VIRGINIA RETIREMENT SYSTEMS ET Al Takes Position in Corcept Therapeutics Incorporated $CORT

Key Points

• Virginia Retirement Systems acquired 26,574 shares of Corcept Therapeutics worth approximately $2.31 million in the second quarter. Institutional investors and hedge funds now own 93.61% of the company.
• Corcept reported quarterly earnings of $0.36 per share, substantially exceeding the $0.02 analyst consensus, while revenue rose 31.7% year over year to $256.15 million.
• Analyst sentiment is generally positive, with a “Moderate Buy” consensus and an average price target of $138.17, although insiders sold about $54.2 million of shares over the past 90 days.

VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 26,574 shares of the biotechnology company's stock, valued at approximately $2,311,000.

A number of other institutional investors also recently bought and sold shares of the stock. Royal Bank of Canada increased its stake in Corcept Therapeutics by 18.9% during the 1st quarter. Royal Bank of Canada now owns 15,385 shares of the biotechnology company's stock valued at $1,757,000 after purchasing an additional 2,444 shares in the last quarter. Amundi acquired a new stake in shares of Corcept Therapeutics during the first quarter worth $450,000. NewEdge Advisors LLC acquired a new stake in shares of Corcept Therapeutics during the first quarter worth $518,000. EverSource Wealth Advisors LLC grew its holdings in shares of Corcept Therapeutics by 273.3% during the second quarter. EverSource Wealth Advisors LLC now owns 1,441 shares of the biotechnology company's stock valued at $106,000 after buying an additional 1,055 shares during the last quarter. Finally, Marshall Wace LLP grew its holdings in shares of Corcept Therapeutics by 795.3% during the second quarter. Marshall Wace LLP now owns 46,200 shares of the biotechnology company's stock valued at $3,391,000 after buying an additional 41,040 shares during the last quarter. 93.61% of the stock is currently owned by institutional investors and hedge funds.

Corcept Therapeutics Stock Performance

NASDAQ:CORT opened at $114.92 on Friday. Corcept Therapeutics Incorporated has a one year low of $28.66 and a one year high of $126.38. The firm has a market cap of $12.42 billion, a price-to-earnings ratio of 273.63 and a beta of 0.45. The firm's fifty day moving average is $106.19 and its two-hundred day moving average is $72.27.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last released its quarterly earnings data on Wednesday, July 29th. The biotechnology company reported $0.36 earnings per share for the quarter, beating analysts' consensus estimates of $0.02 by $0.34. The business had revenue of $256.15 million during the quarter, compared to analyst estimates of $221.15 million. Corcept Therapeutics had a return on equity of 8.26% and a net margin of 6.52%.The company's revenue was up 31.7% on a year-over-year basis. During the same quarter last year, the business posted $0.29 EPS. As a group, equities research analysts predict that Corcept Therapeutics Incorporated will post 1.77 earnings per share for the current fiscal year.

Insider Activity

In related news, Director David Mahoney sold 103,606 shares of Corcept Therapeutics stock in a transaction that occurred on Tuesday, August 18th. The stock was sold at an average price of $118.25, for a total transaction of $12,251,409.50. Following the completion of the transaction, the director directly owned 1,133,539 shares in the company, valued at approximately $134,040,986.75. This trade represents a 8.37% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director James Wilson sold 10,000 shares of the business's stock in a transaction that occurred on Friday, August 14th. The shares were sold at an average price of $111.43, for a total value of $1,114,300.00. Following the completion of the transaction, the director directly owned 1,074,543 shares of the company's stock, valued at $119,736,326.49. The trade was a 0.92% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 496,119 shares of company stock valued at $54,171,553 over the last 90 days. Company insiders own 20.70% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the company. Wall Street Zen upgraded Corcept Therapeutics from a "hold" rating to a "strong-buy" rating in a research note on Saturday, August 1st. Piper Sandler reissued an "overweight" rating and issued a $165.00 price objective (up from $88.00) on shares of Corcept Therapeutics in a report on Thursday, July 30th. Wolfe Research cut Corcept Therapeutics from a "peer perform" rating to an "underperform" rating and set a $50.00 price objective for the company. in a research note on Monday, July 27th. Truist Financial assumed coverage on Corcept Therapeutics in a report on Tuesday, August 18th. They set a "buy" rating and a $164.00 target price for the company. Finally, UBS Group set a $135.00 target price on Corcept Therapeutics in a research report on Thursday, May 28th. Five research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $138.17.

About Corcept Therapeutics

Corcept Therapeutics Incorporated is a biopharmaceutical company focused on discovering and developing medicines that modulate the effects of the stress hormone cortisol. The company's research centers on the glucocorticoid receptor, which regulates cortisol activity and may play a role in metabolic, psychiatric, oncologic and other serious diseases.

Corcept's commercial product is Korlym (mifepristone), an oral glucocorticoid receptor antagonist approved in the United States to control hyperglycemia secondary to endogenous Cushing's syndrome in adults with type 2 diabetes or glucose intolerance who are not candidates for surgery or have not responded adequately to surgery.

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