Hsbc Holdings PLC Invests $1.38 Million in Corcept Therapeutics Incorporated $CORT

Hsbc Holdings PLC purchased a new position in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT) in the 2nd quarter, Holdings Channel.com reports. The firm purchased 15,623 shares of the biotechnology company’s stock, valued at approximately $1,381,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Advisory Services Network LLC purchased a new position in Corcept Therapeutics in the 3rd quarter valued at $25,000. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in shares of Corcept Therapeutics during the second quarter worth $27,000. Larson Financial Group LLC grew its holdings in shares of Corcept Therapeutics by 2,326.3% during the third quarter. Larson Financial Group LLC now owns 461 shares of the biotechnology company’s stock worth $38,000 after buying an additional 442 shares in the last quarter. Gould Capital LLC raised its position in shares of Corcept Therapeutics by 50.0% in the third quarter. Gould Capital LLC now owns 600 shares of the biotechnology company’s stock valued at $50,000 after buying an additional 200 shares during the last quarter. Finally, CIBC Private Wealth Group LLC lifted its stake in shares of Corcept Therapeutics by 128.5% in the third quarter. CIBC Private Wealth Group LLC now owns 770 shares of the biotechnology company’s stock worth $64,000 after buying an additional 433 shares in the last quarter. 93.61% of the stock is owned by institutional investors and hedge funds.

Corcept Therapeutics Price Performance

NASDAQ:CORT opened at $113.35 on Tuesday. The company’s 50-day moving average is $101.84 and its two-hundred day moving average is $68.06. Corcept Therapeutics Incorporated has a 1-year low of $28.66 and a 1-year high of $126.38. The firm has a market capitalization of $12.25 billion, a price-to-earnings ratio of 269.89 and a beta of 0.45.

Corcept Therapeutics (NASDAQ:CORT) last announced its quarterly earnings results on Wednesday, July 29th. The biotechnology company reported $0.36 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.02 by $0.34. The business had revenue of $256.15 million during the quarter, compared to the consensus estimate of $221.15 million. Corcept Therapeutics had a net margin of 6.52% and a return on equity of 8.26%. The business’s revenue was up 31.7% compared to the same quarter last year. During the same quarter last year, the firm earned $0.29 EPS. As a group, equities analysts anticipate that Corcept Therapeutics Incorporated will post 1.77 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

CORT has been the topic of a number of recent research reports. HC Wainwright boosted their price target on shares of Corcept Therapeutics from $95.00 to $165.00 and gave the stock a “buy” rating in a research report on Thursday, July 30th. Canaccord Genuity Group increased their price objective on shares of Corcept Therapeutics from $135.00 to $150.00 and gave the company a “buy” rating in a report on Wednesday, July 29th. Wall Street Zen raised shares of Corcept Therapeutics from a “hold” rating to a “strong-buy” rating in a research note on Saturday, August 1st. Wolfe Research cut Corcept Therapeutics from a “peer perform” rating to an “underperform” rating and set a $50.00 target price on the stock. in a report on Monday, July 27th. Finally, Weiss Ratings upgraded Corcept Therapeutics from a “hold (c-)” rating to a “hold (c)” rating in a research report on Thursday, August 20th. Five investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Corcept Therapeutics presently has a consensus rating of “Moderate Buy” and an average price target of $138.17.

Insider Buying and Selling

In other Corcept Therapeutics news, CFO Atabak Mokari sold 80,000 shares of Corcept Therapeutics stock in a transaction on Thursday, July 30th. The stock was sold at an average price of $114.71, for a total value of $9,176,800.00. Following the sale, the chief financial officer owned 16,130 shares in the company, 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 through the SEC website. Also, Director David L. Mahoney sold 103,606 shares of the company’s stock in a transaction on Tuesday, August 18th. The shares were sold at an average price of $118.25, for a total value of $12,251,409.50. Following the completion of the transaction, the director directly owned 1,133,539 shares in the company, valued at approximately $134,040,986.75. This trade represents a 8.37% 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 ninety days. Company insiders own 20.70% of the company’s stock.

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.