Maryland State Retirement & Pension System Lowers Position in Corcept Therapeutics Incorporated $CORT

Maryland State Retirement & Pension System lessened its stake in Corcept Therapeutics Incorporated (NASDAQ:CORT) by 44.1% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 18,050 shares of the biotechnology company’s stock after selling 14,255 shares during the quarter. Maryland State Retirement & Pension System’s holdings in Corcept Therapeutics were worth $1,500,000 at the end of the most recent reporting period.

Several other institutional investors have also bought and sold shares of CORT. Royal Bank of Canada raised its position in Corcept Therapeutics by 18.9% in the 1st quarter. Royal Bank of Canada now owns 15,385 shares of the biotechnology company’s stock valued at $1,757,000 after buying an additional 2,444 shares during the last quarter. Amundi bought a new stake in shares of Corcept Therapeutics in the 1st quarter worth $450,000. NewEdge Advisors LLC purchased a new stake in shares of Corcept Therapeutics in the first quarter valued at about $518,000. Wealth Enhancement Advisory Services LLC raised its holdings in shares of Corcept Therapeutics by 71.6% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 13,647 shares of the biotechnology company’s stock valued at $986,000 after purchasing an additional 5,693 shares during the last quarter. Finally, Farther Finance Advisors LLC lifted its position in shares of Corcept Therapeutics by 277.6% during the second quarter. Farther Finance Advisors LLC now owns 910 shares of the biotechnology company’s stock valued at $67,000 after purchasing an additional 669 shares in the last quarter. Institutional investors own 93.61% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. Truist Financial set a $50.00 price objective on shares of Corcept Therapeutics in a research report on Wednesday, December 31st. Canaccord Genuity Group reduced their target price on Corcept Therapeutics from $140.00 to $99.00 and set a “buy” rating for the company in a report on Friday, January 2nd. HC Wainwright dropped their price target on Corcept Therapeutics from $145.00 to $90.00 and set a “buy” rating on the stock in a report on Friday, January 2nd. Wolfe Research cut Corcept Therapeutics from a “peer perform” rating to an “underperform” rating and set a $30.00 price objective on the stock. in a research report on Wednesday, December 31st. Finally, UBS Group began coverage on Corcept Therapeutics in a research report on Tuesday, December 16th. They set a “neutral” rating and a $95.00 target price for the company. Four research analysts have rated the stock with a Buy rating, two have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $80.83.

Insider Transactions at Corcept Therapeutics

In other Corcept Therapeutics news, insider William Guyer sold 20,000 shares of the company’s stock in a transaction dated Tuesday, January 6th. The shares were sold at an average price of $35.18, for a total transaction of $703,600.00. Following the sale, the insider directly owned 1,235 shares of the company’s stock, valued at $43,447.30. This represents a 94.18% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Joseph Douglas Lyon sold 5,000 shares of the stock in a transaction dated Monday, December 1st. The stock was sold at an average price of $79.53, for a total transaction of $397,650.00. Following the transaction, the insider owned 10,277 shares of the company’s stock, valued at $817,329.81. This represents a 32.73% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 194,500 shares of company stock valued at $14,186,410. 20.50% of the stock is currently owned by insiders.

Corcept Therapeutics Price Performance

Corcept Therapeutics stock opened at $35.29 on Wednesday. The business’s 50 day simple moving average is $67.40 and its 200 day simple moving average is $71.72. Corcept Therapeutics Incorporated has a 12 month low of $32.99 and a 12 month high of $117.33. The company has a market cap of $3.71 billion, a price-to-earnings ratio of 40.10 and a beta of 0.23. The company has a current ratio of 3.14, a quick ratio of 3.07 and a debt-to-equity ratio of 0.01.

Corcept Therapeutics (NASDAQ:CORT) last released its earnings results on Tuesday, November 4th. The biotechnology company reported $0.16 earnings per share (EPS) 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 during the quarter, compared to analysts’ expectations of $223.78 million. During the same period in the prior year, the business earned $0.41 earnings per share. The business’s quarterly revenue was up 13.8% compared to the same quarter last year. Sell-side analysts forecast that Corcept Therapeutics Incorporated will post 1.36 EPS for the current year.

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.