First Citizens Bank & Trust Co. Makes New $584,000 Investment in Corcept Therapeutics Incorporated (NASDAQ:CORT)

First Citizens Bank & Trust Co. acquired a new position in Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 5,113 shares of the biotechnology company's stock, valued at approximately $584,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Kestra Investment Management LLC bought a new stake in Corcept Therapeutics in the 4th quarter worth about $27,000. Canada Pension Plan Investment Board purchased a new position in shares of Corcept Therapeutics in the fourth quarter worth $40,000. National Bank of Canada FI bought a new stake in shares of Corcept Therapeutics in the 4th quarter worth about $42,000. Newbridge Financial Services Group Inc. purchased a new stake in Corcept Therapeutics during the 4th quarter valued at $58,000. Finally, Principal Securities Inc. lifted its stake in Corcept Therapeutics by 63.6% in the fourth quarter. Principal Securities Inc. now owns 1,243 shares of the biotechnology company's stock worth $63,000 after purchasing an additional 483 shares during the last quarter. Institutional investors own 93.61% of the company's stock.

Corcept Therapeutics Stock Down 0.2%

NASDAQ:CORT traded down $0.17 during mid-day trading on Thursday, hitting $71.07. The company had a trading volume of 200,308 shares, compared to its average volume of 1,142,553. The company has a current ratio of 3.70, a quick ratio of 3.64 and a debt-to-equity ratio of 0.01. Corcept Therapeutics Incorporated has a 1 year low of $28.04 and a 1 year high of $117.33. The business has a fifty day simple moving average of $71.56 and a 200-day simple moving average of $64.14. The firm has a market capitalization of $7.54 billion, a price-to-earnings ratio of 56.41 and a beta of 0.19.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last released its earnings results on Monday, May 5th. The biotechnology company reported $0.17 EPS for the quarter, hitting analysts' consensus estimates of $0.17. Corcept Therapeutics had a return on equity of 24.54% and a net margin of 22.35%. The company had revenue of $157.21 million for the quarter, compared to the consensus estimate of $177.93 million. During the same quarter last year, the business posted $0.25 EPS. Corcept Therapeutics's quarterly revenue was up 7.1% compared to the same quarter last year. Equities analysts forecast that Corcept Therapeutics Incorporated will post 1.36 earnings per share for the current fiscal year.

Analysts Set New Price Targets

CORT has been the subject of several recent research reports. Canaccord Genuity Group boosted their price target on Corcept Therapeutics from $130.00 to $142.00 and gave the stock a "buy" rating in a research report on Tuesday, April 1st. Piper Sandler raised their price objective on shares of Corcept Therapeutics from $128.00 to $131.00 and gave the stock an "overweight" rating in a research report on Thursday, April 3rd. Wall Street Zen downgraded Corcept Therapeutics from a "buy" rating to a "hold" rating in a research report on Wednesday, May 14th. HC Wainwright dropped their price target on shares of Corcept Therapeutics from $150.00 to $145.00 and set a "buy" rating for the company in a research note on Tuesday, May 6th. Finally, Truist Financial set a $135.00 price objective on shares of Corcept Therapeutics in a report on Tuesday, May 6th. One research 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 company currently has an average rating of "Moderate Buy" and a consensus target price of $138.25.

Insider Buying and Selling

In related news, CEO Joseph K. Belanoff sold 1,974 shares of the business's stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $60.83, for a total transaction of $120,078.42. Following the completion of the transaction, the chief executive officer now owns 3,017,437 shares of the company's stock, valued at approximately $183,550,692.71. The trade was a 0.07% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Joseph Douglas Lyon sold 421 shares of the firm's stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $60.58, for a total value of $25,504.18. Following the transaction, the insider now owns 9,009 shares of the company's stock, valued at $545,765.22. This trade represents a 4.46% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 340,125 shares of company stock valued at $28,905,496 over the last quarter. Corporate insiders own 20.80% of the company's stock.

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.