California State Teachers Retirement System Boosts Stake in Corcept Therapeutics Incorporated $CORT

California State Teachers Retirement System raised its stake in Corcept Therapeutics Incorporated (NASDAQ:CORT) by 23.1% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 110,829 shares of the biotechnology company’s stock after acquiring an additional 20,792 shares during the quarter. California State Teachers Retirement System owned approximately 0.10% of Corcept Therapeutics worth $4,468,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Royal Bank of Canada boosted its stake in shares of Corcept Therapeutics by 13.7% during the first quarter. Royal Bank of Canada now owns 14,314 shares of the biotechnology company’s stock valued at $577,000 after acquiring an additional 1,724 shares during the last quarter. Empowered Funds LLC purchased a new stake in shares of Corcept Therapeutics during the first quarter worth about $3,922,000. The Manufacturers Life Insurance Company grew its holdings in shares of Corcept Therapeutics by 9.1% during the first quarter. The Manufacturers Life Insurance Company now owns 24,158 shares of the biotechnology company’s stock worth $974,000 after buying an additional 2,019 shares in the last quarter. Quantinno Capital Management LP raised its position in shares of Corcept Therapeutics by 2.6% in the first quarter. Quantinno Capital Management LP now owns 28,854 shares of the biotechnology company’s stock valued at $1,163,000 after buying an additional 732 shares during the last quarter. Finally, Lazard Asset Management LLC lifted its stake in shares of Corcept Therapeutics by 18.2% during the first quarter. Lazard Asset Management LLC now owns 8,279 shares of the biotechnology company’s stock valued at $334,000 after buying an additional 1,274 shares during the period. 93.61% of the stock is currently owned by hedge funds and other institutional investors.

Corcept Therapeutics Price Performance

NASDAQ CORT opened at $110.77 on Friday. The firm has a market capitalization of $11.97 billion, a P/E ratio of 263.74 and a beta of 0.45. Corcept Therapeutics Incorporated has a 1-year low of $28.66 and a 1-year high of $122.21. The business’s 50-day simple moving average is $89.31 and its 200-day simple moving average is $59.37.

Corcept Therapeutics (NASDAQ:CORT) last released its quarterly earnings data on Wednesday, July 29th. The biotechnology company reported $0.36 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.02 by $0.34. The company had revenue of $256.15 million during the quarter, compared to analyst estimates of $221.15 million. Corcept Therapeutics had a net margin of 6.52% and a return on equity of 8.26%. The business’s quarterly revenue was up 31.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.29 earnings per share. On average, equities research analysts expect that Corcept Therapeutics Incorporated will post 1.13 EPS for the current fiscal year.

Analyst Ratings Changes

Several brokerages have weighed in on CORT. Zacks Research upgraded Corcept Therapeutics from a “strong sell” rating to a “hold” rating in a report on Monday, May 4th. UBS Group set a $135.00 target price on Corcept Therapeutics in a research note on Thursday, May 28th. Truist Financial upgraded Corcept Therapeutics to a “strong-buy” rating in a research report on Monday, June 15th. Weiss Ratings reissued a “hold (c-)” rating on shares of Corcept Therapeutics in a research note on Wednesday, June 24th. Finally, Canaccord Genuity Group lifted their price target on Corcept Therapeutics from $135.00 to $150.00 and gave the company a “buy” rating in a report on Wednesday, July 29th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Corcept Therapeutics currently has an average rating of “Moderate Buy” and an average target price of $119.17.

Insider Buying and Selling

In other news, CFO Atabak Mokari sold 80,000 shares of the business’s stock in a transaction on Thursday, July 30th. The shares were sold at an average price of $114.71, for a total transaction of $9,176,800.00. Following the transaction, the chief financial officer directly owned 16,130 shares of the company’s stock, valued at approximately $1,850,272.30. The trade was a 83.22% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider William Guyer sold 3,700 shares of the company’s stock in a transaction on Tuesday, August 4th. The shares were sold at an average price of $113.12, for a total transaction of $418,544.00. Following the completion of the transaction, the insider owned 3,985 shares of the company’s stock, valued at $450,783.20. This trade represents a 48.15% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 385,545 shares of company stock valued at $33,151,584. 20.70% of the stock is owned by insiders.

Corcept Therapeutics Profile

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.