Wells Fargo & Company MN Grows Stock Position in Corcept Therapeutics Incorporated (NASDAQ:CORT)

Wells Fargo & Company MN grew its position in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) by 104.5% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 90,137 shares of the biotechnology company's stock after acquiring an additional 46,067 shares during the quarter. Wells Fargo & Company MN owned 0.09% of Corcept Therapeutics worth $4,542,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in CORT. Integrated Quantitative Investments LLC bought a new stake in shares of Corcept Therapeutics during the 4th quarter worth $1,088,000. Atlas Capital Advisors Inc. bought a new stake in Corcept Therapeutics in the fourth quarter worth about $550,000. Pitcairn Co. purchased a new position in Corcept Therapeutics in the fourth quarter valued at about $209,000. Trexquant Investment LP bought a new position in shares of Corcept Therapeutics during the 4th quarter valued at approximately $3,281,000. Finally, National Bank of Canada FI purchased a new stake in shares of Corcept Therapeutics during the 4th quarter worth approximately $42,000. Institutional investors own 93.61% of the company's stock.

Corcept Therapeutics Price Performance

NASDAQ:CORT traded down $0.73 during trading hours on Friday, hitting $71.07. The stock had a trading volume of 466,319 shares, compared to its average volume of 1,123,578. The company has a 50 day simple moving average of $65.03 and a two-hundred day simple moving average of $58.91. The firm has a market capitalization of $7.50 billion, a price-to-earnings ratio of 56.35 and a beta of 0.15. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.70 and a quick ratio of 3.64. Corcept Therapeutics Incorporated has a one year low of $22.00 and a one year 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 earnings per share 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 business had revenue of $181.89 million during the quarter, compared to analysts' expectations of $200.12 million. Research analysts forecast that Corcept Therapeutics Incorporated will post 1.36 earnings per share for the current fiscal year.

Insider Buying and Selling at Corcept Therapeutics

In other news, Director Daniel N. Swisher, Jr. sold 2,200 shares of the company's stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $68.08, for a total value of $149,776.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Joseph K. Belanoff sold 2,924 shares of the firm's stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $60.91, for a total value of $178,100.84. Following the transaction, the chief executive officer now directly owns 3,019,411 shares in the company, valued at approximately $183,912,324.01. This represents a 0.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 163,124 shares of company stock worth $15,117,614 over the last three months. 20.50% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on CORT. Piper Sandler boosted their target price on Corcept Therapeutics from $128.00 to $131.00 and gave the company an "overweight" rating in a research note on Thursday, April 3rd. HC Wainwright upped their price objective on shares of Corcept Therapeutics from $115.00 to $150.00 and gave the company a "buy" rating in a report 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. Canaccord Genuity Group upped their price target on shares of Corcept Therapeutics from $130.00 to $142.00 and gave the company a "buy" rating in a research note on Tuesday, April 1st. Finally, Truist Financial lifted their price objective on shares of Corcept Therapeutics from $76.00 to $150.00 and gave the company a "buy" rating in a research note on Monday, March 31st. One research analyst has rated the stock with a hold rating and five have given a buy rating to the company's stock. According to data from MarketBeat.com, Corcept Therapeutics currently has an average rating of "Moderate Buy" and an average price target of $143.25.

Corcept Therapeutics Company 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.