VIRGINIA RETIREMENT SYSTEMS ET Al Makes New $2.31 Million Investment in Corcept Therapeutics Incorporated $CORT

VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 26,574 shares of the biotechnology company’s stock, valued at approximately $2,311,000.

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

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on CORT. Truist Financial initiated coverage on Corcept Therapeutics in a research note on Tuesday, August 18th. They set a “buy” rating and a $164.00 target price for the company. HC Wainwright lifted their price target on shares of Corcept Therapeutics from $95.00 to $165.00 and gave the company a “buy” rating in a research note on Thursday, July 30th. Wall Street Zen raised shares of Corcept Therapeutics from a “hold” rating to a “strong-buy” rating in a report on Saturday, August 1st. 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, Canaccord Genuity Group increased their price objective on shares of Corcept Therapeutics from $135.00 to $150.00 and gave the company a “buy” rating in a report on Wednesday, July 29th. Five analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $138.17.

Insider Transactions at Corcept Therapeutics

In other Corcept Therapeutics news, Director Kimberly Park sold 26,685 shares of the firm’s stock in a transaction on Wednesday, August 26th. The stock was sold at an average price of $122.55, for a total value of $3,270,246.75. Following the transaction, the director owned 30,000 shares in the company, valued at approximately $3,676,500. This trade represents a 47.08% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Roberto Vieira sold 58,333 shares of Corcept Therapeutics stock in a transaction on Wednesday, September 2nd. The stock was sold at an average price of $110.76, for a total transaction of $6,460,963.08. Following the sale, the insider directly owned 4,242 shares in the company, valued at approximately $469,843.92. This trade represents a 93.22% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 496,119 shares of company stock worth $54,171,553 in the last quarter. 20.70% of the stock is owned by insiders.

Corcept Therapeutics Trading Down 0.7%

NASDAQ:CORT opened at $114.92 on Friday. The stock has a 50 day moving average of $106.19 and a two-hundred day moving average of $72.27. Corcept Therapeutics Incorporated has a 12 month low of $28.66 and a 12 month high of $126.38. The firm has a market cap of $12.42 billion, a P/E ratio of 273.63 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 earnings per share for the quarter, beating the consensus estimate of $0.02 by $0.34. The business had revenue of $256.15 million for the quarter, compared to the consensus estimate of $221.15 million. Corcept Therapeutics had a return on equity of 8.26% and a net margin of 6.52%.The business’s quarterly revenue was up 31.7% compared to the same quarter last year. During the same quarter last year, the business posted $0.29 earnings per share. On average, research analysts forecast that Corcept Therapeutics Incorporated will post 1.77 earnings per share for the current year.

Corcept Therapeutics Profile

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.