Illinois Municipal Retirement Fund Raises Position in Corcept Therapeutics Incorporated (NASDAQ:CORT)

Illinois Municipal Retirement Fund lifted its holdings in Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) by 8.7% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 51,644 shares of the biotechnology company's stock after buying an additional 4,117 shares during the quarter. Illinois Municipal Retirement Fund's holdings in Corcept Therapeutics were worth $5,899,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. MassMutual Private Wealth & Trust FSB lifted its holdings in Corcept Therapeutics by 102.0% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 620 shares of the biotechnology company's stock valued at $71,000 after acquiring an additional 313 shares during the period. Canada Pension Plan Investment Board acquired a new position in Corcept Therapeutics during the fourth quarter worth about $40,000. National Bank of Canada FI purchased a new position in Corcept Therapeutics in the fourth quarter valued at about $42,000. Gen Wealth Partners Inc acquired a new stake in shares of Corcept Therapeutics during the 4th quarter valued at approximately $67,000. Finally, Harvest Fund Management Co. Ltd purchased a new stake in shares of Corcept Therapeutics during the 4th quarter worth approximately $69,000. Institutional investors and hedge funds own 93.61% of the company's stock.

Analysts Set New Price Targets

CORT has been the subject of several research reports. Canaccord Genuity Group lifted their price objective on Corcept Therapeutics from $130.00 to $142.00 and gave the stock a "buy" rating in a report on Tuesday, April 1st. Wall Street Zen cut shares of Corcept Therapeutics from a "buy" rating to a "hold" rating in a research note on Wednesday, May 14th. HC Wainwright cut their target price on shares of 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 increased their price target on shares of Corcept Therapeutics from $128.00 to $131.00 and gave the company an "overweight" rating in a research report on Thursday, April 3rd. Finally, Truist Financial set a $135.00 target price on Corcept Therapeutics in a research note on Tuesday, May 6th. One analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $138.25.

Corcept Therapeutics Price Performance

CORT stock traded up $0.18 during midday trading on Monday, hitting $73.40. The stock had a trading volume of 1,008,701 shares, compared to its average volume of 1,177,726. Corcept Therapeutics Incorporated has a 12-month low of $29.42 and a 12-month high of $117.33. The firm has a market cap of $7.78 billion, a PE ratio of 63.28 and a beta of 0.19. The company's 50-day moving average price is $72.49 and its 200 day moving average price is $65.34.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last posted its quarterly earnings results on Monday, May 5th. The biotechnology company reported $0.17 EPS for the quarter, meeting the consensus estimate of $0.17. Corcept Therapeutics had a return on equity of 20.40% and a net margin of 19.33%. The company had revenue of $157.21 million during the quarter, compared to analysts' expectations of $177.93 million. During the same quarter in the previous year, the business earned $0.25 EPS. The firm's revenue was up 7.1% on a year-over-year basis. As a group, sell-side analysts anticipate that Corcept Therapeutics Incorporated will post 1.36 EPS for the current year.

Insider Activity

In other news, CEO Joseph K. Belanoff sold 40,000 shares of the company's stock in a transaction on Monday, June 2nd. The stock was sold at an average price of $82.86, for a total transaction of $3,314,400.00. Following the completion of the sale, the chief executive officer directly owned 2,901,985 shares in the company, valued at $240,458,477.10. This represents a 1.36% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Joseph Douglas Lyon sold 5,000 shares of the stock in a transaction on Monday, June 2nd. The stock was sold at an average price of $78.04, for a total value of $390,200.00. Following the completion of the transaction, the insider directly owned 9,009 shares in the company, valued at $703,062.36. This trade represents a 35.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 224,828 shares of company stock valued at $16,984,794 in the last ninety days. 20.80% of the stock is owned by company insiders.

Corcept Therapeutics Company 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.