State of New Jersey Common Pension Fund D Has $4.19 Million Stock Position in Corcept Therapeutics Incorporated $CORT

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 lowered its position in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) by 12.0% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm 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 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Canada Pension Plan Investment Board acquired a new position in shares of Corcept Therapeutics during the fourth quarter valued at $40,000. Gen Wealth Partners Inc acquired a new stake in Corcept Therapeutics during the 4th quarter worth about $67,000. MassMutual Private Wealth & Trust FSB raised its holdings in Corcept Therapeutics by 102.0% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 620 shares of the biotechnology company's stock worth $71,000 after buying an additional 313 shares during the period. Covestor Ltd raised its holdings in Corcept Therapeutics by 1,741.2% during the 1st quarter. Covestor Ltd now owns 626 shares of the biotechnology company's stock worth $72,000 after buying an additional 592 shares during the period. Finally, IFP Advisors Inc grew its stake in Corcept Therapeutics by 1,150.8% during the 1st quarter. IFP Advisors Inc now owns 738 shares of the biotechnology company's stock valued at $84,000 after acquiring an additional 679 shares in the last quarter. Institutional investors and hedge funds own 93.61% of the company's stock.

Wall Street Analysts Forecast Growth

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

Insider Buying and Selling

In other Corcept Therapeutics news, insider William Guyer sold 35,007 shares of the business's stock in a transaction that occurred on 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 transaction, the insider owned 5,487 shares of the company's stock, valued at $393,801.99. The trade was a 86.45% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Joseph K. Belanoff sold 40,000 shares of the business's stock in a transaction that occurred on Monday, June 2nd. The stock was sold at an average price of $82.86, for a total value of $3,314,400.00. Following the transaction, the chief executive officer directly owned 2,901,985 shares in the company, valued at $240,458,477.10. This trade represents a 1.36% decrease in their position. The disclosure for this sale can be found here. Insiders sold 222,215 shares of company stock worth $16,311,201 over the last 90 days. Company insiders own 20.50% of the company's stock.

Corcept Therapeutics Trading Down 2.1%

Shares of NASDAQ CORT traded down $1.51 during mid-day trading on Monday, reaching $68.82. 881,784 shares of the company's stock were exchanged, compared to its average volume of 863,588. The firm has a market capitalization of $7.25 billion, a price-to-earnings ratio of 60.90 and a beta of 0.20. The business has a fifty day simple moving average of $71.14 and a 200 day simple moving average of $69.45. Corcept Therapeutics Incorporated has a twelve month low of $33.34 and a twelve month 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. Corcept Therapeutics had a return on equity of 20.10% and a net margin of 18.51%.The business had revenue of $194.43 million for the quarter, compared to analyst estimates of $199.40 million. During the same quarter last year, the firm earned $0.32 EPS. Corcept Therapeutics's revenue for the quarter was up 18.7% compared to the same quarter last year. Corcept Therapeutics has set its FY 2025 guidance at EPS. Equities research analysts predict 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.