Fifth Third Bancorp Grows Stock Holdings in Corcept Therapeutics Incorporated $CORT

Key Points

• Fifth Third Bancorp sharply increased its stake in Corcept Therapeutics, boosting holdings by 881.6% in the first quarter to 37,242 shares worth about $1.5 million.
• Corcept Therapeutics reported a quarterly EPS loss of $0.30, missing analyst estimates, while revenue of $164.9 million also came in below expectations despite 4.9% year-over-year growth.
• Wall Street sentiment is mixed to positive: several firms raised price targets or ratings, and the stock currently carries an average “Moderate Buy” rating with a target price of $88.83.

Fifth Third Bancorp boosted its holdings in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) by 881.6% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 37,242 shares of the biotechnology company's stock after purchasing an additional 33,448 shares during the period. Fifth Third Bancorp's holdings in Corcept Therapeutics were worth $1,501,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in the business. Advisory Services Network LLC acquired a new position in shares of Corcept Therapeutics in the third quarter worth about $25,000. Larson Financial Group LLC grew its position in shares of Corcept Therapeutics by 2,326.3% during the 3rd quarter. Larson Financial Group LLC now owns 461 shares of the biotechnology company's stock valued at $38,000 after acquiring an additional 442 shares during the period. Gould Capital LLC increased its stake in shares of Corcept Therapeutics by 50.0% in the 3rd quarter. Gould Capital LLC now owns 600 shares of the biotechnology company's stock valued at $50,000 after purchasing an additional 200 shares in the last quarter. Torren Management LLC purchased a new position in shares of Corcept Therapeutics in the 4th quarter valued at about $25,000. Finally, CIBC Private Wealth Group LLC raised its holdings in Corcept Therapeutics by 128.5% in the 3rd quarter. CIBC Private Wealth Group LLC now owns 770 shares of the biotechnology company's stock worth $64,000 after purchasing an additional 433 shares during the period. 93.61% of the stock is owned by hedge funds and other institutional investors.

Corcept Therapeutics Stock Up 6.4%

Corcept Therapeutics stock opened at $96.66 on Friday. Corcept Therapeutics Incorporated has a 52-week low of $28.66 and a 52-week high of $97.05. The firm has a market capitalization of $10.38 billion, a price-to-earnings ratio of 276.18 and a beta of 0.47. The company has a fifty day simple moving average of $79.62 and a 200-day simple moving average of $54.19.

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

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on CORT. Piper Sandler increased their target price on Corcept Therapeutics from $73.00 to $88.00 and gave the company an "overweight" rating in a research report on Friday, May 1st. Wolfe Research raised shares of Corcept Therapeutics from an "underperform" rating to a "peer perform" rating in a report on Thursday, March 26th. Zacks Research upgraded shares of Corcept Therapeutics from a "strong sell" rating to a "hold" rating in a research report on Monday, May 4th. UBS Group set a $135.00 price objective on shares of Corcept Therapeutics in a report on Thursday, May 28th. Finally, Truist Financial upgraded shares of Corcept Therapeutics to a "strong-buy" rating in a research report on Monday, June 15th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $88.83.

Insider Buying and Selling

In other Corcept Therapeutics news, CFO Atabak Mokari sold 40,000 shares of the firm's stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $81.15, for a total value of $3,246,000.00. Following the transaction, the chief financial officer directly owned 16,130 shares of the company's stock, valued at $1,308,949.50. This trade represents a 71.26% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director James N. Wilson sold 10,000 shares of the business's stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $83.20, for a total value of $832,000.00. Following the transaction, the director owned 1,094,543 shares in the company, valued at approximately $91,065,977.60. This represents a 0.91% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 300,000 shares of company stock worth $22,088,050 in the last 90 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.

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