New York State Teachers Retirement System Cuts Stock Position in Corcept Therapeutics Incorporated (NASDAQ:CORT)

New York State Teachers Retirement System cut its holdings in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT) by 8.0% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 117,932 shares of the biotechnology company’s stock after selling 10,300 shares during the period. New York State Teachers Retirement System owned about 0.11% of Corcept Therapeutics worth $13,470,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Canada Pension Plan Investment Board acquired a new position in shares of Corcept Therapeutics during the fourth quarter worth about $40,000. National Bank of Canada FI acquired a new position in Corcept Therapeutics during the 4th quarter worth approximately $42,000. Gen Wealth Partners Inc purchased a new stake in shares of Corcept Therapeutics in the 4th quarter valued at approximately $67,000. Harvest Fund Management Co. Ltd purchased a new stake in shares of Corcept Therapeutics in the 4th quarter valued at approximately $69,000. Finally, MassMutual Private Wealth & Trust FSB raised its holdings in shares of Corcept Therapeutics by 102.0% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 620 shares of the biotechnology company’s stock valued at $71,000 after purchasing an additional 313 shares in the last quarter. Institutional investors and hedge funds own 93.61% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on CORT shares. Piper Sandler boosted their target price on shares of Corcept Therapeutics from $128.00 to $131.00 and gave the stock an “overweight” rating in a research note on Thursday, April 3rd. Truist Financial set a $135.00 price objective on Corcept Therapeutics in a research report on Tuesday, May 6th. Canaccord Genuity Group raised their price target on Corcept Therapeutics from $130.00 to $142.00 and gave the stock a “buy” rating in a research note on Tuesday, April 1st. Wall Street Zen downgraded shares of Corcept Therapeutics from a “buy” rating to a “hold” rating in a research note on Wednesday, May 14th. Finally, HC Wainwright dropped their price target on Corcept Therapeutics from $150.00 to $145.00 and set a “buy” rating on the stock in a research report on Tuesday, May 6th. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $138.25.

Insider Buying and Selling at Corcept Therapeutics

In other Corcept Therapeutics news, insider William Guyer sold 20,000 shares of the company’s stock in a transaction on Tuesday, June 10th. The stock was sold at an average price of $72.42, for a total value of $1,448,400.00. Following the sale, the insider owned 5,487 shares of the company’s stock, valued at approximately $397,368.54. This represents a 78.47% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Sean Maduck sold 20,000 shares of the firm’s stock in a transaction on Monday, June 2nd. The shares were sold at an average price of $79.08, for a total value of $1,581,600.00. Following the completion of the transaction, the insider owned 17,705 shares of the company’s stock, valued at approximately $1,400,111.40. This represents a 53.04% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 225,233 shares of company stock worth $17,014,551. Corporate insiders own 20.80% of the company’s stock.

Corcept Therapeutics Stock Up 1.8%

NASDAQ:CORT opened at $72.65 on Friday. The firm’s fifty day simple moving average is $72.85 and its 200-day simple moving average is $65.65. The stock has a market cap of $7.70 billion, a PE ratio of 62.63 and a beta of 0.15. Corcept Therapeutics Incorporated has a fifty-two week low of $29.42 and a fifty-two week high of $117.33.

Corcept Therapeutics (NASDAQ:CORT) last issued its earnings results on Monday, May 5th. The biotechnology company reported $0.17 earnings per share for the quarter, hitting the consensus estimate of $0.17. Corcept Therapeutics had a net margin of 19.33% and a return on equity of 20.40%. The company had revenue of $157.21 million for the quarter, compared to analyst estimates of $177.93 million. During the same period in the prior year, the business posted $0.25 earnings per share. The firm’s revenue for the quarter was up 7.1% compared to the same quarter last year. Equities analysts anticipate that Corcept Therapeutics Incorporated will post 1.36 earnings per share for the current 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.