New Mexico Educational Retirement Board Purchases New Holdings in Corcept Therapeutics Incorporated $CORT

New Mexico Educational Retirement Board acquired a new stake in Corcept Therapeutics Incorporated (NASDAQ:CORT) during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 20,000 shares of the biotechnology company’s stock, valued at approximately $2,305,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. BlackRock Inc. bought a new stake in shares of Corcept Therapeutics in the second quarter worth $1,080,964,000. Parallel Advisors LLC grew its position in Corcept Therapeutics by 2.5% in the first quarter. Parallel Advisors LLC now owns 3,977,404 shares of the biotechnology company’s stock valued at $160,329,000 after purchasing an additional 96,763 shares in the last quarter. First Trust Advisors LP grew its position in Corcept Therapeutics by 213.5% in the first quarter. First Trust Advisors LP now owns 2,173,376 shares of the biotechnology company’s stock valued at $87,609,000 after purchasing an additional 1,480,059 shares in the last quarter. Bank of New York Mellon Corp bought a new position in Corcept Therapeutics in the second quarter valued at $49,185,000. Finally, Principal Financial Group Inc. increased its stake in Corcept Therapeutics by 2.5% in the 1st quarter. Principal Financial Group Inc. now owns 455,248 shares of the biotechnology company’s stock valued at $18,351,000 after buying an additional 11,156 shares during the last quarter. 93.61% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Corcept Therapeutics news, insider Roberto Vieira sold 8,333 shares of the stock in a transaction on Monday, November 2nd. The shares were sold at an average price of $80.89, for a total value of $674,056.37. Following the completion of the sale, the insider owned 3,946 shares in the company, valued at $319,191.94. This trade represents a 67.86% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Joseph Lyon sold 9,190 shares of Corcept Therapeutics stock in a transaction dated Friday, October 2nd. The shares were sold at an average price of $116.13, for a total transaction of $1,067,234.70. Following the completion of the transaction, the insider directly owned 5,683 shares of the company’s stock, valued at approximately $659,966.79. This trade represents a 61.79% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 365,205 shares of company stock worth $41,439,575. 20.70% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. HC Wainwright reissued a “buy” rating and set a $165.00 price target on shares of Corcept Therapeutics in a research report on Friday, September 18th. Zacks Research cut Corcept Therapeutics from a “strong-buy” rating to a “hold” rating in a report on Tuesday, October 27th. Truist Financial initiated coverage on Corcept Therapeutics in a research report on Tuesday, August 18th. They issued a “buy” rating and a $164.00 target price on the stock. Piper Sandler reaffirmed 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. Finally, Wolfe Research lowered Corcept Therapeutics from a “peer perform” rating to an “underperform” rating and set a $50.00 target price on the stock. in a report on Monday, July 27th. Five research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $139.50.

Corcept Therapeutics Trading Up 1.6%

NASDAQ CORT opened at $74.53 on Thursday. The company has a market cap of $8.16 billion, a PE ratio of 57.76 and a beta of 0.54. Corcept Therapeutics Incorporated has a 12 month low of $28.66 and a 12 month high of $126.38. The stock has a 50 day moving average of $105.23 and a 200-day moving average of $76.16.

Corcept Therapeutics (NASDAQ:CORT) last released its earnings results on Tuesday, November 3rd. The biotechnology company reported $1.01 earnings per share for the quarter, beating the consensus estimate of $0.84 by $0.17. The business had revenue of $340.47 million during the quarter, compared to analysts’ expectations of $339.12 million. Corcept Therapeutics had a net margin of 16.53% and a return on equity of 22.56%. The firm’s revenue was up 64.0% on a year-over-year basis. During the same period last year, the business earned $0.16 earnings per share. As a group, sell-side analysts predict that Corcept Therapeutics Incorporated will post 1.97 EPS for the current fiscal 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.