Corcept Therapeutics Incorporated (NASDAQ:CORT) Stake Reduced by Public Sector Pension Investment Board

Public Sector Pension Investment Board cut its holdings in Corcept Therapeutics Incorporated (NASDAQ:CORT) by 2.1% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 197,295 shares of the biotechnology company’s stock after selling 4,300 shares during the quarter. Public Sector Pension Investment Board owned about 0.19% of Corcept Therapeutics worth $9,131,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the business. Dimensional Fund Advisors LP raised its holdings in Corcept Therapeutics by 4.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,676,335 shares of the biotechnology company’s stock worth $86,952,000 after buying an additional 108,658 shares during the period. FMR LLC raised its holdings in shares of Corcept Therapeutics by 24.6% during the third quarter. FMR LLC now owns 1,363,922 shares of the biotechnology company’s stock valued at $63,122,000 after acquiring an additional 269,074 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in shares of Corcept Therapeutics by 5.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,026,487 shares of the biotechnology company’s stock valued at $47,506,000 after acquiring an additional 53,191 shares during the period. Connor Clark & Lunn Investment Management Ltd. lifted its position in shares of Corcept Therapeutics by 20.0% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 859,563 shares of the biotechnology company’s stock valued at $39,781,000 after acquiring an additional 143,507 shares in the last quarter. Finally, abrdn plc boosted its stake in Corcept Therapeutics by 27.1% in the 3rd quarter. abrdn plc now owns 666,952 shares of the biotechnology company’s stock worth $30,867,000 after purchasing an additional 142,310 shares during the period. 93.61% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the company. StockNews.com lowered Corcept Therapeutics from a “strong-buy” rating to a “buy” rating in a report on Monday, November 25th. Piper Sandler increased their price objective on Corcept Therapeutics from $38.00 to $67.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 18th. Sandler O’Neill reiterated a “buy” rating on shares of Corcept Therapeutics in a report on Friday, October 18th. HC Wainwright reissued a “buy” rating and issued a $80.00 price target on shares of Corcept Therapeutics in a research report on Thursday, October 31st. Finally, Truist Financial boosted their price objective on shares of Corcept Therapeutics from $65.00 to $76.00 and gave the company a “buy” rating in a research report on Monday, September 30th. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $65.25.

Insiders Place Their Bets

In other Corcept Therapeutics news, Director Daniel N. Swisher, Jr. sold 2,200 shares of the stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $59.88, for a total transaction of $131,736.00. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider William Guyer sold 10,000 shares of Corcept Therapeutics stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $35.30, for a total transaction of $353,000.00. Following the completion of the transaction, the insider now directly owns 6,039 shares in the company, valued at approximately $213,176.70. This represents a 62.35 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 34,611 shares of company stock valued at $1,563,548 over the last three months. 20.50% of the stock is currently owned by insiders.

Corcept Therapeutics Trading Down 1.6 %

Shares of NASDAQ CORT opened at $57.68 on Friday. The stock has a market cap of $6.04 billion, a price-to-earnings ratio of 45.78 and a beta of 0.45. The business has a 50 day simple moving average of $49.88 and a 200 day simple moving average of $38.80. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.64 and a current ratio of 3.70. Corcept Therapeutics Incorporated has a 52 week low of $20.84 and a 52 week high of $61.66.

Corcept Therapeutics (NASDAQ:CORT) last announced its quarterly earnings results on Wednesday, October 30th. The biotechnology company reported $0.41 EPS for the quarter, topping the consensus estimate of $0.27 by $0.14. The company had revenue of $182.55 million for the quarter, compared to analyst estimates of $171.97 million. Corcept Therapeutics had a net margin of 22.35% and a return on equity of 24.54%. During the same quarter in the prior year, the business posted $0.28 EPS. Corcept Therapeutics’s quarterly revenue was up 47.7% on a year-over-year basis. On average, research analysts predict that Corcept Therapeutics Incorporated will post 1.35 earnings per share for the current fiscal year.

Corcept Therapeutics Profile

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.