Norges Bank Takes Position in Corcept Therapeutics Incorporated $CORT

Norges Bank acquired a new position in Corcept Therapeutics Incorporated (NASDAQ:CORT) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 695,766 shares of the biotechnology company’s stock, valued at approximately $24,213,000.

Several other institutional investors and hedge funds also recently bought and sold shares of CORT. Royal Bank of Canada boosted its holdings in Corcept Therapeutics by 18.9% in the 1st quarter. Royal Bank of Canada now owns 15,385 shares of the biotechnology company’s stock worth $1,757,000 after buying an additional 2,444 shares during the period. Amundi bought a new position in Corcept Therapeutics in the 1st quarter worth approximately $450,000. NewEdge Advisors LLC bought a new position in Corcept Therapeutics in the 1st quarter worth approximately $518,000. EverSource Wealth Advisors LLC boosted its holdings in Corcept Therapeutics by 273.3% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,441 shares of the biotechnology company’s stock worth $106,000 after buying an additional 1,055 shares during the period. Finally, Marshall Wace LLP boosted its holdings in Corcept Therapeutics by 795.3% in the 2nd quarter. Marshall Wace LLP now owns 46,200 shares of the biotechnology company’s stock worth $3,391,000 after buying an additional 41,040 shares during the period. 93.61% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts have commented on the stock. Zacks Research raised shares of Corcept Therapeutics from a “strong sell” rating to a “hold” rating in a report on Monday, May 4th. Piper Sandler raised their price target on shares of Corcept Therapeutics from $73.00 to $88.00 and gave the company an “overweight” rating in a report on Friday, May 1st. HC Wainwright raised their price target on shares of Corcept Therapeutics from $75.00 to $95.00 and gave the company a “buy” rating in a report on Tuesday, June 2nd. Wolfe Research raised shares of Corcept Therapeutics from an “underperform” rating to a “peer perform” rating in a report on Thursday, March 26th. Finally, Truist Financial raised shares of Corcept Therapeutics to a “strong-buy” rating in a report on Wednesday, March 25th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $88.83.

Corcept Therapeutics Price Performance

NASDAQ:CORT opened at $77.49 on Wednesday. Corcept Therapeutics Incorporated has a one year low of $28.66 and a one year high of $91.00. The company’s 50-day simple moving average is $53.22 and its 200 day simple moving average is $51.98. The firm has a market capitalization of $8.32 billion, a P/E ratio of 221.41 and a beta of 0.50.

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

Insider Buying and Selling at Corcept Therapeutics

In related news, insider William Guyer sold 20,000 shares of the company’s stock in a transaction on Tuesday, June 2nd. The shares were sold at an average price of $70.60, for a total value of $1,412,000.00. Following the completion of the transaction, the insider owned 3,985 shares of the company’s stock, valued at approximately $281,341. This represents a 83.39% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Joseph Douglas Lyon sold 5,000 shares of the company’s stock in a transaction on Wednesday, May 27th. The stock was sold at an average price of $65.00, for a total transaction of $325,000.00. Following the transaction, the insider owned 6,230 shares of the company’s stock, valued at approximately $404,950. This represents a 44.52% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 242,965 shares of company stock valued at $14,802,964 in the last quarter. Insiders own 20.70% of the company’s stock.

Corcept Therapeutics Profile

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.