Louisiana State Employees Retirement System Buys New Shares in Corcept Therapeutics Incorporated $CORT

Louisiana State Employees Retirement System purchased a new stake in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT) during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 41,500 shares of the biotechnology company’s stock, valued at approximately $1,673,000.

Other large investors have also recently bought and sold shares of the company. Royal Bank of Canada boosted its position in shares of Corcept Therapeutics by 18.9% during the 1st quarter. Royal Bank of Canada now owns 15,385 shares of the biotechnology company’s stock valued at $1,757,000 after purchasing an additional 2,444 shares in the last quarter. Amundi bought a new stake in Corcept Therapeutics in the first quarter worth approximately $450,000. NewEdge Advisors LLC acquired a new position in Corcept Therapeutics in the first quarter valued at approximately $518,000. EverSource Wealth Advisors LLC increased its stake in shares of Corcept Therapeutics by 273.3% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,441 shares of the biotechnology company’s stock valued at $106,000 after acquiring an additional 1,055 shares in the last quarter. Finally, Marshall Wace LLP lifted its position in shares of Corcept Therapeutics by 795.3% during the 2nd quarter. Marshall Wace LLP now owns 46,200 shares of the biotechnology company’s stock valued at $3,391,000 after acquiring an additional 41,040 shares during the period. 93.61% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CFO Atabak Mokari sold 40,000 shares of the stock in a transaction on Monday, June 15th. The stock was sold at an average price of $81.15, for a total value of $3,246,000.00. Following the completion of the sale, the chief financial officer directly owned 16,130 shares of the company’s stock, valued at approximately $1,308,949.50. This represents a 71.26% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Sean Maduck sold 75,000 shares of the firm’s stock in a transaction on Wednesday, May 27th. The shares were sold at an average price of $65.59, for a total value of $4,919,250.00. Following the transaction, the insider owned 8,977 shares in the company, valued at approximately $588,801.43. This trade represents a 89.31% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 275,000 shares of company stock valued at $18,836,100. 20.70% of the stock is currently owned by company insiders.

Corcept Therapeutics Price Performance

Shares of NASDAQ CORT opened at $88.48 on Thursday. The stock has a market capitalization of $9.50 billion, a P/E ratio of 252.81 and a beta of 0.46. The company has a 50-day moving average price of $66.18 and a 200-day moving average price of $52.16. Corcept Therapeutics Incorporated has a 1 year low of $28.66 and a 1 year high of $91.00.

Corcept Therapeutics (NASDAQ:CORT) last posted its earnings results on Thursday, April 30th. The biotechnology company reported ($0.30) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.19). The business had revenue of $164.90 million during the quarter, compared to analyst estimates of $185.83 million. Corcept Therapeutics had a return on equity of 7.40% and a net margin of 6.14%.The company’s revenue was up 4.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.17 EPS. As a group, equities research analysts anticipate that Corcept Therapeutics Incorporated will post 0.53 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

CORT has been the subject of a number of research reports. HC Wainwright raised their price target on shares of Corcept Therapeutics from $75.00 to $95.00 and gave the stock a “buy” rating in a report on Tuesday, June 2nd. UBS Group set a $135.00 price objective on shares of Corcept Therapeutics in a research report on Thursday, May 28th. Weiss Ratings restated a “hold (c-)” rating on shares of Corcept Therapeutics in a research note on Wednesday, June 24th. Canaccord Genuity Group boosted their target price on Corcept Therapeutics from $110.00 to $135.00 and gave the company a “buy” rating in a research report on Thursday, May 28th. Finally, Zacks Research raised Corcept Therapeutics from a “strong sell” rating to a “hold” rating in a research note on Monday, May 4th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $88.83.

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.