Public Employees Retirement System of Ohio Invests $2.40 Million in Corcept Therapeutics Incorporated $CORT

Key Points

• Public Employees Retirement System of Ohio initiated a $2.40 million position in Corcept Therapeutics during the second quarter, while institutional investors and hedge funds collectively own 93.61% of the stock.
• Corcept reported quarterly EPS of $0.36, beating estimates of $0.02, while revenue rose 31.7% year over year to $256.15 million. Shares recently traded at $111.62, near their 52-week high of $126.38.
• Analyst sentiment is generally positive, with a “Moderate Buy” consensus and an average price target of $138.17; however, insiders sold approximately $54.2 million of shares over the past three months.

Public Employees Retirement System of Ohio bought a new position in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 27,596 shares of the biotechnology company's stock, valued at approximately $2,399,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Alberta Investment Management Corp acquired a new position in shares of Corcept Therapeutics in the 2nd quarter valued at $9,843,000. NewEdge Wealth LLC acquired a new stake in Corcept Therapeutics during the 2nd quarter worth $3,034,000. BlackRock Inc. purchased a new stake in Corcept Therapeutics in the second quarter valued at $1,080,964,000. Avidity Partners Management LP purchased a new stake in Corcept Therapeutics in the fourth quarter valued at $766,000. Finally, Caitong International Asset Management Co. Ltd acquired a new position in Corcept Therapeutics in the fourth quarter valued at $8,757,000. 93.61% of the stock is owned by institutional investors and hedge funds.

Corcept Therapeutics Stock Down 1.0%

Shares of NASDAQ:CORT opened at $111.62 on Friday. The company has a market cap of $12.07 billion, a price-to-earnings ratio of 265.77 and a beta of 0.45. The firm's 50-day simple moving average is $104.13 and its 200-day simple moving average is $69.89. Corcept Therapeutics Incorporated has a fifty-two week low of $28.66 and a fifty-two week high of $126.38.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last posted its quarterly earnings results on Wednesday, July 29th. The biotechnology company reported $0.36 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.02 by $0.34. The firm had revenue of $256.15 million during the quarter, compared to analysts' expectations of $221.15 million. Corcept Therapeutics had a net margin of 6.52% and a return on equity of 8.26%. The firm's revenue for the quarter was up 31.7% on a year-over-year basis. During the same period in the prior year, the company posted $0.29 earnings per share. On average, research analysts forecast that Corcept Therapeutics Incorporated will post 1.77 EPS for the current year.

Insider Activity at Corcept Therapeutics

In related news, insider Roberto Wandenkolk Vieira sold 58,333 shares of Corcept Therapeutics stock in a transaction that occurred on Wednesday, September 2nd. The stock was sold at an average price of $110.76, for a total value of $6,460,963.08. Following the sale, the insider directly owned 4,242 shares in the company, valued at $469,843.92. The trade was a 93.22% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Atabak Mokari sold 80,000 shares of the company's stock in a transaction on Thursday, July 30th. The stock was sold at an average price of $114.71, for a total value of $9,176,800.00. Following the transaction, the chief financial officer directly owned 16,130 shares in the company, valued at $1,850,272.30. This represents a 83.22% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 496,119 shares of company stock worth $54,171,553 in the last three months. 20.70% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on CORT. Wall Street Zen raised Corcept Therapeutics from a "hold" rating to a "strong-buy" rating in a report on Saturday, August 1st. Piper Sandler reissued an "overweight" rating and issued a $165.00 target price (up from $88.00) on shares of Corcept Therapeutics in a report on Thursday, July 30th. UBS Group set a $135.00 target price on Corcept Therapeutics in a research report on Thursday, May 28th. Weiss Ratings raised Corcept Therapeutics from a "hold (c-)" rating to a "hold (c)" rating in a research report on Thursday, August 20th. Finally, HC Wainwright boosted their price objective on Corcept Therapeutics from $95.00 to $165.00 and gave the company a "buy" rating in a research note on Thursday, July 30th. Five equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $138.17.

Corcept Therapeutics Profile

Corcept Therapeutics is a clinical-stage biopharmaceutical company focused on discovering and developing drugs that modulate the effects of cortisol, a hormone implicated in a range of severe metabolic, oncologic and psychiatric disorders. The company's scientific platform centers on selectively targeting the glucocorticoid receptor to counteract the harmful consequences of excess cortisol, a strategy designed to address diseases with significant unmet medical needs.

The company's flagship marketed product, Korlym (mifepristone), is approved in the United States for the treatment of hyperglycemia secondary to Cushing's syndrome in patients who have type 2 diabetes or glucose intolerance and are not candidates for surgery.

Want to see what other hedge funds are holding CORT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source