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

Norges Bank purchased a new stake in Corcept Therapeutics Incorporated (NASDAQ:CORT) during the 4th quarter, Holdings Channel reports. The firm purchased 834,591 shares of the biotechnology company’s stock, valued at approximately $42,055,000.

Other hedge funds have also modified their holdings of the company. Kestra Investment Management LLC purchased a new stake in Corcept Therapeutics in the 4th quarter valued at approximately $27,000. USA Financial Formulas purchased a new stake in shares of Corcept Therapeutics in the fourth quarter valued at $54,000. Newbridge Financial Services Group Inc. acquired a new stake in shares of Corcept Therapeutics during the fourth quarter valued at $58,000. Principal Securities Inc. increased its position in Corcept Therapeutics by 63.6% during the 4th quarter. Principal Securities Inc. now owns 1,243 shares of the biotechnology company’s stock worth $63,000 after purchasing an additional 483 shares in the last quarter. Finally, Harvest Fund Management Co. Ltd purchased a new stake in Corcept Therapeutics during the 4th quarter worth about $69,000. 93.61% of the stock is owned by hedge funds and other institutional investors.

Corcept Therapeutics Price Performance

Corcept Therapeutics stock opened at $74.45 on Friday. The company has a quick ratio of 3.64, a current ratio of 3.70 and a debt-to-equity ratio of 0.01. The firm has a market capitalization of $7.85 billion, a P/E ratio of 59.09 and a beta of 0.14. The firm has a fifty day moving average of $64.81 and a 200-day moving average of $56.28. Corcept Therapeutics Incorporated has a 52-week low of $20.84 and a 52-week high of $117.33.

Corcept Therapeutics (NASDAQ:CORT) last released its quarterly earnings data on Wednesday, February 26th. The biotechnology company reported $0.26 EPS for the quarter, missing the consensus estimate of $0.37 by ($0.11). Corcept Therapeutics had a net margin of 22.35% and a return on equity of 24.54%. The company had revenue of $181.89 million during the quarter, compared to analysts’ expectations of $200.12 million. As a group, analysts predict that Corcept Therapeutics Incorporated will post 1.36 EPS for the current year.

Insider Buying and Selling

In related news, insider Sean Maduck sold 100,000 shares of Corcept Therapeutics stock in a transaction on Monday, March 31st. The shares were sold at an average price of $100.54, for a total transaction of $10,054,000.00. Following the sale, the insider now owns 85,622 shares of the company’s stock, valued at $8,608,435.88. The trade was a 53.87 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Daniel N. Swisher, Jr. sold 2,200 shares of the business’s stock in a transaction on Friday, January 10th. The stock was sold at an average price of $50.54, for a total transaction of $111,188.00. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 163,124 shares of company stock valued at $15,074,318. Corporate insiders own 20.50% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have issued reports on CORT shares. 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 downgraded shares of Corcept Therapeutics from a “buy” rating to a “hold” rating in a research note on Friday, February 28th. HC Wainwright upped their price objective on Corcept Therapeutics from $115.00 to $150.00 and gave the stock a “buy” rating in a report on Monday, March 31st. Piper Sandler increased their target price on Corcept Therapeutics from $128.00 to $131.00 and gave the stock an “overweight” rating in a research report on Thursday. Finally, Canaccord Genuity Group boosted their price target on Corcept Therapeutics from $130.00 to $142.00 and gave the company a “buy” rating in a research report on Tuesday. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $143.25.

Corcept Therapeutics Profile

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.