Hsbc Holdings PLC Purchases 8,970 Shares of Corcept Therapeutics Incorporated $CORT

Key Points

• Hsbc Holdings PLC increased its Corcept Therapeutics stake by 134.8% in the second quarter, acquiring 8,970 additional shares and bringing its holdings to 15,623 shares valued at approximately $1.38 million.
• Institutional ownership remains high at 93.61%, with several major investors—including BlackRock, Geode Capital Management and First Trust Advisors—also increasing their positions.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and $138.17 price target. Corcept also exceeded quarterly earnings and revenue expectations, reporting $0.36 EPS and $256.15 million in revenue.

Hsbc Holdings PLC increased its position in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) by 134.8% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 15,623 shares of the biotechnology company's stock after acquiring an additional 8,970 shares during the period. Hsbc Holdings PLC's holdings in Corcept Therapeutics were worth $1,381,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in the company. BlackRock Inc. bought a new position in Corcept Therapeutics in the 2nd quarter valued at approximately $1,080,964,000. Parallel Advisors LLC grew its stake in shares of Corcept Therapeutics by 2.5% during the first quarter. Parallel Advisors LLC now owns 3,977,404 shares of the biotechnology company's stock worth $160,329,000 after buying an additional 96,763 shares during the last quarter. State Street Corp increased its holdings in shares of Corcept Therapeutics by 0.5% during the fourth quarter. State Street Corp now owns 2,986,056 shares of the biotechnology company's stock worth $103,915,000 after buying an additional 15,656 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of Corcept Therapeutics by 38.0% during the fourth quarter. Geode Capital Management LLC now owns 2,668,918 shares of the biotechnology company's stock worth $92,892,000 after buying an additional 734,646 shares in the last quarter. Finally, First Trust Advisors LP lifted its stake in shares of Corcept Therapeutics by 213.5% in the 1st quarter. First Trust Advisors LP now owns 2,173,376 shares of the biotechnology company's stock valued at $87,609,000 after acquiring an additional 1,480,059 shares during the last quarter. 93.61% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms recently weighed in on CORT. Weiss Ratings downgraded Corcept Therapeutics from a "hold (c)" rating to a "hold (c-)" rating in a report on Tuesday. Canaccord Genuity Group upped their target price on Corcept Therapeutics from $135.00 to $150.00 and gave the stock a "buy" rating in a report on Wednesday, July 29th. Truist Financial started coverage on Corcept Therapeutics in a research report on Tuesday, August 18th. They issued a "buy" rating and a $164.00 target price for the company. Wall Street Zen raised Corcept Therapeutics from a "hold" rating to a "strong-buy" rating in a research note on Saturday, August 1st. Finally, HC Wainwright boosted their price target on Corcept Therapeutics from $95.00 to $165.00 and gave the stock a "buy" rating in a report on Thursday, July 30th. Five equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $138.17.

Insider Buying and Selling

In other Corcept Therapeutics news, insider Roberto Vieira sold 58,333 shares of the business's stock in a transaction dated Wednesday, September 2nd. The shares were sold at an average price of $110.76, for a total value of $6,460,963.08. Following the transaction, the insider directly owned 4,242 shares in the company, valued at $469,843.92. The trade was a 93.22% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Atabak Mokari sold 80,000 shares of the company's stock in a transaction that occurred on Thursday, July 30th. The shares were sold at an average price of $114.71, for a total value of $9,176,800.00. Following the completion of the transaction, the chief financial officer owned 16,130 shares in the company, valued at approximately $1,850,272.30. The trade was a 83.22% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 496,119 shares of company stock valued at $54,171,553 over the last quarter. Corporate insiders own 20.70% of the company's stock.

Corcept Therapeutics Stock Performance

Shares of CORT opened at $112.79 on Friday. Corcept Therapeutics Incorporated has a 52-week low of $28.66 and a 52-week high of $126.38. The business's 50 day moving average price is $106.64 and its two-hundred day moving average price is $72.55. The firm has a market cap of $12.19 billion, a PE ratio of 268.55 and a beta of 0.45.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last posted its quarterly earnings results on Wednesday, July 29th. The biotechnology company reported $0.36 earnings per share for the quarter, topping analysts' consensus estimates of $0.02 by $0.34. The business had revenue of $256.15 million for the quarter, compared to the consensus estimate of $221.15 million. Corcept Therapeutics had a return on equity of 8.26% and a net margin of 6.52%.The firm's revenue for the quarter was up 31.7% on a year-over-year basis. During the same period in the prior year, the business earned $0.29 EPS. Research analysts predict that Corcept Therapeutics Incorporated will post 2.02 EPS for the current fiscal year.

Corcept Therapeutics Profile

Corcept Therapeutics Incorporated is a biopharmaceutical company focused on discovering and developing medicines that modulate the effects of the stress hormone cortisol. The company's research centers on the glucocorticoid receptor, which regulates cortisol activity and may play a role in metabolic, psychiatric, oncologic and other serious diseases.

Corcept's commercial product is Korlym (mifepristone), an oral glucocorticoid receptor antagonist approved in the United States to control hyperglycemia secondary to endogenous Cushing's syndrome in adults with type 2 diabetes or glucose intolerance who are not candidates for surgery or have not responded adequately to surgery.

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