State Board of Administration of Florida Retirement System Has $4.30 Million Stock Holdings in Corcept Therapeutics Incorporated $CORT

State Board of Administration of Florida Retirement System increased its position in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT) by 154.1% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 58,596 shares of the biotechnology company’s stock after acquiring an additional 35,539 shares during the period. State Board of Administration of Florida Retirement System owned about 0.06% of Corcept Therapeutics worth $4,301,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of CORT. Employees Retirement System of Texas acquired a new position in Corcept Therapeutics in the 2nd quarter worth about $52,000. Elo Mutual Pension Insurance Co grew its stake in shares of Corcept Therapeutics by 3.7% in the 2nd quarter. Elo Mutual Pension Insurance Co now owns 12,346 shares of the biotechnology company’s stock valued at $906,000 after buying an additional 444 shares in the last quarter. Advisors Asset Management Inc. grew its stake in shares of Corcept Therapeutics by 1.3% in the 2nd quarter. Advisors Asset Management Inc. now owns 18,935 shares of the biotechnology company’s stock valued at $1,390,000 after buying an additional 237 shares in the last quarter. XTX Topco Ltd acquired a new position in Corcept Therapeutics in the second quarter worth approximately $1,458,000. Finally, Journey Strategic Wealth LLC raised its position in Corcept Therapeutics by 44.3% during the second quarter. Journey Strategic Wealth LLC now owns 2,790 shares of the biotechnology company’s stock valued at $205,000 after acquiring an additional 856 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 analysts have issued reports on the stock. Zacks Research cut shares of Corcept Therapeutics from a “hold” rating to a “strong sell” rating in a research note on Wednesday, October 1st. Wall Street Zen downgraded shares of Corcept Therapeutics from a “buy” rating to a “hold” rating in a report on Saturday, October 18th. Canaccord Genuity Group reiterated a “buy” rating and issued a $140.00 price objective on shares of Corcept Therapeutics in a report on Thursday, September 25th. HC Wainwright reissued a “buy” rating and set a $145.00 target price on shares of Corcept Therapeutics in a research report on Tuesday, November 25th. Finally, Wolfe Research initiated coverage on Corcept Therapeutics in a research report on Tuesday, November 18th. They issued a “peer perform” rating for the company. Four investment 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. According to data from MarketBeat.com, Corcept Therapeutics has a consensus rating of “Hold” and an average price target of $135.25.

Insider Buying and Selling

In other news, insider William Guyer sold 20,000 shares of the company’s stock in a transaction that occurred on Wednesday, November 5th. The stock was sold at an average price of $75.36, for a total transaction of $1,507,200.00. Following the completion of the transaction, the insider directly owned 5,287 shares in the company, valued at $398,428.32. The trade was a 79.09% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Joseph K. Belanoff sold 40,000 shares of the stock in a transaction that occurred on Wednesday, October 1st. The shares were sold at an average price of $85.08, for a total value of $3,403,200.00. Following the completion of the sale, the chief executive officer directly owned 2,781,370 shares of the company’s stock, valued at $236,638,959.60. This represents a 1.42% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 263,900 shares of company stock valued at $21,161,738. Insiders own 20.80% of the company’s stock.

Corcept Therapeutics Stock Performance

NASDAQ:CORT opened at $84.66 on Friday. Corcept Therapeutics Incorporated has a 1 year low of $49.00 and a 1 year high of $117.33. The firm’s fifty day simple moving average is $78.23 and its 200 day simple moving average is $74.39. The company has a current ratio of 3.14, a quick ratio of 3.07 and a debt-to-equity ratio of 0.01. The firm has a market capitalization of $8.91 billion, a PE ratio of 96.21 and a beta of 0.20.

Corcept Therapeutics (NASDAQ:CORT) last released its earnings results on Tuesday, November 4th. The biotechnology company reported $0.16 earnings per share for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.02). Corcept Therapeutics had a return on equity of 15.99% and a net margin of 14.19%.The firm had revenue of $207.64 million for the quarter, compared to analyst estimates of $223.78 million. During the same period in the prior year, the firm earned $0.41 EPS. The firm’s revenue was up 13.8% on a year-over-year basis. On average, sell-side analysts anticipate that Corcept Therapeutics Incorporated will post 1.36 EPS for the current year.

About Corcept Therapeutics

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.