Geode Capital Management LLC Reduces Stock Holdings in Corcept Therapeutics Incorporated (NASDAQ:CORT)

Geode Capital Management LLC reduced its stake in Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) by 13.1% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 2,068,175 shares of the biotechnology company's stock after selling 310,583 shares during the quarter. Geode Capital Management LLC owned about 1.97% of Corcept Therapeutics worth $104,240,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. National Bank of Canada FI purchased a new position in shares of Corcept Therapeutics in the fourth quarter worth $42,000. Franklin Resources Inc. raised its stake in Corcept Therapeutics by 12.8% in the 4th quarter. Franklin Resources Inc. now owns 273,974 shares of the biotechnology company's stock worth $13,806,000 after acquiring an additional 31,183 shares during the last quarter. O Shaughnessy Asset Management LLC raised its stake in Corcept Therapeutics by 5.3% in the 4th quarter. O Shaughnessy Asset Management LLC now owns 8,754 shares of the biotechnology company's stock worth $441,000 after acquiring an additional 441 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its position in Corcept Therapeutics by 4.1% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,644,942 shares of the biotechnology company's stock worth $82,889,000 after acquiring an additional 64,321 shares during the period. Finally, denkapparat Operations GmbH purchased a new stake in Corcept Therapeutics during the 4th quarter valued at about $302,000. 93.61% of the stock is currently owned by institutional investors and hedge funds.

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Corcept Therapeutics Price Performance

Shares of Corcept Therapeutics stock traded up $2.71 during trading hours on Tuesday, reaching $70.14. The stock had a trading volume of 305,293 shares, compared to its average volume of 1,119,095. The stock's 50 day moving average is $65.70 and its 200 day moving average is $57.96. The company has a current ratio of 3.70, a quick ratio of 3.64 and a debt-to-equity ratio of 0.01. Corcept Therapeutics Incorporated has a twelve month low of $20.84 and a twelve month high of $117.33. The firm has a market capitalization of $7.40 billion, a PE ratio of 55.67 and a beta of 0.15.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last released its quarterly earnings results on Wednesday, February 26th. The biotechnology company reported $0.26 earnings per share for the quarter, missing analysts' consensus estimates of $0.37 by ($0.11). Corcept Therapeutics had a return on equity of 24.54% and a net margin of 22.35%. The business had revenue of $181.89 million during the quarter, compared to analyst estimates of $200.12 million. Equities analysts expect that Corcept Therapeutics Incorporated will post 1.36 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Sean Maduck sold 18,303 shares of the business's stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $60.69, for a total transaction of $1,110,809.07. Following the completion of the sale, the insider now directly owns 85,622 shares in the company, valued at approximately $5,196,399.18. The trade was a 17.61 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Joseph Douglas Lyon sold 421 shares of Corcept Therapeutics stock in a transaction on Monday, March 24th. The stock was sold at an average price of $60.58, for a total transaction of $25,504.18. Following the sale, the insider now directly owns 9,009 shares in the company, valued at approximately $545,765.22. This trade represents a 4.46 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 163,124 shares of company stock worth $15,117,614 in the last quarter. Corporate insiders own 20.50% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the company. Canaccord Genuity Group lifted their target price on Corcept Therapeutics from $130.00 to $142.00 and gave the stock a "buy" rating in a report on Tuesday, April 1st. Piper Sandler increased their price objective on shares of Corcept Therapeutics from $128.00 to $131.00 and gave the stock an "overweight" rating in a research note on Thursday, April 3rd. StockNews.com downgraded shares of Corcept Therapeutics from a "buy" rating to a "hold" rating in a research report on Friday, February 28th. Truist Financial increased their price target on Corcept Therapeutics from $76.00 to $150.00 and gave the stock a "buy" rating in a research report on Monday, March 31st. Finally, HC Wainwright upped their target price on Corcept Therapeutics from $115.00 to $150.00 and gave the stock a "buy" rating in a research note on Monday, March 31st. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $143.25.

Corcept Therapeutics Profile

Corcept Therapeutics Incorporated engages in discovery and development of drugs for the treatment of severe endocrinologic, oncologic, metabolic, and neurologic disorders in the United States. It offers Korlym tablets medication for the treatment of hyperglycemia secondary to hypercortisolism in adult patients with endogenous cushing's syndrome; and who have type 2 diabetes mellitus or glucose intolerance and have failed surgery or are not candidates for surgery.