Geode Capital Management LLC Raises Position in Corcept Therapeutics Incorporated $CORT

Geode Capital Management LLC raised its stake in Corcept Therapeutics Incorporated (NASDAQ:CORT) by 38.0% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 2,668,918 shares of the biotechnology company’s stock after purchasing an additional 734,646 shares during the quarter. Geode Capital Management LLC’s holdings in Corcept Therapeutics were worth $92,892,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Torren Management LLC purchased a new stake in shares of Corcept Therapeutics in the fourth quarter worth approximately $25,000. Advisory Services Network LLC purchased a new stake in shares of Corcept Therapeutics in the third quarter worth approximately $25,000. Clearstead Advisors LLC raised its stake in shares of Corcept Therapeutics by 163.6% in the third quarter. Clearstead Advisors LLC now owns 311 shares of the biotechnology company’s stock worth $26,000 after purchasing an additional 193 shares during the last quarter. Hantz Financial Services Inc. raised its stake in shares of Corcept Therapeutics by 113.7% in the fourth quarter. Hantz Financial Services Inc. now owns 985 shares of the biotechnology company’s stock worth $34,000 after purchasing an additional 524 shares during the last quarter. Finally, Larson Financial Group LLC raised its stake in shares of Corcept Therapeutics by 2,326.3% in the third quarter. Larson Financial Group LLC now owns 461 shares of the biotechnology company’s stock worth $38,000 after purchasing an additional 442 shares during the last quarter. 93.61% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, CEO Joseph K. Belanoff sold 26,198 shares of the company’s stock in a transaction that occurred on Wednesday, March 25th. The stock was sold at an average price of $50.07, for a total value of $1,311,733.86. Following the transaction, the chief executive officer owned 2,918,326 shares in the company, valued at approximately $146,120,582.82. This represents a 0.89% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director G Leonard Baker, Jr. acquired 100,000 shares of the company’s stock in a transaction that occurred on Tuesday, March 17th. The stock was purchased at an average price of $33.14 per share, for a total transaction of $3,314,000.00. Following the purchase, the director owned 1,146,631 shares of the company’s stock, valued at $37,999,351.34. The trade was a 9.55% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders have sold 242,965 shares of company stock valued at $14,802,964 in the last quarter. 20.70% of the stock is currently owned by company insiders.

Corcept Therapeutics Stock Down 3.0%

CORT stock opened at $72.62 on Friday. The firm has a market cap of $7.80 billion, a PE ratio of 207.49 and a beta of 0.50. The business has a 50 day moving average of $51.73 and a 200-day moving average of $52.15. Corcept Therapeutics Incorporated has a 12-month low of $28.66 and a 12-month high of $91.00.

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

Analysts Set New Price Targets

Several brokerages have recently commented on CORT. UBS Group set a $135.00 price objective on Corcept Therapeutics in a research note on Thursday, May 28th. Piper Sandler upped their target price on Corcept Therapeutics from $73.00 to $88.00 and gave the company an “overweight” rating in a report on Friday, May 1st. HC Wainwright upped their target price on Corcept Therapeutics from $75.00 to $95.00 and gave the company a “buy” rating in a report on Tuesday. Truist Financial raised Corcept Therapeutics to a “strong-buy” rating in a report on Wednesday, March 25th. Finally, Zacks Research raised Corcept Therapeutics from a “strong sell” rating to a “hold” rating in a report on Monday, May 4th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $88.83.

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.