Corcept Therapeutics Incorporated $CORT Shares Purchased by Fifth Third Bancorp

Fifth Third Bancorp lifted its position in Corcept Therapeutics Incorporated (NASDAQ:CORT) by 881.6% in the first quarter, HoldingsChannel reports. The firm owned 37,242 shares of the biotechnology company’s stock after buying an additional 33,448 shares during the period. Fifth Third Bancorp’s holdings in Corcept Therapeutics were worth $1,501,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Torren Management LLC purchased a new position in Corcept Therapeutics during the fourth quarter worth about $25,000. Advisory Services Network LLC acquired a new position in Corcept Therapeutics in the 3rd quarter valued at about $25,000. Atlas Capital Advisors Inc. purchased a new stake in shares of Corcept Therapeutics in the 4th quarter valued at approximately $31,000. Hantz Financial Services Inc. increased its holdings in shares of Corcept Therapeutics by 113.7% during the 4th quarter. Hantz Financial Services Inc. now owns 985 shares of the biotechnology company’s stock worth $34,000 after buying an additional 524 shares during the last quarter. Finally, Larson Financial Group LLC increased its holdings in shares of Corcept Therapeutics by 2,326.3% during the 3rd quarter. Larson Financial Group LLC now owns 461 shares of the biotechnology company’s stock worth $38,000 after buying an additional 442 shares during the last quarter. 93.61% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

CORT has been the topic of several analyst reports. UBS Group set a $135.00 price target on shares of Corcept Therapeutics in a research report on Thursday, May 28th. Weiss Ratings restated a “hold (c-)” rating on shares of Corcept Therapeutics in a research report on Wednesday, June 24th. HC Wainwright lifted their target price on Corcept Therapeutics from $75.00 to $95.00 and gave the company a “buy” rating in a research report on Tuesday, June 2nd. Zacks Research raised Corcept Therapeutics from a “strong sell” rating to a “hold” rating in a research note on Monday, May 4th. Finally, Truist Financial upgraded Corcept Therapeutics to a “strong-buy” rating in a report on Monday, June 15th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, Corcept Therapeutics currently has a consensus rating of “Moderate Buy” and an average price target of $88.83.

Corcept Therapeutics Stock Performance

Corcept Therapeutics stock opened at $96.66 on Friday. The company’s 50 day simple moving average is $79.62 and its 200-day simple moving average is $54.19. Corcept Therapeutics Incorporated has a 1 year low of $28.66 and a 1 year high of $97.05. The company has a market capitalization of $10.38 billion, a price-to-earnings ratio of 276.18 and a beta of 0.47.

Corcept Therapeutics (NASDAQ:CORT) last posted its quarterly earnings data on Thursday, April 30th. The biotechnology company reported ($0.30) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.19). Corcept Therapeutics had a return on equity of 7.40% and a net margin of 6.14%.The company had revenue of $164.90 million for the quarter, compared to analysts’ expectations of $185.83 million. During the same period in the previous year, the business posted $0.17 EPS. The business’s revenue for the quarter was up 4.9% on a year-over-year basis. Equities analysts expect that Corcept Therapeutics Incorporated will post 0.53 earnings per share for the current year.

Insider Activity at Corcept Therapeutics

In other news, CFO Atabak Mokari sold 40,000 shares of the firm’s stock in a transaction on Monday, June 15th. The stock was sold at an average price of $81.15, for a total transaction of $3,246,000.00. Following the completion of the transaction, the chief financial officer directly owned 16,130 shares in the company, valued at $1,308,949.50. This trade represents a 71.26% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider William Guyer sold 20,000 shares of the firm’s stock in a transaction on Tuesday, July 7th. The stock was sold at an average price of $93.13, for a total value of $1,862,600.00. Following the transaction, the insider owned 3,985 shares of the company’s stock, valued at approximately $371,123.05. This represents a 83.39% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 300,000 shares of company stock valued at $22,088,050 over the last ninety days. 20.70% of the stock is owned by insiders.

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.