Norges Bank Makes New Investment in Corcept Therapeutics Incorporated $CORT

Norges Bank purchased a new stake in Corcept Therapeutics Incorporated (NASDAQ:CORT) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 981,577 shares of the biotechnology company’s stock, valued at approximately $72,048,000.

Other institutional investors also recently modified their holdings of the company. Golden State Wealth Management LLC acquired a new stake in Corcept Therapeutics in the second quarter valued at about $28,000. Huntington National Bank boosted its stake in shares of Corcept Therapeutics by 54.0% in the 2nd quarter. Huntington National Bank now owns 479 shares of the biotechnology company’s stock valued at $35,000 after purchasing an additional 168 shares in the last quarter. Brooklyn Investment Group grew its holdings in shares of Corcept Therapeutics by 99.5% during the 1st quarter. Brooklyn Investment Group now owns 373 shares of the biotechnology company’s stock valued at $43,000 after purchasing an additional 186 shares during the last quarter. Employees Retirement System of Texas bought a new stake in shares of Corcept Therapeutics during the 2nd quarter valued at approximately $52,000. Finally, USA Financial Formulas acquired a new position in Corcept Therapeutics during the 2nd quarter worth approximately $56,000. Institutional investors and hedge funds own 93.61% of the company’s stock.

Insider Activity

In other Corcept Therapeutics news, CEO Joseph K. Belanoff sold 40,000 shares of the company’s stock in a transaction on Monday, December 1st. The shares were sold at an average price of $79.77, for a total transaction of $3,190,800.00. Following the sale, the chief executive officer owned 2,701,370 shares of the company’s stock, valued at approximately $215,488,284.90. This represents a 1.46% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Joseph Douglas Lyon sold 5,000 shares of the stock in a transaction dated Monday, December 1st. The stock was sold at an average price of $79.53, for a total value of $397,650.00. Following the sale, the insider owned 10,277 shares of the company’s stock, valued at approximately $817,329.81. The trade was a 32.73% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 263,900 shares of company stock valued at $21,161,738. Company insiders own 20.80% of the company’s stock.

Corcept Therapeutics Trading Up 1.2%

Shares of CORT stock opened at $84.66 on Friday. Corcept Therapeutics Incorporated has a 1-year low of $49.00 and a 1-year high of $117.33. The company has a current ratio of 3.14, a quick ratio of 3.07 and a debt-to-equity ratio of 0.01. The stock has a market cap of $8.91 billion, a price-to-earnings ratio of 96.21 and a beta of 0.20. The stock has a 50-day moving average of $78.23 and a 200-day moving average of $74.39.

Corcept Therapeutics (NASDAQ:CORT) last posted its quarterly earnings data on Tuesday, November 4th. The biotechnology company reported $0.16 EPS for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.02). The company had revenue of $207.64 million during the quarter, compared to analyst estimates of $223.78 million. Corcept Therapeutics had a return on equity of 15.99% and a net margin of 14.19%.Corcept Therapeutics’s revenue was up 13.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.41 earnings per share. On average, equities research analysts forecast that Corcept Therapeutics Incorporated will post 1.36 earnings per share for the current year.

Analysts Set New Price Targets

A number of analysts have weighed in on the stock. Canaccord Genuity Group restated a “buy” rating and issued a $140.00 target price on shares of Corcept Therapeutics in a research report on Thursday, September 25th. Wall Street Zen downgraded Corcept Therapeutics from a “buy” rating to a “hold” rating in a report on Saturday, October 18th. Wolfe Research started coverage on Corcept Therapeutics in a research report on Tuesday, November 18th. They issued a “peer perform” rating for the company. Weiss Ratings restated a “hold (c)” rating on shares of Corcept Therapeutics in a report on Monday. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $145.00 price objective on shares of Corcept Therapeutics in a research note on Tuesday, November 25th. Four investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $135.25.

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.