Hsbc Holdings PLC Purchases Shares of 15,623 Corcept Therapeutics Incorporated $CORT

Key Points

• HSBC purchased 15,623 Corcept Therapeutics shares worth approximately $1.38 million in the second quarter. Several other institutional investors also initiated positions, with institutions now owning 93.61% of the company.
• Corcept reported stronger-than-expected quarterly results, with EPS of $0.36 versus estimates of $0.02 and revenue of $256.15 million, up 31.7% year over year.
• CORT traded at $113.35, while analysts maintained a “Moderate Buy” consensus with an average price target of $138.17. However, company insiders sold roughly $44.85 million of stock over the past three months.

Hsbc Holdings PLC purchased a new position in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 15,623 shares of the biotechnology company's stock, valued at approximately $1,381,000.

A number of other institutional investors have also modified their holdings of the stock. Canada Pension Plan Investment Board purchased a new stake in shares of Corcept Therapeutics in the second quarter worth about $16,616,000. Legal & General Group Plc acquired a new stake in Corcept Therapeutics during the second quarter worth about $18,962,000. The Manufacturers Life Insurance Company purchased a new position in Corcept Therapeutics during the second quarter valued at approximately $2,688,000. Algert Global LLC purchased a new position in Corcept Therapeutics during the second quarter valued at approximately $3,308,000. Finally, OMERS ADMINISTRATION Corp acquired a new position in Corcept Therapeutics in the second quarter valued at approximately $2,669,000. Hedge funds and other institutional investors own 93.61% of the company's stock.

Corcept Therapeutics Price Performance

Shares of CORT stock opened at $113.35 on Tuesday. The company has a market cap of $12.25 billion, a price-to-earnings ratio of 269.89 and a beta of 0.45. The stock has a 50 day simple moving average of $101.84 and a 200-day simple moving average of $68.06. Corcept Therapeutics Incorporated has a 1-year low of $28.66 and a 1-year high of $126.38.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last announced its earnings results on Wednesday, July 29th. The biotechnology company reported $0.36 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.02 by $0.34. The firm had revenue of $256.15 million for the quarter, compared to analyst estimates of $221.15 million. Corcept Therapeutics had a return on equity of 8.26% and a net margin of 6.52%.The business's revenue was up 31.7% on a year-over-year basis. During the same quarter last year, the firm posted $0.29 EPS. Analysts anticipate that Corcept Therapeutics Incorporated will post 1.77 earnings per share for the current fiscal year.

Insider Activity at Corcept Therapeutics

In other news, CFO Atabak Mokari sold 80,000 shares of the business's stock in a transaction dated Thursday, July 30th. The shares were sold at an average price of $114.71, for a total transaction of $9,176,800.00. Following the completion of the sale, the chief financial officer owned 16,130 shares of the company's stock, valued at $1,850,272.30. The trade was a 83.22% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Kimberly Park sold 26,685 shares of the company's stock in a transaction dated Wednesday, August 26th. The stock was sold at an average price of $122.55, for a total transaction of $3,270,246.75. Following the transaction, the director owned 30,000 shares of the company's stock, valued at approximately $3,676,500. This trade represents a 47.08% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 412,786 shares of company stock valued at $44,849,840 in the last three months. Company insiders own 20.70% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the company. Zacks Research upgraded 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 target price on shares of Corcept Therapeutics in a report on Thursday, May 28th. Weiss Ratings upgraded shares of Corcept Therapeutics from a "hold (c-)" rating to a "hold (c)" rating in a research note on Thursday, August 20th. Piper Sandler reissued an "overweight" rating and set a $165.00 price target (up from $88.00) on shares of Corcept Therapeutics in a report on Thursday, July 30th. Finally, Canaccord Genuity Group raised their price target on shares of Corcept Therapeutics from $135.00 to $150.00 and gave the company a "buy" rating in a research report on Wednesday, July 29th. Five investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $138.17.

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.

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