New York State Common Retirement Fund Lowers Position in Corcept Therapeutics Incorporated (NASDAQ:CORT)

New York State Common Retirement Fund decreased its position in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) by 9.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 35,563 shares of the biotechnology company's stock after selling 3,862 shares during the period. New York State Common Retirement Fund's holdings in Corcept Therapeutics were worth $4,062,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Emerald Mutual Fund Advisers Trust bought a new stake in Corcept Therapeutics in the first quarter worth about $4,320,000. Sage Rhino Capital LLC bought a new stake in shares of Corcept Therapeutics during the first quarter valued at approximately $366,000. Cerity Partners LLC raised its stake in shares of Corcept Therapeutics by 1.1% during the first quarter. Cerity Partners LLC now owns 614,794 shares of the biotechnology company's stock valued at $70,222,000 after acquiring an additional 6,848 shares in the last quarter. Linden Thomas Advisory Services LLC raised its stake in shares of Corcept Therapeutics by 0.7% during the first quarter. Linden Thomas Advisory Services LLC now owns 63,692 shares of the biotechnology company's stock valued at $7,275,000 after acquiring an additional 468 shares in the last quarter. Finally, Trek Financial LLC bought a new stake in shares of Corcept Therapeutics during the first quarter valued at approximately $2,476,000. Hedge funds and other institutional investors own 93.61% of the company's stock.

Insider Activity

In other Corcept Therapeutics news, insider Joseph Douglas Lyon sold 5,000 shares of the stock in a transaction that occurred on Monday, June 2nd. The shares were sold at an average price of $78.04, for a total transaction of $390,200.00. Following the sale, the insider directly owned 9,009 shares in the company, valued at $703,062.36. This represents a 35.69% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider William Guyer sold 32,262 shares of the firm's stock in a transaction on Friday, May 16th. The shares were sold at an average price of $74.17, for a total transaction of $2,392,872.54. Following the completion of the sale, the insider owned 5,487 shares in the company, valued at $406,970.79. The trade was a 85.46% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 239,592 shares of company stock worth $18,071,616 in the last three months. 20.80% of the stock is currently owned by corporate insiders.

Corcept Therapeutics Stock Performance

Shares of CORT stock traded up $0.70 on Friday, reaching $68.29. 395,581 shares of the company were exchanged, compared to its average volume of 1,418,507. The company has a market cap of $7.24 billion, a price-to-earnings ratio of 58.87 and a beta of 0.15. The business has a 50-day moving average price of $72.38 and a 200 day moving average price of $67.73. Corcept Therapeutics Incorporated has a 1 year low of $32.33 and a 1 year high of $117.33.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last announced its quarterly earnings data on Monday, May 5th. The biotechnology company reported $0.17 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.17. Corcept Therapeutics had a net margin of 19.33% and a return on equity of 20.40%. 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 prior year, the company earned $0.25 EPS. Corcept Therapeutics's revenue was up 7.1% compared to the same quarter last year. As a group, equities analysts anticipate that Corcept Therapeutics Incorporated will post 1.36 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on CORT. HC Wainwright decreased their price target on shares of Corcept Therapeutics from $150.00 to $145.00 and set a "buy" rating for the company in a research note on Tuesday, May 6th. Canaccord Genuity Group lifted their price target on shares of Corcept Therapeutics from $130.00 to $142.00 and gave the company a "buy" rating in a research note on Tuesday, April 1st. Wall Street Zen downgraded shares of Corcept Therapeutics from a "buy" rating to a "hold" rating in a research note on Wednesday, May 14th. Piper Sandler lifted their price target on shares of Corcept Therapeutics from $128.00 to $131.00 and gave the company an "overweight" rating in a research note on Thursday, April 3rd. Finally, Truist Financial set a $135.00 price objective on shares of Corcept Therapeutics in a report on Tuesday, May 6th. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $138.25.

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.