F m Investments LLC Raises Stake in Corcept Therapeutics Incorporated $CORT

Key Points

• F m Investments LLC increased its stake in Corcept Therapeutics by 122% in the fourth quarter, bringing its holdings to 65,894 shares valued at about $2.29 million.
• Several analysts turned more constructive on the stock, with firms like Truist and Piper Sandler issuing bullish ratings and lifting price targets; the current consensus is a Moderate Buy with an average target price of $74.67.
• Corcept Therapeutics reported weaker-than-expected first-quarter results, missing EPS and revenue estimates, while insiders showed mixed activity with a large director purchase offset by CEO share sales.

F m Investments LLC lifted its position in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) by 122.0% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 65,894 shares of the biotechnology company's stock after buying an additional 36,207 shares during the quarter. F m Investments LLC owned approximately 0.06% of Corcept Therapeutics worth $2,293,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. JPMorgan Chase & Co. grew its holdings in shares of Corcept Therapeutics by 223.4% during the third quarter. JPMorgan Chase & Co. now owns 849,864 shares of the biotechnology company's stock worth $70,632,000 after buying an additional 587,053 shares in the last quarter. Brown Capital Management LLC purchased a new stake in shares of Corcept Therapeutics during the third quarter worth about $19,950,000. Allspring Global Investments Holdings LLC grew its holdings in shares of Corcept Therapeutics by 111.8% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 507,967 shares of the biotechnology company's stock worth $19,404,000 after buying an additional 268,155 shares in the last quarter. First Trust Advisors LP grew its holdings in shares of Corcept Therapeutics by 34.1% during the third quarter. First Trust Advisors LP now owns 720,224 shares of the biotechnology company's stock worth $59,858,000 after buying an additional 183,038 shares in the last quarter. Finally, Public Sector Pension Investment Board grew its holdings in shares of Corcept Therapeutics by 13.7% during the third quarter. Public Sector Pension Investment Board now owns 365,838 shares of the biotechnology company's stock worth $30,405,000 after buying an additional 44,070 shares in the last quarter. 93.61% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have recently commented on CORT. Zacks Research upgraded shares of Corcept Therapeutics from a "strong sell" rating to a "hold" rating in a report on Monday, May 4th. Truist Financial upgraded shares of Corcept Therapeutics to a "strong-buy" rating in a report on Wednesday, March 25th. Piper Sandler boosted their target price on shares of Corcept Therapeutics from $73.00 to $88.00 and gave the company an "overweight" rating in a report on Friday, May 1st. HC Wainwright boosted their target price on shares of Corcept Therapeutics from $60.00 to $75.00 and gave the company a "buy" rating in a report on Monday, May 4th. Finally, Wolfe Research upgraded shares of Corcept Therapeutics from an "underperform" rating to a "peer perform" rating in a report on Thursday, March 26th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $74.67.

Corcept Therapeutics Stock Performance

Corcept Therapeutics stock opened at $52.28 on Friday. Corcept Therapeutics Incorporated has a 1 year low of $28.66 and a 1 year high of $91.00. The firm has a 50 day moving average price of $40.09 and a 200 day moving average price of $53.80. The company has a market cap of $5.61 billion, a price-to-earnings ratio of 149.38 and a beta of 0.36.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last released its earnings results on Thursday, April 30th. The biotechnology company reported ($0.30) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.11) by ($0.19). Corcept Therapeutics had a net margin of 6.14% and a return on equity of 7.40%. The company had revenue of $164.90 million during the quarter, compared to analysts' expectations of $185.83 million. During the same quarter in the previous year, the firm posted $0.17 earnings per share. Corcept Therapeutics's revenue for the quarter was up 4.9% compared to the same quarter last year. Sell-side analysts predict that Corcept Therapeutics Incorporated will post 0.48 EPS for the current year.

Insider Buying and Selling at Corcept Therapeutics

In other Corcept Therapeutics news, Director G Leonard Baker, Jr. purchased 100,000 shares of Corcept Therapeutics stock in a transaction on Tuesday, March 17th. The shares were purchased at an average cost of $33.14 per share, with a total value of $3,314,000.00. Following the completion of the transaction, the director directly owned 1,146,631 shares in the company, valued at approximately $37,999,351.34. This represents a 9.55% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Joseph K. Belanoff sold 26,198 shares of Corcept Therapeutics stock in a transaction that occurred on Wednesday, March 25th. The shares were sold at an average price of $50.07, for a total transaction of $1,311,733.86. Following the transaction, the chief executive officer directly owned 2,918,326 shares in the company, valued at approximately $146,120,582.82. This trade represents a 0.89% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 86,198 shares of company stock valued at $3,887,769 over the last ninety days. Corporate insiders own 20.70% of the company's stock.

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.

Want to see what other hedge funds are holding CORT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.