Illinois Municipal Retirement Fund Buys 26,382 Shares of Corcept Therapeutics Incorporated $CORT

Illinois Municipal Retirement Fund bought a new stake in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT) in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 26,382 shares of the biotechnology company’s stock, valued at approximately $3,040,000.

Other hedge funds also recently added to or reduced their stakes in the company. New York Life Investment Management LLC acquired a new stake in Corcept Therapeutics during the 3rd quarter worth about $294,000. AlphaCore Capital LLC purchased a new position in shares of Corcept Therapeutics during the 3rd quarter valued at about $390,000. Retirement Systems of Alabama purchased a new position in shares of Corcept Therapeutics during the 3rd quarter valued at about $11,306,000. Fulcrum Asset Management LLP lifted its holdings in shares of Corcept Therapeutics by 520.7% in the 3rd quarter. Fulcrum Asset Management LLP now owns 571 shares of the biotechnology company’s stock valued at $66,000 after buying an additional 479 shares during the period. Finally, Brighton Jones LLC lifted its holdings in shares of Corcept Therapeutics by 51.9% in the 3rd quarter. Brighton Jones LLC now owns 11,335 shares of the biotechnology company’s stock valued at $1,306,000 after buying an additional 3,872 shares during the period. 93.61% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts recently commented on CORT shares. Canaccord Genuity Group raised their target price on Corcept Therapeutics from $135.00 to $150.00 and gave the stock a “buy” rating in a report on Wednesday, July 29th. Weiss Ratings upgraded Corcept Therapeutics from a “hold (c)” rating to a “hold (c+)” rating in a research note on Wednesday, November 4th. HC Wainwright reiterated a “buy” rating and set a $165.00 price target on shares of Corcept Therapeutics in a research report on Friday, September 18th. Wolfe Research cut shares of Corcept Therapeutics from a “peer perform” rating to an “underperform” rating and set a $50.00 price objective for the company. in a research report on Monday, July 27th. Finally, Piper Sandler reiterated an “overweight” rating and issued a $173.00 target price (up from $165.00) on shares of Corcept Therapeutics in a research report on Wednesday, November 4th. Five equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Corcept Therapeutics has a consensus rating of “Moderate Buy” and a consensus target price of $139.50.

Insider Activity at Corcept Therapeutics

In other Corcept Therapeutics news, insider Roberto Vieira sold 8,333 shares of Corcept Therapeutics stock in a transaction on Monday, November 2nd. The stock was sold at an average price of $80.89, for a total value of $674,056.37. Following the sale, the insider owned 3,946 shares in the company, valued at $319,191.94. The trade was a 67.86% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Sean Maduck sold 13,159 shares of Corcept Therapeutics stock in a transaction on Tuesday, November 3rd. The shares were sold at an average price of $82.25, for a total value of $1,082,327.75. Following the completion of the sale, the insider owned 9,938 shares in the company, valued at $817,400.50. This represents a 56.97% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 353,041 shares of company stock valued at $40,016,889 over the last 90 days. Corporate insiders own 20.70% of the company’s stock.

Corcept Therapeutics Stock Performance

Shares of NASDAQ CORT traded down $0.77 during midday trading on Friday, reaching $72.94. 1,112,926 shares of the stock were exchanged, compared to its average volume of 1,293,167. The stock has a market capitalization of $7.98 billion, a P/E ratio of 57.43 and a beta of 0.54. The company has a 50 day simple moving average of $103.70 and a 200 day simple moving average of $76.43. Corcept Therapeutics Incorporated has a twelve month low of $28.66 and a twelve month high of $126.38.

Corcept Therapeutics (NASDAQ:CORT) last released its quarterly earnings data on Tuesday, November 3rd. The biotechnology company reported $1.01 EPS for the quarter, beating analysts’ consensus estimates of $0.84 by $0.17. Corcept Therapeutics had a return on equity of 22.56% and a net margin of 16.53%. The firm had revenue of $340.47 million for the quarter, compared to analysts’ expectations of $339.12 million. During the same period in the prior year, the firm posted $0.16 earnings per share. The firm’s quarterly revenue was up 64.0% on a year-over-year basis. On average, research analysts expect that Corcept Therapeutics Incorporated will post 1.97 earnings per share for the current year.

Corcept Therapeutics Profile

Corcept Therapeutics is a biopharmaceutical company focused on developing medicines that modulate the effects of cortisol, a hormone involved in the body’s response to stress and in several disease processes. Founded in 1998, the company conducts research and develops treatments for conditions in which cortisol may play a role. Its marketed product, Korlym (mifepristone), is approved in the United States to control high blood sugar in adults with endogenous Cushing’s syndrome who have type 2 diabetes or glucose intolerance and are not candidates for surgery or have not benefited from it.