Public Sector Pension Investment Board Boosts Stock Holdings in Corcept Therapeutics Incorporated (NASDAQ:CORT)

Key Points

• The Public Sector Pension Investment Board increased its stake in Corcept Therapeutics by 27.3%, acquiring an additional 63,407 shares to total 295,741 shares owned.
• Several large investors, including Jupiter Asset Management and Invesco, have significantly raised their holdings in Corcept Therapeutics, indicating strong institutional interest in the company.
• Corcept Therapeutics reported earnings of $0.29 per share for the last quarter, beating expectations, but its revenue of $194.43 million fell short of analyst forecasts of $199.40 million.

Public Sector Pension Investment Board grew its stake in Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) by 27.3% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 295,741 shares of the biotechnology company's stock after purchasing an additional 63,407 shares during the quarter. Public Sector Pension Investment Board owned approximately 0.28% of Corcept Therapeutics worth $33,780,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Wealth Enhancement Advisory Services LLC raised its holdings in 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 valued at $909,000 after buying an additional 230 shares during the last quarter. Summit Investment Advisors Inc. raised its holdings in Corcept Therapeutics by 3.3% in the 4th quarter. Summit Investment Advisors Inc. now owns 8,459 shares of the biotechnology company's stock valued at $426,000 after buying an additional 268 shares during the last quarter. MassMutual Private Wealth & Trust FSB raised its holdings in Corcept Therapeutics by 102.0% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 620 shares of the biotechnology company's stock valued at $71,000 after buying an additional 313 shares during the last quarter. GAMMA Investing LLC raised its holdings in 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 buying an additional 411 shares during the last quarter. Finally, Linden Thomas Advisory Services LLC raised its holdings in Corcept Therapeutics by 0.7% in the 1st quarter. Linden Thomas Advisory Services LLC now owns 63,692 shares of the biotechnology company's stock valued at $7,275,000 after buying an additional 468 shares during the last quarter. 93.61% of the stock is owned by institutional investors.

Corcept Therapeutics Price Performance

Shares of NASDAQ:CORT traded down $0.40 during mid-day trading on Friday, hitting $71.60. The company had a trading volume of 218,040 shares, compared to its average volume of 1,335,841. The firm has a fifty day moving average price of $71.17 and a 200 day moving average price of $69.20. The company has a market capitalization of $7.54 billion, a PE ratio of 63.43 and a beta of 0.20. Corcept Therapeutics Incorporated has a one year low of $33.34 and a one year high of $117.33.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last released its quarterly earnings data 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 during the quarter, compared to analyst estimates of $199.40 million. Corcept Therapeutics had a net margin of 18.51% and a return on equity of 20.10%. Corcept Therapeutics's revenue for the quarter was up 18.7% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.32 EPS. Research analysts expect that Corcept Therapeutics Incorporated will post 1.36 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research analysts have issued reports on CORT shares. Wall Street Zen lowered shares of Corcept Therapeutics from a "buy" rating to a "hold" rating in a report on Wednesday, May 14th. Canaccord Genuity Group lowered their price target on shares of Corcept Therapeutics from $142.00 to $137.00 and set a "buy" rating for the company in a report on Friday, August 1st. Truist Financial set a $135.00 price target on shares of Corcept Therapeutics in a report on Tuesday, May 6th. Piper Sandler lowered their price target on shares of Corcept Therapeutics from $131.00 to $121.00 and set an "overweight" rating for the company in a report on Friday, August 1st. Finally, HC Wainwright lowered their price target on shares of Corcept Therapeutics from $150.00 to $145.00 and set a "buy" rating for the company in a report on Tuesday, May 6th. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the company's stock. According to MarketBeat, Corcept Therapeutics has a consensus rating of "Moderate Buy" and a consensus price target of $134.50.

Insider Buying and Selling

In other news, insider Sean Maduck sold 35,007 shares of Corcept Therapeutics stock in a transaction on Friday, August 1st. The shares were sold at an average price of $67.79, for a total value of $2,373,124.53. Following the completion of the sale, the insider owned 7,681 shares in the company, valued at $520,694.99. The trade was a 82.01% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider William Guyer sold 35,007 shares of the business's stock in a transaction on Friday, August 8th. The shares were sold at an average price of $71.77, for a total transaction of $2,512,452.39. Following the sale, the insider owned 5,487 shares of the company's stock, valued at $393,801.99. This trade represents a 86.45% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 222,215 shares of company stock worth $16,311,201 over the last ninety days. 20.80% of the stock is owned by company insiders.

About Corcept Therapeutics

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.