VIRGINIA RETIREMENT SYSTEMS ET Al Invests $1.22 Million in Corcept Therapeutics Incorporated $CORT

Key Points

• The Virginia Retirement Systems ET Al has invested approximately $1.22 million in Corcept Therapeutics, acquiring 16,574 shares of the biotechnology company during the second quarter.
• Insiders have been actively selling shares, with Joseph Douglas Lyon and William Guyer selling a combined total of over 40,000 shares worth approximately $2.9 million.
• Despite analyst reports showing varied ratings, Corcept Therapeutics has a consensus rating of "Moderate Buy" with a target price of $135.25.

VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 16,574 shares of the biotechnology company's stock, valued at approximately $1,217,000.

A number of other hedge funds and other institutional investors have also modified their holdings of CORT. Brooklyn Investment Group increased its position in shares of Corcept Therapeutics by 99.5% during the first 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. USA Financial Formulas purchased a new stake in shares of Corcept Therapeutics during the second quarter worth about $56,000. Farther Finance Advisors LLC increased its position in shares of Corcept Therapeutics by 277.6% during the second quarter. Farther Finance Advisors LLC now owns 910 shares of the biotechnology company's stock worth $67,000 after acquiring an additional 669 shares during the last quarter. Covestor Ltd increased its position in shares of Corcept Therapeutics by 1,741.2% during the first quarter. Covestor Ltd now owns 626 shares of the biotechnology company's stock worth $72,000 after acquiring an additional 592 shares during the last quarter. Finally, IFP Advisors Inc increased its position in shares of Corcept Therapeutics by 1,150.8% during the first quarter. IFP Advisors Inc now owns 738 shares of the biotechnology company's stock worth $84,000 after acquiring an additional 679 shares during the last quarter. 93.61% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, insider Joseph Douglas Lyon sold 5,823 shares of the business's stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $67.51, for a total transaction of $393,110.73. Following the completion of the transaction, the insider directly owned 10,066 shares in the company, valued at approximately $679,555.66. The trade was a 36.65% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider William Guyer sold 35,007 shares of the stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $71.77, for a total value of $2,512,452.39. Following the completion of the transaction, the insider directly owned 5,487 shares of the company's stock, valued at $393,801.99. This trade represents a 86.45% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 292,451 shares of company stock valued at $21,850,930 over the last three months. 20.80% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the company. Piper Sandler dropped their target price on Corcept Therapeutics from $131.00 to $121.00 and set an "overweight" rating on the stock in a research report on Friday, August 1st. Canaccord Genuity Group reissued a "buy" rating and issued a $140.00 price objective on shares of Corcept Therapeutics in a report on Thursday, September 25th. Wall Street Zen lowered Corcept Therapeutics from a "buy" rating to a "hold" rating in a report on Saturday, October 18th. Weiss Ratings reissued a "hold (c)" rating on shares of Corcept Therapeutics in a report on Wednesday, October 8th. Finally, Zacks Research lowered Corcept Therapeutics from a "hold" rating to a "strong sell" rating in a report on Wednesday, October 1st. Four analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $135.25.

Corcept Therapeutics Trading Down 0.9%

NASDAQ:CORT opened at $72.98 on Friday. The firm has a market capitalization of $7.69 billion, a PE ratio of 64.58 and a beta of 0.46. The stock has a 50 day moving average of $76.22 and a 200-day moving average of $73.03. Corcept Therapeutics Incorporated has a 52 week low of $42.01 and a 52 week high of $117.33.

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

Corcept Therapeutics 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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