Maryland State Retirement & Pension System Has $2.37 Million Stock Position in Corcept Therapeutics Incorporated $CORT

Key Points

• The Maryland State Retirement & Pension System increased its stake in Corcept Therapeutics by 18.7% in Q2, holding a total of 32,305 shares valued at approximately $2.37 million.
• Insiders at Corcept Therapeutics sold a significant 304,610 shares worth over $22 million in the last 90 days, indicating notable selling activity within the company.
• Research ratings for Corcept have varied, with five analysts rating it a "Buy" and one a "Strong Sell," while the average target price is set at $135.25.

Maryland State Retirement & Pension System lifted its position in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) by 18.7% in the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 32,305 shares of the biotechnology company's stock after buying an additional 5,091 shares during the quarter. Maryland State Retirement & Pension System's holdings in Corcept Therapeutics were worth $2,371,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Brooklyn Investment Group lifted its holdings in shares of Corcept Therapeutics by 99.5% during the first quarter. Brooklyn Investment Group now owns 373 shares of the biotechnology company's stock worth $43,000 after buying an additional 186 shares in the last quarter. USA Financial Formulas acquired a new stake in shares of Corcept Therapeutics during the second quarter worth $56,000. Farther Finance Advisors LLC lifted its holdings in shares of Corcept Therapeutics by 277.6% during the second quarter. Farther Finance Advisors LLC now owns 910 shares of the biotechnology company's stock worth $67,000 after buying an additional 669 shares in the last quarter. Covestor Ltd raised its stake in Corcept Therapeutics by 1,741.2% in the first quarter. Covestor Ltd now owns 626 shares of the biotechnology company's stock valued at $72,000 after purchasing an additional 592 shares in the last quarter. Finally, IFP Advisors Inc raised its stake in Corcept Therapeutics by 1,150.8% in the first quarter. IFP Advisors Inc now owns 738 shares of the biotechnology company's stock valued at $84,000 after purchasing an additional 679 shares in the last quarter. Institutional investors and hedge funds own 93.61% of the company's stock.

Insider Activity at Corcept Therapeutics

In related news, Director Daniel N. Swisher, Jr. sold 2,200 shares of the company's stock in a transaction that occurred on Wednesday, September 10th. The stock was sold at an average price of $72.45, for a total value of $159,390.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Sean Maduck sold 20,000 shares of the company's stock in a transaction that occurred on Wednesday, October 1st. The shares were sold at an average price of $85.06, for a total value of $1,701,200.00. Following the completion of the sale, the insider owned 7,904 shares in the company, valued at $672,314.24. The trade was a 71.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 304,610 shares of company stock valued at $22,713,516. Corporate insiders own 20.80% of the company's stock.

Analysts Set New Price Targets

A number of research firms recently commented on CORT. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Corcept Therapeutics in a research note on Wednesday. Wall Street Zen raised Corcept Therapeutics from a "hold" rating to a "buy" rating in a research note on Friday, September 26th. Piper Sandler dropped their price target on Corcept Therapeutics from $131.00 to $121.00 and set an "overweight" rating for the company in a research note on Friday, August 1st. Zacks Research downgraded Corcept Therapeutics from a "hold" rating to a "strong sell" rating in a research note on Wednesday, October 1st. Finally, Canaccord Genuity Group reaffirmed a "buy" rating and issued a $140.00 price target on shares of Corcept Therapeutics in a research note on Thursday, September 25th. Five research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Corcept Therapeutics presently has an average rating of "Moderate Buy" and an average target price of $135.25.

Corcept Therapeutics Stock Down 16.3%

Corcept Therapeutics stock opened at $73.96 on Friday. Corcept Therapeutics Incorporated has a 12-month low of $42.01 and a 12-month high of $117.33. The business's 50-day moving average price is $75.57 and its two-hundred day moving average price is $73.08. The stock has a market cap of $7.79 billion, a PE ratio of 65.45 and a beta of 0.46.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The biotechnology company reported $0.29 earnings per share for the quarter, topping the consensus estimate of $0.23 by $0.06. The company had revenue of $194.43 million for the quarter, compared to analysts' expectations of $199.40 million. Corcept Therapeutics had a return on equity of 20.10% and a net margin of 18.51%.The business's quarterly revenue was up 18.7% compared to the same quarter last year. During the same period in the previous year, the business posted $0.32 earnings per share. Corcept Therapeutics has set its FY 2025 guidance at EPS. As a group, analysts expect that Corcept Therapeutics Incorporated will post 1.36 earnings per share for the current year.

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.

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