27,596 Shares in Corcept Therapeutics Incorporated $CORT Purchased by Public Employees Retirement System of Ohio

Public Employees Retirement System of Ohio bought a new position in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 27,596 shares of the biotechnology company’s stock, valued at approximately $2,399,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Advisory Services Network LLC purchased a new stake in shares of Corcept Therapeutics during the 3rd quarter worth approximately $25,000. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in Corcept Therapeutics in the 2nd quarter valued at approximately $27,000. Atlas Capital Advisors Inc. acquired a new position in Corcept Therapeutics during the fourth quarter worth $31,000. State of Wyoming raised its holdings in Corcept Therapeutics by 29.5% during the first quarter. State of Wyoming now owns 816 shares of the biotechnology company’s stock worth $33,000 after purchasing an additional 186 shares during the last quarter. Finally, Hantz Financial Services Inc. boosted its position in Corcept Therapeutics by 113.7% during the fourth quarter. Hantz Financial Services Inc. now owns 985 shares of the biotechnology company’s stock worth $34,000 after purchasing an additional 524 shares in the last quarter. 93.61% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, insider Sean Maduck sold 25,000 shares of the company’s stock in a transaction on Tuesday, September 1st. The stock was sold at an average price of $114.43, for a total value of $2,860,750.00. Following the completion of the transaction, the insider directly owned 9,755 shares in the company, valued at approximately $1,116,264.65. This represents a 71.93% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director James Wilson sold 10,000 shares of the stock in a transaction dated Friday, August 14th. The stock was sold at an average price of $111.43, for a total value of $1,114,300.00. Following the transaction, the director owned 1,074,543 shares in the company, valued at $119,736,326.49. This trade represents a 0.92% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 496,119 shares of company stock valued at $54,171,553. 20.70% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several analysts have weighed in on the company. Truist Financial started coverage on Corcept Therapeutics in a report on Tuesday, August 18th. They issued a “buy” rating and a $164.00 target price on the stock. Weiss Ratings raised shares of Corcept Therapeutics from a “hold (c-)” rating to a “hold (c)” rating in a research note on Thursday, August 20th. Wall Street Zen upgraded shares of Corcept Therapeutics from a “hold” rating to a “strong-buy” rating in a report on Saturday, August 1st. Piper Sandler restated an “overweight” rating and set a $165.00 target price (up from $88.00) on shares of Corcept Therapeutics in a research report on Thursday, July 30th. Finally, Wolfe Research downgraded shares of Corcept Therapeutics from a “peer perform” rating to an “underperform” rating and set a $50.00 price target on the stock. in a report on Monday, July 27th. Five research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $138.17.

Corcept Therapeutics Stock Performance

Shares of CORT opened at $111.62 on Friday. Corcept Therapeutics Incorporated has a 1 year low of $28.66 and a 1 year high of $126.38. The company’s 50 day simple moving average is $104.13 and its 200 day simple moving average is $69.89. The company has a market capitalization of $12.07 billion, a price-to-earnings ratio of 265.77 and a beta of 0.45.

Corcept Therapeutics (NASDAQ:CORT) last released its earnings results on Wednesday, July 29th. The biotechnology company reported $0.36 EPS for the quarter, topping the consensus estimate of $0.02 by $0.34. Corcept Therapeutics had a net margin of 6.52% and a return on equity of 8.26%. The firm had revenue of $256.15 million during the quarter, compared to analysts’ expectations of $221.15 million. During the same period in the previous year, the company earned $0.29 EPS. Corcept Therapeutics’s revenue for the quarter was up 31.7% on a year-over-year basis. Equities analysts expect that Corcept Therapeutics Incorporated will post 1.77 EPS for the current fiscal year.

About Corcept Therapeutics

Corcept Therapeutics is a clinical-stage biopharmaceutical company focused on discovering and developing drugs that modulate the effects of cortisol, a hormone implicated in a range of severe metabolic, oncologic and psychiatric disorders. The company’s scientific platform centers on selectively targeting the glucocorticoid receptor to counteract the harmful consequences of excess cortisol, a strategy designed to address diseases with significant unmet medical needs.

The company’s flagship marketed product, Korlym (mifepristone), is approved in the United States for the treatment of hyperglycemia secondary to Cushing’s syndrome in patients who have type 2 diabetes or glucose intolerance and are not candidates for surgery.