Public Sector Pension Investment Board Acquires 63,407 Shares of 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 increased its position in Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) by 27.3% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 295,741 shares of the biotechnology company's stock after purchasing an additional 63,407 shares during the period. Public Sector Pension Investment Board owned 0.28% of Corcept Therapeutics worth $33,780,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of CORT. Jupiter Asset Management Ltd. raised its position in shares of Corcept Therapeutics by 8,176.0% during the 1st quarter. Jupiter Asset Management Ltd. now owns 603,903 shares of the biotechnology company's stock worth $68,978,000 after purchasing an additional 596,606 shares during the period. Invesco Ltd. increased its position in shares of Corcept Therapeutics by 76.5% during the 1st quarter. Invesco Ltd. now owns 1,246,234 shares of the biotechnology company's stock valued at $142,345,000 after purchasing an additional 540,101 shares during the period. GAMMA Investing LLC boosted its stake in shares of Corcept Therapeutics by 12,888.9% during the 1st quarter. GAMMA Investing LLC now owns 389,148 shares of the biotechnology company's stock worth $44,448,000 after acquiring an additional 386,152 shares in the last quarter. Nuveen LLC purchased a new position in Corcept Therapeutics in the 1st quarter worth about $35,580,000. Finally, Jacobs Levy Equity Management Inc. increased its position in shares of Corcept Therapeutics by 12.5% in the fourth quarter. Jacobs Levy Equity Management Inc. now owns 1,376,881 shares of the biotechnology company's stock worth $69,381,000 after acquiring an additional 153,100 shares in the last quarter. 93.61% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, insider Sean Maduck sold 35,007 shares of the company's stock in a transaction dated Friday, August 1st. The stock was 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 directly owned 7,681 shares of the company's stock, valued at $520,694.99. This represents a 82.01% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Joseph K. Belanoff sold 40,000 shares of Corcept Therapeutics stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $68.53, for a total transaction of $2,741,200.00. Following the transaction, the chief executive officer directly owned 2,861,370 shares in the company, valued at $196,089,686.10. The trade was a 1.38% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 281,829 shares of company stock worth $20,734,413. 20.80% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

CORT has been the topic of a number of research reports. Truist Financial set a $135.00 target price on Corcept Therapeutics in a report on Tuesday, May 6th. HC Wainwright cut their price target on Corcept Therapeutics from $150.00 to $145.00 and set a "buy" rating for the company in a report on Tuesday, May 6th. Piper Sandler cut their target price on shares of Corcept Therapeutics from $131.00 to $121.00 and set an "overweight" rating for the company in a research note on Friday, August 1st. Wall Street Zen downgraded shares of Corcept Therapeutics from a "buy" rating to a "hold" rating in a report on Wednesday, May 14th. Finally, Canaccord Genuity Group reduced their price objective 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. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $134.50.

Corcept Therapeutics Price Performance

Shares of CORT stock traded down $0.80 during trading hours on Thursday, hitting $72.00. 545,238 shares of the company's stock were exchanged, compared to its average volume of 1,343,261. Corcept Therapeutics Incorporated has a 52 week low of $33.34 and a 52 week high of $117.33. The stock's 50-day moving average is $71.11 and its 200-day moving average is $69.12. The stock has a market cap of $7.59 billion, a price-to-earnings ratio of 63.72 and a beta of 0.20.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The biotechnology company reported $0.29 EPS for the quarter, beating the consensus estimate of $0.23 by $0.06. Corcept Therapeutics had a net margin of 18.51% and a return on equity of 20.10%. The business had revenue of $194.43 million for the quarter, compared to analysts' expectations of $199.40 million. During the same period in the prior year, the firm earned $0.32 earnings per share. Corcept Therapeutics's revenue was up 18.7% compared to the same quarter last year. Equities research analysts forecast that Corcept Therapeutics Incorporated will post 1.36 earnings per share for the current fiscal 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.