Texas Permanent School Fund Corp Sells 7,613 Shares of Corcept Therapeutics Incorporated $CORT

Texas Permanent School Fund Corp trimmed its position in Corcept Therapeutics Incorporated (NASDAQ:CORT) by 19.4% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 31,577 shares of the biotechnology company’s stock after selling 7,613 shares during the quarter. Texas Permanent School Fund Corp’s holdings in Corcept Therapeutics were worth $2,318,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the business. American Century Companies Inc. increased its position in shares of Corcept Therapeutics by 15.7% in the first quarter. American Century Companies Inc. now owns 114,362 shares of the biotechnology company’s stock worth $13,062,000 after purchasing an additional 15,494 shares during the period. Brooklyn Investment Group increased its holdings in shares of Corcept Therapeutics by 99.5% during 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. Northern Trust Corp raised its position in Corcept Therapeutics by 0.6% in the first quarter. Northern Trust Corp now owns 1,022,001 shares of the biotechnology company’s stock valued at $116,733,000 after purchasing an additional 6,486 shares during the last quarter. Hsbc Holdings PLC raised its holdings in Corcept Therapeutics by 4.6% in the 1st quarter. Hsbc Holdings PLC now owns 28,668 shares of the biotechnology company’s stock valued at $3,006,000 after buying an additional 1,253 shares during the last quarter. Finally, Credit Agricole S A acquired a new position in shares of Corcept Therapeutics during the first quarter worth $1,980,000. 93.61% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts recently commented on CORT shares. Wolfe Research initiated coverage on Corcept Therapeutics in a research note on Tuesday, November 18th. They issued a “peer perform” rating on the stock. Zacks Research upgraded Corcept Therapeutics from a “strong sell” rating to a “hold” rating in a research note on Monday, December 15th. HC Wainwright restated a “buy” rating and set a $145.00 price target on shares of Corcept Therapeutics in a research note on Tuesday, November 25th. Weiss Ratings reissued a “hold (c)” rating on shares of Corcept Therapeutics in a research note on Monday, December 15th. Finally, Wall Street Zen downgraded shares of Corcept Therapeutics from a “buy” rating to a “hold” rating in a report on Saturday, October 18th. Four analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $127.20.

Corcept Therapeutics Stock Performance

Shares of CORT stock opened at $83.76 on Monday. Corcept Therapeutics Incorporated has a 12 month low of $49.00 and a 12 month high of $117.33. The firm’s 50 day moving average is $78.01 and its 200 day moving average is $75.07. The company has a current ratio of 3.14, a quick ratio of 3.07 and a debt-to-equity ratio of 0.01. The stock has a market capitalization of $8.81 billion, a P/E ratio of 95.18 and a beta of 0.20.

Corcept Therapeutics (NASDAQ:CORT) last released its quarterly earnings data 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). The company had revenue of $207.64 million for the quarter, compared to the consensus estimate of $223.78 million. Corcept Therapeutics had a net margin of 14.19% and a return on equity of 15.99%. The business’s revenue for the quarter was up 13.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.41 earnings per share. On average, sell-side analysts anticipate that Corcept Therapeutics Incorporated will post 1.36 earnings per share for the current year.

Insider Activity

In related news, insider William Guyer sold 20,000 shares of the company’s stock in a transaction that occurred on Wednesday, November 5th. The shares were sold at an average price of $75.36, for a total value of $1,507,200.00. Following the transaction, the insider directly owned 5,287 shares in the company, valued at approximately $398,428.32. This represents a 79.09% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Sean Maduck sold 20,000 shares of the stock in a transaction on Monday, November 3rd. The stock was sold at an average price of $73.99, for a total transaction of $1,479,800.00. Following the completion of the transaction, the insider directly owned 7,904 shares in the company, valued at $584,816.96. The trade was a 71.67% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 261,700 shares of company stock worth $21,002,348 in the last three months. Corporate insiders own 20.50% of the company’s stock.

About Corcept Therapeutics

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.