Corcept Therapeutics Incorporated (NASDAQ:CORT) Shares Sold by Maryland State Retirement & Pension System

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 decreased its holdings in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) by 13.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. 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 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Parallel Advisors LLC increased its stake in Corcept Therapeutics by 3.7% during the first quarter. Parallel Advisors LLC now owns 3,972,416 shares of the biotechnology company's stock worth $453,729,000 after acquiring an additional 142,784 shares during the last quarter. Jacobs Levy Equity Management Inc. increased its stake in Corcept Therapeutics by 12.5% during the fourth quarter. Jacobs Levy Equity Management Inc. now owns 1,376,881 shares of the biotechnology company's stock worth $69,381,000 after acquiring an additional 153,100 shares during the last quarter. Northern Trust Corp increased its stake in Corcept Therapeutics by 10.2% during the fourth quarter. Northern Trust Corp now owns 1,015,515 shares of the biotechnology company's stock worth $51,172,000 after acquiring an additional 94,128 shares during the last quarter. D. E. Shaw & Co. Inc. increased its stake in Corcept Therapeutics by 12.5% during the fourth quarter. D. E. Shaw & Co. Inc. now owns 886,576 shares of the biotechnology company's stock worth $44,675,000 after acquiring an additional 98,512 shares during the last quarter. Finally, Cerity Partners LLC increased its stake in Corcept Therapeutics by 1.1% during the first quarter. Cerity Partners LLC now owns 614,794 shares of the biotechnology company's stock worth $70,222,000 after acquiring an additional 6,848 shares during the last quarter. Institutional investors and hedge funds own 93.61% of the company's stock.

Corcept Therapeutics Trading Down 0.1%

NASDAQ:CORT traded down $0.06 during midday trading on Wednesday, reaching $73.54. The company had a trading volume of 169,544 shares, compared to its average volume of 1,346,514. The firm has a market capitalization of $7.75 billion, a price-to-earnings ratio of 65.31 and a beta of 0.20. The stock's fifty day simple moving average is $71.06 and its 200-day simple moving average is $69.09. 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 posted its quarterly earnings results on Thursday, July 31st. The biotechnology company reported $0.29 earnings per share for the quarter, beating analysts' consensus estimates of $0.23 by $0.06. Corcept Therapeutics had a return on equity of 20.10% and a net margin of 18.51%. The company had revenue of $194.43 million for the quarter, compared to analysts' expectations of $199.40 million. During the same period last year, the firm earned $0.32 earnings per share. Corcept Therapeutics's quarterly revenue was up 18.7% on a year-over-year basis. As a group, sell-side analysts expect that Corcept Therapeutics Incorporated will post 1.36 EPS for the current year.

Insider Buying and Selling

In other news, Director Daniel N. Swisher, Jr. sold 2,200 shares of Corcept Therapeutics stock in a transaction dated Monday, August 11th. The stock was sold at an average price of $72.30, for a total transaction of $159,060.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Joseph K. Belanoff sold 40,000 shares of Corcept Therapeutics stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $68.53, for a total value of $2,741,200.00. Following the sale, the chief executive officer owned 2,861,370 shares in the company, valued at $196,089,686.10. This trade represents a 1.38% decrease in their position. The disclosure for this sale can be found here. Insiders sold 281,829 shares of company stock valued at $20,734,413 over the last 90 days. 20.50% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

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

Corcept Therapeutics Profile

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.