now owning 27,214 shares valued at approximately $3.1 million.
• CEO Joseph K. Belanoff sold 40,000 shares for over $2.74 million, reducing his ownership stake by 1.38% to approximately 2.86 million shares.
• Corcept Therapeutics reported earnings of $0.29 per share for the last quarter, beating analyst estimates, while revenues grew 18.7% year-over-year despite slightly missing expectations.

Maryland State Retirement & Pension System lowered its position in Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) by 13.3% in the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 27,214 shares of the biotechnology company's stock after selling 4,189 shares during the quarter. Maryland State Retirement & Pension System's holdings in Corcept Therapeutics were worth $3,108,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in CORT. LPL Financial LLC increased its holdings in Corcept Therapeutics by 47.9% in the 4th quarter. LPL Financial LLC now owns 60,682 shares of the biotechnology company's stock worth $3,058,000 after acquiring an additional 19,650 shares during the last quarter. JPMorgan Chase & Co. grew its holdings in Corcept Therapeutics by 2.7% during the 4th quarter. JPMorgan Chase & Co. now owns 259,902 shares of the biotechnology company's stock valued at $13,096,000 after buying an additional 6,832 shares in the last quarter. O Shaughnessy Asset Management LLC grew its holdings in Corcept Therapeutics by 5.3% during the 4th quarter. O Shaughnessy Asset Management LLC now owns 8,754 shares of the biotechnology company's stock valued at $441,000 after buying an additional 441 shares in the last quarter. National Bank of Canada FI purchased a new position in Corcept Therapeutics during the 4th quarter valued at about $42,000. Finally, Wells Fargo & Company MN grew its holdings in Corcept Therapeutics by 104.5% during the 4th quarter. Wells Fargo & Company MN now owns 90,137 shares of the biotechnology company's stock valued at $4,542,000 after buying an additional 46,067 shares in the last quarter. Hedge funds and other institutional investors own 93.61% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on CORT shares. HC Wainwright reduced their target price on Corcept Therapeutics from $150.00 to $145.00 and set a "buy" rating for the company in a report on Tuesday, May 6th. Canaccord Genuity Group reduced their target price on Corcept Therapeutics from $142.00 to $137.00 and set a "buy" rating for the company in a report on Friday, August 1st. Piper Sandler reduced their target price on Corcept Therapeutics from $131.00 to $121.00 and set an "overweight" rating for the company in a report on Friday, August 1st. Truist Financial set a $135.00 target price on Corcept Therapeutics in a report on Tuesday, May 6th. Finally, Wall Street Zen lowered Corcept Therapeutics from a "buy" rating to a "hold" rating in a report on Wednesday, May 14th. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the company's stock. According to MarketBeat, Corcept Therapeutics currently has an average rating of "Moderate Buy" and an average target price of $134.50.

Insider Activity

In other news, Director Daniel N. Swisher, Jr. sold 2,200 shares of Corcept Therapeutics stock in a transaction dated Thursday, July 10th. The stock was sold at an average price of $71.08, for a total transaction of $156,376.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider William Guyer sold 500 shares of the business's stock in a transaction that occurred on Friday, July 18th. The stock was sold at an average price of $73.44, for a total value of $36,720.00. Following the completion of the sale, the insider owned 5,487 shares of the company's stock, valued at $402,965.28. The trade was a 8.35% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 244,622 shares of company stock worth $18,062,900. Company insiders own 20.50% of the company's stock.

Corcept Therapeutics Trading Up 2.3%

Shares of CORT traded up $1.62 during trading hours on Tuesday, reaching $73.59. 514,611 shares of the company's stock traded hands, compared to its average volume of 1,354,212. The stock has a market cap of $7.75 billion, a PE ratio of 65.12 and a beta of 0.20. The firm's 50 day simple moving average is $70.98 and its 200-day simple moving average is $69.06. Corcept Therapeutics Incorporated has a 12 month low of $33.34 and a 12 month high of $117.33.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The biotechnology company reported $0.29 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.23 by $0.06. The firm had revenue of $194.43 million during the quarter, compared to the consensus estimate of $199.40 million. Corcept Therapeutics had a return on equity of 20.10% and a net margin of 18.51%. The company's revenue for the quarter was up 18.7% on a year-over-year basis. During the same quarter last year, the company posted $0.32 EPS. As a group, analysts expect that Corcept Therapeutics Incorporated will post 1.36 earnings per share for the current fiscal year.

About Corcept Therapeutics

Corcept Therapeutics Incorporated engages in discovery and development of drugs for the treatment of severe endocrinologic, oncologic, metabolic, and neurologic disorders in the United States. It offers Korlym tablets medication for the treatment of hyperglycemia secondary to hypercortisolism in adult patients with endogenous cushing's syndrome; and who have type 2 diabetes mellitus or glucose intolerance and have failed surgery or are not candidates for surgery.