Geode Capital Management LLC Acquires 734,646 Shares of Corcept Therapeutics Incorporated $CORT

Key Points

• Geode Capital Management boosted its Corcept Therapeutics stake by 38% in Q4, buying 734,646 shares and bringing its holdings to 2.67 million shares worth about $92.9 million.
• Analysts have turned more positive on the biotech company, with several firms raising price targets and one upgrading the stock to Strong Buy; the consensus rating is now Moderate Buy with an average target of $88.83.
• Corcept recently reported weaker-than-expected quarterly results, posting a loss of $0.30 per share and revenue of $164.9 million, while insiders also sold shares during the quarter, including CEO Joseph Belanoff and CFO Atabak Mokari.

Geode Capital Management LLC increased its holdings in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) by 38.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 2,668,918 shares of the biotechnology company's stock after acquiring an additional 734,646 shares during the quarter. Geode Capital Management LLC owned about 2.54% of Corcept Therapeutics worth $92,892,000 as of its most recent filing with the SEC.

Other hedge funds have also bought and sold shares of the company. Torren Management LLC bought a new position in Corcept Therapeutics during the fourth quarter worth about $25,000. Advisory Services Network LLC bought a new position in Corcept Therapeutics during the third quarter worth about $25,000. Clearstead Advisors LLC grew its position in Corcept Therapeutics by 163.6% during the third quarter. Clearstead Advisors LLC now owns 311 shares of the biotechnology company's stock worth $26,000 after buying an additional 193 shares in the last quarter. Hantz Financial Services Inc. grew its position in Corcept Therapeutics by 113.7% during the fourth quarter. Hantz Financial Services Inc. now owns 985 shares of the biotechnology company's stock worth $34,000 after buying an additional 524 shares in the last quarter. Finally, Larson Financial Group LLC grew its position in Corcept Therapeutics by 2,326.3% during the third quarter. Larson Financial Group LLC now owns 461 shares of the biotechnology company's stock worth $38,000 after buying an additional 442 shares in the last quarter. 93.61% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the company. Piper Sandler boosted their price target on Corcept Therapeutics from $73.00 to $88.00 and gave the company an "overweight" rating in a research note on Friday, May 1st. Truist Financial upgraded Corcept Therapeutics to a "strong-buy" rating in a research note on Wednesday, March 25th. HC Wainwright lifted their price target on Corcept Therapeutics from $75.00 to $95.00 and gave the company a "buy" rating in a research note on Tuesday. Canaccord Genuity Group lifted their price target on Corcept Therapeutics from $110.00 to $135.00 and gave the company a "buy" rating in a research note on Thursday, May 28th. Finally, UBS Group set a $135.00 price objective on Corcept Therapeutics in a research report on Thursday, May 28th. One equities 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 company. Based on data from MarketBeat, Corcept Therapeutics has an average rating of "Moderate Buy" and a consensus price target of $88.83.

Insiders Place Their Bets

In other news, CEO Joseph K. Belanoff sold 26,198 shares of the business's stock in a transaction dated 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 completion of the sale, the chief executive officer directly owned 2,918,326 shares of the company's stock, valued at $146,120,582.82. The trade was a 0.89% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Atabak Mokari sold 40,000 shares of the business's stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $70.00, for a total transaction of $2,800,000.00. Following the sale, the chief financial officer directly owned 15,257 shares of the company's stock, valued at approximately $1,067,990. The trade was a 72.39% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders have sold 242,965 shares of company stock valued at $14,802,964. 20.70% of the stock is currently owned by corporate insiders.

Corcept Therapeutics Stock Performance

Shares of NASDAQ:CORT opened at $72.62 on Friday. The business's 50 day simple moving average is $51.73 and its two-hundred day simple moving average is $52.15. The firm has a market cap of $7.80 billion, a P/E ratio of 207.49 and a beta of 0.50. Corcept Therapeutics Incorporated has a 52-week low of $28.66 and a 52-week high of $91.00.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last announced its quarterly 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). The firm had revenue of $164.90 million during the quarter, compared to the consensus estimate of $185.83 million. Corcept Therapeutics had a return on equity of 7.40% and a net margin of 6.14%.The firm's revenue was up 4.9% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.17 EPS. On average, equities analysts forecast that Corcept Therapeutics Incorporated will post 0.53 earnings per share for the current fiscal year.

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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