State of New Jersey Common Pension Fund D Reduces Position in Corcept Therapeutics Incorporated $CORT

State of New Jersey Common Pension Fund D lessened its stake in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT) by 3.8% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 35,265 shares of the biotechnology company’s stock after selling 1,408 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Corcept Therapeutics were worth $2,588,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of CORT. Brooklyn Investment Group raised its stake in Corcept Therapeutics by 99.5% in the first quarter. Brooklyn Investment Group now owns 373 shares of the biotechnology company’s stock worth $43,000 after buying an additional 186 shares in the last quarter. USA Financial Formulas purchased a new stake in shares of Corcept Therapeutics during the second quarter valued at $56,000. Farther Finance Advisors LLC boosted its holdings in Corcept Therapeutics by 277.6% in 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 during the last quarter. Covestor Ltd boosted its holdings in Corcept Therapeutics by 1,741.2% in the first quarter. Covestor Ltd now owns 626 shares of the biotechnology company’s stock valued at $72,000 after purchasing an additional 592 shares during the last quarter. Finally, IFP Advisors Inc boosted its holdings in Corcept Therapeutics by 1,150.8% in the first quarter. IFP Advisors Inc now owns 738 shares of the biotechnology company’s stock valued at $84,000 after purchasing an additional 679 shares during the last quarter. Institutional investors own 93.61% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently commented on CORT. Piper Sandler dropped their target price on Corcept Therapeutics from $131.00 to $121.00 and set an “overweight” rating on the stock in a research report on Friday, August 1st. HC Wainwright reiterated a “buy” rating and issued a $145.00 price objective on shares of Corcept Therapeutics in a research report on Monday, October 20th. Weiss Ratings reissued a “hold (c)” rating on shares of Corcept Therapeutics in a research note on Wednesday, October 8th. Canaccord Genuity Group reissued a “buy” rating and issued a $140.00 target price on shares of Corcept Therapeutics in a research report on Thursday, September 25th. Finally, Zacks Research downgraded shares of Corcept Therapeutics from a “hold” rating to a “strong sell” rating in a research note on Wednesday, October 1st. Four equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Corcept Therapeutics has a consensus rating of “Moderate Buy” and a consensus target price of $135.25.

Insider Activity

In related news, CEO Joseph K. Belanoff sold 40,000 shares of the stock in a transaction dated Wednesday, October 1st. The shares were sold at an average price of $85.08, for a total transaction of $3,403,200.00. Following the completion of the transaction, 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 transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Joseph Douglas Lyon sold 5,823 shares of the stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $67.51, for a total transaction of $393,110.73. Following the transaction, the insider directly owned 10,066 shares of the company’s stock, valued at $679,555.66. This represents a 36.65% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 292,451 shares of company stock valued at $21,850,930. Company insiders own 20.50% of the company’s stock.

Corcept Therapeutics Stock Performance

CORT opened at $71.56 on Wednesday. The business’s 50-day simple moving average is $76.28 and its 200-day simple moving average is $73.09. Corcept Therapeutics Incorporated has a one year low of $42.01 and a one year high of $117.33. The stock has a market capitalization of $7.54 billion, a P/E ratio of 63.33 and a beta of 0.46.

Corcept Therapeutics (NASDAQ:CORT) last announced its earnings results on Thursday, July 31st. The biotechnology company reported $0.29 EPS for the quarter, beating analysts’ consensus estimates of $0.23 by $0.06. Corcept Therapeutics had a net margin of 18.51% and a return on equity of 20.10%. The business had revenue of $194.43 million during the quarter, compared to analysts’ expectations of $199.40 million. During the same period in the prior year, the company earned $0.32 earnings per share. The business’s revenue was up 18.7% compared to the same quarter last year. Corcept Therapeutics has set its FY 2025 guidance at EPS. On average, equities research analysts forecast that Corcept Therapeutics Incorporated will post 1.36 EPS for the current fiscal 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.