Corcept Therapeutics Incorporated $CORT Position Reduced by State of New Jersey Common Pension Fund D

Key Points

• The State of New Jersey Common Pension Fund D decreased its stake in Corcept Therapeutics by 12.0%, selling 4,982 shares and holding a total of 36,673 shares worth approximately $4.19 million.
• Insider trading at Corcept saw CEO Joseph K. Belanoff sell 40,000 shares for over $3.3 million, while corporate insiders sold a total of 222,215 shares valued at $16.3 million in the last quarter.
• Analysts adjusted their price targets for Corcept, with Piper Sandler reducing the target from $131.00 to $121.00 while maintaining an "overweight" rating on the stock.

State of New Jersey Common Pension Fund D cut its stake in Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) by 12.0% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 36,673 shares of the biotechnology company's stock after selling 4,982 shares during the period. State of New Jersey Common Pension Fund D's holdings in Corcept Therapeutics were worth $4,189,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in CORT. Jupiter Asset Management Ltd. raised its holdings in Corcept Therapeutics by 8,176.0% in the first quarter. Jupiter Asset Management Ltd. now owns 603,903 shares of the biotechnology company's stock valued at $68,978,000 after acquiring an additional 596,606 shares in the last quarter. Invesco Ltd. raised its holdings in shares of Corcept Therapeutics by 76.5% during the first quarter. Invesco Ltd. now owns 1,246,234 shares of the biotechnology company's stock worth $142,345,000 after purchasing an additional 540,101 shares during the period. GAMMA Investing LLC raised its holdings in shares of Corcept Therapeutics by 12,888.9% during the first quarter. GAMMA Investing LLC now owns 389,148 shares of the biotechnology company's stock worth $44,448,000 after purchasing an additional 386,152 shares during the period. Nuveen LLC acquired a new stake in shares of Corcept Therapeutics during the first quarter worth $35,580,000. Finally, Cookson Peirce & Co. Inc. raised its holdings in shares of Corcept Therapeutics by 544.3% during the first quarter. Cookson Peirce & Co. Inc. now owns 235,819 shares of the biotechnology company's stock worth $26,935,000 after purchasing an additional 199,216 shares during the period. 93.61% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Corcept Therapeutics

In other news, insider William Guyer sold 35,007 shares of the firm's stock in a transaction dated 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 completion of the transaction, the insider owned 5,487 shares in the company, valued at approximately $393,801.99. This trade represents a 86.45% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Sean Maduck sold 35,007 shares of the firm's stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $67.79, for a total transaction of $2,373,124.53. Following the transaction, the insider owned 7,681 shares of the company's stock, valued at approximately $520,694.99. This trade represents a 82.01% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 222,215 shares of company stock worth $16,311,201. 20.80% of the stock is currently owned by corporate insiders.

Corcept Therapeutics Trading Down 0.9%

CORT traded down $0.65 on Friday, reaching $70.33. The company had a trading volume of 866,233 shares, compared to its average volume of 840,055. The company has a fifty day moving average of $71.18 and a 200-day moving average of $69.43. The company has a market capitalization of $7.41 billion, a P/E ratio of 62.24 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 announced its earnings results on Thursday, July 31st. The biotechnology company reported $0.29 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.23 by $0.06. The firm 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 was up 18.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.32 EPS. Corcept Therapeutics has set its FY 2025 guidance at EPS. Research analysts predict that Corcept Therapeutics Incorporated will post 1.36 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the stock. Wall Street Zen cut shares of Corcept Therapeutics from a "buy" rating to a "hold" rating in a report on Wednesday, May 14th. 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 research report on Friday, August 1st. 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 research report on Tuesday, May 6th. Truist Financial set a $135.00 price target on shares of Corcept Therapeutics in a research report on Tuesday, May 6th. Finally, 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 research report on Friday, August 1st. Five investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat, Corcept Therapeutics presently has an average rating of "Buy" and a consensus price target of $134.50.

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.