New York State Teachers Retirement System Raises Stake in Corcept Therapeutics Incorporated $CORT

Key Points

• The New York State Teachers Retirement System increased its stake in Corcept Therapeutics by 4.8%, holding 123,538 shares valued at approximately $9.07 million as of the latest SEC disclosure.
• Insiders, including CEO Joseph K. Belanoff, recently sold significant amounts of stock, reducing their ownership, with Belanoff selling 40,000 shares for $3.4 million.
• Wall Street analysts have varying ratings on Corcept Therapeutics, with a mix of "buy," "hold," and "sell" ratings, and a consensus target price of $135.25.

New York State Teachers Retirement System grew its stake in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) by 4.8% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 123,538 shares of the biotechnology company's stock after purchasing an additional 5,606 shares during the quarter. New York State Teachers Retirement System owned approximately 0.12% of Corcept Therapeutics worth $9,068,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in CORT. GAMMA Investing LLC increased its holdings in shares of Corcept Therapeutics by 13.7% in the 1st quarter. GAMMA Investing LLC now owns 3,407 shares of the biotechnology company's stock valued at $389,000 after acquiring an additional 411 shares during the period. Wealth Enhancement Advisory Services LLC boosted its position in shares of Corcept Therapeutics by 3.0% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 7,954 shares of the biotechnology company's stock worth $909,000 after buying an additional 230 shares in the last quarter. Envestnet Portfolio Solutions Inc. purchased a new position in Corcept Therapeutics in the 1st quarter valued at about $580,000. Oppenheimer & Co. Inc. lifted its holdings in Corcept Therapeutics by 39.0% in the 1st quarter. Oppenheimer & Co. Inc. now owns 22,246 shares of the biotechnology company's stock valued at $2,541,000 after purchasing an additional 6,246 shares in the last quarter. Finally, Sequoia Financial Advisors LLC acquired a new position in shares of Corcept Therapeutics during the 1st quarter valued at about $384,000. Institutional investors and hedge funds own 93.61% of the company's stock.

Insider Transactions at Corcept Therapeutics

In other news, insider Sean Maduck sold 20,000 shares of the business's stock in a transaction that occurred on Wednesday, October 1st. The stock was sold at an average price of $85.06, for a total transaction of $1,701,200.00. Following the sale, the insider directly owned 7,904 shares in the company, valued at approximately $672,314.24. The trade was a 71.67% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Joseph K. Belanoff sold 40,000 shares of the business's stock in a transaction that occurred on Wednesday, October 1st. The shares were sold at an average price of $85.08, for a total value of $3,403,200.00. Following the sale, the chief executive officer owned 2,781,370 shares in the company, valued at approximately $236,638,959.60. This represents a 1.42% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 292,451 shares of company stock worth $21,850,930. 20.50% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of research firms have recently commented on CORT. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Corcept Therapeutics in a research note on Wednesday, October 8th. HC Wainwright reiterated a "buy" rating and set a $145.00 target price on shares of Corcept Therapeutics in a research note on Friday, October 10th. Zacks Research cut Corcept Therapeutics from a "hold" rating to a "strong sell" rating in a research note on Wednesday, October 1st. Piper Sandler cut their target price on shares of Corcept Therapeutics from $131.00 to $121.00 and set an "overweight" rating on the stock in a report on Friday, August 1st. Finally, Canaccord Genuity Group reaffirmed a "buy" rating and issued a $140.00 target price on shares of Corcept Therapeutics in a research report on Thursday, September 25th. Four investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $135.25.

Corcept Therapeutics Trading Down 1.0%

Shares of CORT opened at $78.69 on Monday. Corcept Therapeutics Incorporated has a 1-year low of $42.01 and a 1-year high of $117.33. The business's 50-day moving average price is $76.01 and its 200 day moving average price is $72.99. The stock has a market capitalization of $8.29 billion, a P/E ratio of 69.64 and a beta of 0.46.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last released its earnings results on Thursday, July 31st. The biotechnology company reported $0.29 earnings per share for the quarter, beating 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 revenue for the quarter was up 18.7% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.32 EPS. Corcept Therapeutics has set its FY 2025 guidance at EPS. On average, research analysts predict 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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