Geode Capital Management LLC Grows Stake in Corcept Therapeutics Incorporated (NASDAQ:CORT)

Geode Capital Management LLC grew its position in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) by 4.4% in the third quarter, according to its most recent filing with the SEC. The fund owned 2,378,758 shares of the biotechnology company's stock after acquiring an additional 99,470 shares during the quarter. Geode Capital Management LLC owned about 2.27% of Corcept Therapeutics worth $110,108,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Jacobs Levy Equity Management Inc. raised its position in Corcept Therapeutics by 40.5% during the third quarter. Jacobs Levy Equity Management Inc. now owns 1,223,781 shares of the biotechnology company's stock valued at $56,637,000 after purchasing an additional 352,947 shares during the period. FMR LLC lifted its position in Corcept Therapeutics by 24.6% in the third quarter. FMR LLC now owns 1,363,922 shares of the biotechnology company's stock worth $63,122,000 after buying an additional 269,074 shares during the last quarter. M&G PLC purchased a new position in Corcept Therapeutics during the third quarter worth $11,173,000. Connor Clark & Lunn Investment Management Ltd. boosted its stake in Corcept Therapeutics by 20.0% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 859,563 shares of the biotechnology company's stock worth $39,781,000 after buying an additional 143,507 shares during the period. Finally, abrdn plc increased its position in Corcept Therapeutics by 27.1% during the third quarter. abrdn plc now owns 666,952 shares of the biotechnology company's stock valued at $30,867,000 after acquiring an additional 142,310 shares during the last quarter. Institutional investors own 93.61% of the company's stock.

Insider Activity at Corcept Therapeutics

In other Corcept Therapeutics news, insider Gary Charles Robb sold 11,000 shares of the stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $46.28, for a total transaction of $509,080.00. Following the sale, the insider now owns 22,772 shares of the company's stock, valued at approximately $1,053,888.16. This trade represents a 32.57 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Joseph Douglas Lyon sold 1,411 shares of the business's stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $56.72, for a total value of $80,031.92. Following the completion of the transaction, the insider now directly owns 8,494 shares of the company's stock, valued at approximately $481,779.68. The trade was a 14.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 26,811 shares of company stock worth $1,341,360 over the last three months. 20.50% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the stock. Piper Sandler lifted their price target on shares of Corcept Therapeutics from $38.00 to $67.00 and gave the stock an "overweight" rating in a research note on Wednesday, September 18th. HC Wainwright restated a "buy" rating and set a $80.00 target price on shares of Corcept Therapeutics in a research report on Thursday, October 31st. Truist Financial upped their target price on Corcept Therapeutics from $65.00 to $76.00 and gave the company a "buy" rating in a research note on Monday, September 30th. StockNews.com lowered Corcept Therapeutics from a "strong-buy" rating to a "buy" rating in a research note on Monday, November 25th. Finally, Sandler O'Neill reaffirmed a "buy" rating on shares of Corcept Therapeutics in a research report on Friday, October 18th. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has a consensus rating of "Buy" and an average price target of $65.25.

Corcept Therapeutics Trading Down 2.4 %

Shares of NASDAQ:CORT traded down $1.27 during trading on Thursday, reaching $51.15. 1,280,265 shares of the company were exchanged, compared to its average volume of 1,152,842. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.70 and a quick ratio of 3.64. The firm has a market capitalization of $5.36 billion, a PE ratio of 40.60 and a beta of 0.51. The business's fifty day simple moving average is $53.59 and its 200-day simple moving average is $41.71. Corcept Therapeutics Incorporated has a 12-month low of $20.84 and a 12-month high of $62.22.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last issued its earnings results on Wednesday, October 30th. The biotechnology company reported $0.41 earnings per share for the quarter, beating analysts' consensus estimates of $0.27 by $0.14. Corcept Therapeutics had a return on equity of 24.54% and a net margin of 22.35%. The business had revenue of $182.55 million during the quarter, compared to analyst estimates of $171.97 million. During the same period in the previous year, the company posted $0.28 EPS. Corcept Therapeutics's revenue was up 47.7% on a year-over-year basis. On average, research analysts anticipate that Corcept Therapeutics Incorporated will post 1.35 EPS for the current year.

About Corcept Therapeutics

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.