Public Sector Pension Investment Board Raises Stock Position in Corcept Therapeutics Incorporated $CORT

Public Sector Pension Investment Board lifted its position in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT) by 13.7% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 365,838 shares of the biotechnology company’s stock after acquiring an additional 44,070 shares during the quarter. Public Sector Pension Investment Board owned 0.35% of Corcept Therapeutics worth $30,405,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of CORT. Golden State Wealth Management LLC purchased a new stake in Corcept Therapeutics during the second quarter worth $28,000. Huntington National Bank raised its stake in shares of Corcept Therapeutics by 54.0% during the 2nd quarter. Huntington National Bank now owns 479 shares of the biotechnology company’s stock worth $35,000 after buying an additional 168 shares during the last quarter. Hantz Financial Services Inc. boosted its position in shares of Corcept Therapeutics by 598.5% in the 3rd quarter. Hantz Financial Services Inc. now owns 461 shares of the biotechnology company’s stock worth $38,000 after buying an additional 395 shares in the last quarter. Employees Retirement System of Texas purchased a new stake in shares of Corcept Therapeutics in the 2nd quarter worth about $52,000. Finally, Bessemer Group Inc. grew its stake in Corcept Therapeutics by 119.2% in the 3rd quarter. Bessemer Group Inc. now owns 629 shares of the biotechnology company’s stock valued at $53,000 after acquiring an additional 342 shares during the last quarter. 93.61% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have issued reports on CORT. Canaccord Genuity Group lifted their target price on shares of Corcept Therapeutics from $99.00 to $100.00 and gave the stock a “buy” rating in a research report on Friday, January 23rd. Wall Street Zen downgraded Corcept Therapeutics from a “buy” rating to a “hold” rating in a research report on Saturday, October 18th. UBS Group began coverage on Corcept Therapeutics in a research note on Tuesday, December 16th. They issued a “neutral” rating and a $95.00 target price on the stock. Weiss Ratings reissued a “hold (c)” rating on shares of Corcept Therapeutics in a research report on Monday, December 29th. Finally, Zacks Research downgraded Corcept Therapeutics from a “hold” rating to a “strong sell” rating in a research report on Tuesday, January 13th. Four research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $83.50.

Insiders Place Their Bets

In other news, insider Joseph Douglas Lyon sold 5,000 shares of the stock in a transaction dated Monday, December 1st. The shares were sold at an average price of $79.53, for a total transaction of $397,650.00. Following the transaction, the insider directly owned 10,277 shares in the company, valued at $817,329.81. This represents a 32.73% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Sean Maduck sold 20,000 shares of the firm’s stock in a transaction that occurred on Monday, December 1st. The stock was sold at an average price of $79.52, for a total transaction of $1,590,400.00. Following the completion of the sale, the insider directly owned 7,904 shares in the company, valued at $628,526.08. This represents a 71.67% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 129,500 shares of company stock valued at $8,665,500 in the last quarter. Corporate insiders own 20.80% of the company’s stock.

Corcept Therapeutics Trading Up 4.3%

Shares of Corcept Therapeutics stock opened at $39.97 on Friday. Corcept Therapeutics Incorporated has a fifty-two week low of $32.99 and a fifty-two week high of $117.33. The business’s fifty day moving average is $53.90 and its two-hundred day moving average is $68.10. The company has a quick ratio of 3.07, a current ratio of 3.14 and a debt-to-equity ratio of 0.01. The firm has a market cap of $4.20 billion, a PE ratio of 45.42 and a beta of 0.25.

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.