Geode Capital Management LLC Purchases 99,470 Shares of Corcept Therapeutics Incorporated (NASDAQ:CORT)

Geode Capital Management LLC increased its position in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT) by 4.4% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm 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’s holdings in Corcept Therapeutics were worth $110,108,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in CORT. Capital Performance Advisors LLP bought a new position in Corcept Therapeutics in the third quarter valued at approximately $25,000. Kathleen S. Wright Associates Inc. acquired a new position in shares of Corcept Therapeutics in the 3rd quarter valued at $36,000. GAMMA Investing LLC boosted its position in shares of Corcept Therapeutics by 85.4% in the 3rd quarter. GAMMA Investing LLC now owns 2,490 shares of the biotechnology company’s stock worth $115,000 after purchasing an additional 1,147 shares during the last quarter. KBC Group NV grew its stake in shares of Corcept Therapeutics by 21.3% during the third quarter. KBC Group NV now owns 2,822 shares of the biotechnology company’s stock worth $131,000 after purchasing an additional 496 shares during the period. Finally, Blue Trust Inc. increased its holdings in Corcept Therapeutics by 125.4% in the second quarter. Blue Trust Inc. now owns 3,526 shares of the biotechnology company’s stock valued at $115,000 after purchasing an additional 1,962 shares during the last quarter. Institutional investors own 93.61% of the company’s stock.

Corcept Therapeutics Stock Performance

Shares of CORT stock opened at $52.42 on Thursday. The company has a market capitalization of $5.49 billion, a P/E ratio of 41.60 and a beta of 0.51. Corcept Therapeutics Incorporated has a 52 week low of $20.84 and a 52 week high of $62.22. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.64 and a current ratio of 3.70. The company’s 50 day moving average price is $53.46 and its two-hundred day moving average price is $41.64.

Corcept Therapeutics (NASDAQ:CORT) last posted its quarterly earnings data on Wednesday, October 30th. The biotechnology company reported $0.41 EPS for the quarter, beating the consensus estimate of $0.27 by $0.14. The business had revenue of $182.55 million for the quarter, compared to analysts’ expectations of $171.97 million. Corcept Therapeutics had a net margin of 22.35% and a return on equity of 24.54%. The firm’s revenue was up 47.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.28 EPS. On average, analysts expect that Corcept Therapeutics Incorporated will post 1.35 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

CORT has been the subject of several analyst reports. StockNews.com lowered Corcept Therapeutics from a “strong-buy” rating to a “buy” rating in a research report on Monday, November 25th. HC Wainwright restated a “buy” rating and set a $80.00 price objective on shares of Corcept Therapeutics in a report on Thursday, October 31st. Truist Financial increased their target price on shares of Corcept Therapeutics from $65.00 to $76.00 and gave the stock a “buy” rating in a report on Monday, September 30th. Sandler O’Neill reissued a “buy” rating on shares of Corcept Therapeutics in a report on Friday, October 18th. Finally, Piper Sandler upped their price objective on shares of Corcept Therapeutics from $38.00 to $67.00 and gave the company an “overweight” rating in a research report on Wednesday, September 18th. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $65.25.

Insider Activity

In other Corcept Therapeutics news, insider Joseph Douglas Lyon sold 1,411 shares of Corcept Therapeutics stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $56.72, for a total value of $80,031.92. Following the sale, the insider now directly owns 8,494 shares in the company, valued at approximately $481,779.68. The trade was a 14.25 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Daniel N. Swisher, Jr. sold 2,200 shares of the stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $59.88, for a total transaction of $131,736.00. The disclosure for this sale can be found here. Insiders have sold a total of 26,811 shares of company stock worth $1,341,360 over the last three months. Corporate insiders own 20.50% of the company’s stock.

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.