State of Alaska Department of Revenue Raises Position in Corcept Therapeutics Incorporated $CORT

Key Points

• The State of Alaska Department of Revenue increased its holdings in Corcept Therapeutics by 8.8%, owning approximately 56,215 shares valued at around $4.1 million.
• Corcept Therapeutics reported earnings of $0.29 EPS for the latest quarter, surpassing the consensus estimate of $0.23, with a revenue of $194.43 million.
• According to analysts, Corcept Therapeutics holds a consensus rating of "Buy" with an average price target of $135.25 per share.

State of Alaska Department of Revenue boosted its position in Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) by 8.8% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 56,215 shares of the biotechnology company's stock after purchasing an additional 4,546 shares during the period. State of Alaska Department of Revenue owned about 0.05% of Corcept Therapeutics worth $4,125,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of CORT. Focus Partners Wealth lifted its position in shares of Corcept Therapeutics by 0.5% during the 1st quarter. Focus Partners Wealth now owns 33,243 shares of the biotechnology company's stock valued at $3,797,000 after buying an additional 170 shares during the last quarter. Brooklyn Investment Group increased its holdings in Corcept Therapeutics by 99.5% in the 1st quarter. Brooklyn Investment Group now owns 373 shares of the biotechnology company's stock worth $43,000 after acquiring an additional 186 shares during the last quarter. Wealth Enhancement Advisory Services LLC raised its stake 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 acquiring an additional 230 shares during the period. Revisor Wealth Management LLC lifted its holdings in Corcept Therapeutics by 10.2% during the second quarter. Revisor Wealth Management LLC now owns 2,821 shares of the biotechnology company's stock valued at $203,000 after purchasing an additional 260 shares during the last quarter. Finally, Evergreen Capital Management LLC boosted its position in Corcept Therapeutics by 3.8% during the first quarter. Evergreen Capital Management LLC now owns 7,158 shares of the biotechnology company's stock worth $818,000 after purchasing an additional 265 shares during the period. 93.61% of the stock is owned by institutional investors.

Corcept Therapeutics Trading Up 0.0%

Corcept Therapeutics stock opened at $83.90 on Tuesday. Corcept Therapeutics Incorporated has a 1-year low of $42.01 and a 1-year high of $117.33. The firm has a market capitalization of $8.84 billion, a PE ratio of 74.25 and a beta of 0.29. The firm's 50 day simple moving average is $72.47 and its 200 day simple moving average is $71.55.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last announced 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. The firm had revenue of $194.43 million during the quarter, compared to the consensus estimate of $199.40 million. Corcept Therapeutics had a net margin of 18.51% and a return on equity of 20.10%. The business's quarterly revenue was up 18.7% compared to the same quarter last year. During the same period last year, the firm earned $0.32 EPS. Corcept Therapeutics has set its FY 2025 guidance at EPS. Research analysts forecast that Corcept Therapeutics Incorporated will post 1.36 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider William Guyer sold 35,007 shares of the business's stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $71.77, for a total transaction of $2,512,452.39. Following the completion of the transaction, the insider owned 5,487 shares of the company's stock, valued at approximately $393,801.99. The trade was a 86.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Joseph K. Belanoff sold 40,000 shares of the company's 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 completion of the transaction, the chief executive officer owned 2,861,370 shares in the company, valued at approximately $196,089,686.10. This trade represents a 1.38% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 221,810 shares of company stock valued at $15,542,942 in the last ninety days. Corporate insiders own 20.50% of the company's stock.

Analysts Set New Price Targets

CORT has been the topic of several research reports. Piper Sandler lowered their price target on shares of Corcept Therapeutics from $131.00 to $121.00 and set an "overweight" rating on the stock in a research report on Friday, August 1st. Wall Street Zen upgraded shares of Corcept Therapeutics from a "hold" rating to a "buy" rating in a research note on Friday. Finally, Canaccord Genuity Group restated a "buy" rating and set a $140.00 target price on shares of Corcept Therapeutics in a research report on Thursday, September 25th. Five research analysts have rated the stock with a Buy rating, According to MarketBeat.com, Corcept Therapeutics has a consensus rating of "Buy" and an average price target of $135.25.

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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