Norges Bank Purchases Shares of 834,591 Corcept Therapeutics Incorporated (NASDAQ:CORT)

Norges Bank bought a new position in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 834,591 shares of the biotechnology company's stock, valued at approximately $42,055,000. Norges Bank owned approximately 0.80% of Corcept Therapeutics as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of CORT. Vanguard Group Inc. grew its position in shares of Corcept Therapeutics by 1.1% in the fourth quarter. Vanguard Group Inc. now owns 10,115,624 shares of the biotechnology company's stock valued at $509,726,000 after purchasing an additional 109,294 shares during the period. Parallel Advisors LLC lifted its stake in Corcept Therapeutics by 0.4% in the 4th quarter. Parallel Advisors LLC now owns 3,829,632 shares of the biotechnology company's stock valued at $192,975,000 after buying an additional 15,908 shares in the last quarter. State Street Corp lifted its stake in Corcept Therapeutics by 0.6% in the 3rd quarter. State Street Corp now owns 3,519,263 shares of the biotechnology company's stock valued at $162,871,000 after buying an additional 19,893 shares in the last quarter. Geode Capital Management LLC boosted its holdings in Corcept Therapeutics by 4.4% in the 3rd quarter. Geode Capital Management LLC now owns 2,378,758 shares of the biotechnology company's stock worth $110,108,000 after buying an additional 99,470 shares during the last quarter. Finally, FMR LLC increased its stake in Corcept Therapeutics by 24.6% during the 3rd quarter. FMR LLC now owns 1,363,922 shares of the biotechnology company's stock worth $63,122,000 after buying an additional 269,074 shares in the last quarter. 93.61% of the stock is currently owned by institutional investors and hedge funds.

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Insider Buying and Selling at Corcept Therapeutics

In related news, insider Sean Maduck sold 18,303 shares of the stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $60.69, for a total value of $1,110,809.07. Following the transaction, the insider now owns 85,622 shares of the company's stock, valued at $5,196,399.18. This represents a 17.61 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Joseph K. Belanoff sold 35,102 shares of the company's stock in a transaction dated Monday, March 31st. The stock was sold at an average price of $94.72, for a total value of $3,324,861.44. Following the transaction, the chief executive officer now directly owns 2,982,335 shares of the company's stock, valued at approximately $282,486,771.20. This represents a 1.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 163,124 shares of company stock valued at $15,074,318 in the last quarter. Corporate insiders own 20.50% of the company's stock.

Wall Street Analyst Weigh In

Several research firms recently commented on CORT. HC Wainwright increased their price objective on Corcept Therapeutics from $115.00 to $150.00 and gave the company a "buy" rating in a research note on Monday, March 31st. Piper Sandler increased their target price on shares of Corcept Therapeutics from $128.00 to $131.00 and gave the company an "overweight" rating in a research report on Thursday, April 3rd. Truist Financial raised their price target on shares of Corcept Therapeutics from $76.00 to $150.00 and gave the stock a "buy" rating in a research note on Monday, March 31st. StockNews.com cut shares of Corcept Therapeutics from a "buy" rating to a "hold" rating in a research note on Friday, February 28th. Finally, Canaccord Genuity Group raised their target price on shares of Corcept Therapeutics from $130.00 to $142.00 and gave the stock a "buy" rating in a research note on Tuesday, April 1st. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $143.25.

Corcept Therapeutics Trading Up 3.5 %

Shares of CORT stock traded up $2.48 during trading hours on Wednesday, hitting $72.97. The company had a trading volume of 2,314,165 shares, compared to its average volume of 1,113,992. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.70 and a quick ratio of 3.64. The stock has a market capitalization of $7.70 billion, a PE ratio of 57.91 and a beta of 0.15. The company's fifty day moving average is $65.66 and its 200 day moving average is $57.35. Corcept Therapeutics Incorporated has a fifty-two week low of $20.84 and a fifty-two week high of $117.33.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last released its quarterly earnings results on Wednesday, February 26th. The biotechnology company reported $0.26 EPS for the quarter, missing the consensus estimate of $0.37 by ($0.11). The firm had revenue of $181.89 million for the quarter, compared to analysts' expectations of $200.12 million. Corcept Therapeutics had a return on equity of 24.54% and a net margin of 22.35%. Research analysts expect that Corcept Therapeutics Incorporated will post 1.36 earnings per share for the current fiscal year.

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.