Public Employees Retirement Association of Colorado boosted its position in Corcept Therapeutics Incorporated (NASDAQ:CORT) by 145.3% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 12,525 shares of the biotechnology company’s stock after acquiring an additional 7,420 shares during the quarter. Public Employees Retirement Association of Colorado’s holdings in Corcept Therapeutics were worth $176,000 at the end of the most recent reporting period.
A number of other large investors have also recently made changes to their positions in the stock. BlackRock Inc. increased its stake in Corcept Therapeutics by 10.0% in the second quarter. BlackRock Inc. now owns 14,199,726 shares of the biotechnology company’s stock valued at $223,220,000 after acquiring an additional 1,294,562 shares during the last quarter. Ingalls & Snyder LLC increased its stake in Corcept Therapeutics by 7.3% in the second quarter. Ingalls & Snyder LLC now owns 7,316,990 shares of the biotechnology company’s stock valued at $115,023,000 after acquiring an additional 499,450 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in Corcept Therapeutics by 4.9% in the second quarter. Dimensional Fund Advisors LP now owns 1,653,862 shares of the biotechnology company’s stock valued at $25,999,000 after acquiring an additional 77,213 shares during the last quarter. Northern Trust Corp increased its stake in Corcept Therapeutics by 11.7% in the second quarter. Northern Trust Corp now owns 1,247,442 shares of the biotechnology company’s stock valued at $19,610,000 after acquiring an additional 130,839 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its stake in Corcept Therapeutics by 0.9% in the second quarter. Bank of New York Mellon Corp now owns 1,197,952 shares of the biotechnology company’s stock valued at $18,831,000 after acquiring an additional 11,001 shares during the last quarter. 74.46% of the stock is currently owned by institutional investors and hedge funds.
CORT has been the topic of a number of recent analyst reports. BidaskClub cut shares of Corcept Therapeutics from a “buy” rating to a “hold” rating in a research note on Saturday, July 14th. ValuEngine cut shares of Corcept Therapeutics from a “hold” rating to a “sell” rating in a research note on Thursday, July 19th. Stifel Nicolaus reissued a “hold” rating and issued a $11.00 price objective (down from $20.00) on shares of Corcept Therapeutics in a research note on Friday, August 10th. B. Riley decreased their price objective on shares of Corcept Therapeutics from $30.00 to $22.00 and set a “buy” rating on the stock in a research note on Monday, August 13th. Finally, Cantor Fitzgerald initiated coverage on shares of Corcept Therapeutics in a research note on Thursday, August 23rd. They issued a “neutral” rating and a $17.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and three have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $21.83.
In related news, Director G Leonard Baker, Jr. bought 179,686 shares of the firm’s stock in a transaction on Wednesday, August 15th. The shares were purchased at an average price of $12.48 per share, with a total value of $2,242,481.28. Following the completion of the purchase, the director now owns 876,838 shares in the company, valued at approximately $10,942,938.24. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Robert S. Fishman sold 8,000 shares of the business’s stock in a transaction on Monday, October 8th. The stock was sold at an average price of $13.19, for a total transaction of $105,520.00. Following the sale, the insider now directly owns 8,000 shares in the company, valued at approximately $105,520. The disclosure for this sale can be found here. In the last ninety days, insiders have acquired 321,159 shares of company stock worth $4,025,880 and have sold 24,000 shares worth $335,280. Insiders own 15.00% of the company’s stock.
Shares of NASDAQ:CORT opened at $12.23 on Friday. The company has a market capitalization of $1.32 billion, a P/E ratio of 20.30 and a beta of 1.62. Corcept Therapeutics Incorporated has a 1 year low of $11.21 and a 1 year high of $25.96.
Corcept Therapeutics (NASDAQ:CORT) last posted its earnings results on Thursday, August 9th. The biotechnology company reported $0.20 earnings per share for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.04). The company had revenue of $62.31 million for the quarter, compared to the consensus estimate of $68.49 million. Corcept Therapeutics had a return on equity of 38.53% and a net margin of 68.32%. The business’s quarterly revenue was up 75.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.13 EPS. On average, equities analysts anticipate that Corcept Therapeutics Incorporated will post 0.6 EPS for the current fiscal year.
Corcept Therapeutics Company Profile
Corcept Therapeutics Incorporated, a pharmaceutical company, discovers, develops, and commercializes drugs for the treatment of severe metabolic, oncologic, and psychiatric disorders in the United States. The company offers Korlym (mifepristone) tablets as a once-daily oral medication for the treatment of hyperglycemia secondary to hypercortisolism in adult patients with endogenous Cushing's syndrome, who have type 2 diabetes mellitus or glucose intolerance, and have failed surgery or are not candidates for surgery, as well as develops CLIA-validated assay to measure FKBP5 gene expression.
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