Norges Bank Purchases New Holdings in Corcept Therapeutics Incorporated $CORT

Key Points

• Norges Bank opened a new position in Corcept Therapeutics in the fourth quarter, buying 695,766 shares valued at about $24.2 million. The stake represented 0.66% of the company, according to the filing.
• Corcept Therapeutics reported weaker-than-expected quarterly results, posting an EPS loss of $0.30 versus the $0.11 loss expected and revenue of $164.9 million versus estimates of $185.83 million. Even so, revenue rose 4.9% year over year.
• Wall Street sentiment remains fairly positive, with analysts assigning a Moderate Buy consensus and an average price target of $88.83. Several firms recently raised targets, including Canaccord Genuity to $135 and HC Wainwright to $95.

Norges Bank purchased a new position in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 695,766 shares of the biotechnology company's stock, valued at approximately $24,213,000. Norges Bank owned 0.66% of Corcept Therapeutics as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Advisory Services Network LLC bought a new position in Corcept Therapeutics during the third quarter worth about $25,000. Clearstead Advisors LLC grew its holdings in Corcept Therapeutics by 163.6% during the third quarter. Clearstead Advisors LLC now owns 311 shares of the biotechnology company's stock worth $26,000 after purchasing an additional 193 shares during the period. Hantz Financial Services Inc. grew its holdings in Corcept Therapeutics by 598.5% during the third quarter. Hantz Financial Services Inc. now owns 461 shares of the biotechnology company's stock worth $38,000 after purchasing an additional 395 shares during the period. Larson Financial Group LLC grew its holdings in Corcept Therapeutics by 2,326.3% during the third quarter. Larson Financial Group LLC now owns 461 shares of the biotechnology company's stock worth $38,000 after purchasing an additional 442 shares during the period. Finally, Gould Capital LLC grew its holdings in Corcept Therapeutics by 50.0% during the third quarter. Gould Capital LLC now owns 600 shares of the biotechnology company's stock worth $50,000 after purchasing an additional 200 shares during the period. Institutional investors own 93.61% of the company's stock.

Corcept Therapeutics Price Performance

Shares of 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 has a market cap of $8.32 billion, a P/E ratio of 221.41 and a beta of 0.50. The firm has a 50 day simple moving average of $53.22 and a two-hundred day simple moving average of $51.98.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last announced its quarterly 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 company had revenue of $164.90 million for the quarter, compared to analyst estimates 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 quarter last year, the company posted $0.17 earnings per share. On average, analysts expect that Corcept Therapeutics Incorporated will post 0.53 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on CORT. Canaccord Genuity Group lifted their price target on Corcept Therapeutics from $110.00 to $135.00 and gave the stock a "buy" rating in a report on Thursday, May 28th. Piper Sandler raised their price objective on shares of Corcept Therapeutics from $73.00 to $88.00 and gave the stock an "overweight" rating in a research report on Friday, May 1st. Truist Financial upgraded shares of Corcept Therapeutics to a "strong-buy" rating in a research report on Wednesday, March 25th. HC Wainwright raised their price objective on shares of Corcept Therapeutics from $75.00 to $95.00 and gave the stock a "buy" rating in a research report on Tuesday, June 2nd. Finally, Wolfe Research upgraded shares of Corcept Therapeutics from an "underperform" rating to a "peer perform" rating in a research report on Thursday, March 26th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, Corcept Therapeutics currently has a consensus rating of "Moderate Buy" and an average target price of $88.83.

Insider Buying and Selling

In related news, insider Joseph Douglas Lyon sold 5,000 shares of the business's stock in a transaction on Wednesday, May 27th. The shares were sold at an average price of $65.00, for a total value of $325,000.00. Following the sale, the insider owned 6,230 shares of the company's stock, valued at $404,950. The trade was a 44.52% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Joseph K. Belanoff sold 26,198 shares of the company's stock in a transaction on Wednesday, March 25th. The shares were sold at an average price of $50.07, for a total transaction of $1,311,733.86. Following the sale, the chief executive officer directly owned 2,918,326 shares in the company, valued at $146,120,582.82. This trade represents a 0.89% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 242,965 shares of company stock valued at $14,802,964 over the last quarter. 20.70% of the stock is currently owned by company insiders.

Corcept Therapeutics Company 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.

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