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

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

Other large investors have also bought and sold shares of the company. Public Employees Retirement System of Ohio raised its holdings in Corcept Therapeutics by 269.9% in the fourth quarter. Public Employees Retirement System of Ohio now owns 2,859 shares of the biotechnology company’s stock worth $144,000 after buying an additional 2,086 shares during the last quarter. Van ECK Associates Corp purchased a new position in Corcept Therapeutics in the fourth quarter worth about $4,483,000. HighTower Advisors LLC raised its holdings in Corcept Therapeutics by 30.7% in the fourth quarter. HighTower Advisors LLC now owns 93,677 shares of the biotechnology company’s stock worth $4,720,000 after buying an additional 22,011 shares during the last quarter. New York State Teachers Retirement System raised its holdings in Corcept Therapeutics by 3.0% in the fourth quarter. New York State Teachers Retirement System now owns 128,232 shares of the biotechnology company’s stock worth $6,462,000 after buying an additional 3,789 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its holdings in Corcept Therapeutics by 2.7% in the fourth quarter. JPMorgan Chase & Co. now owns 259,902 shares of the biotechnology company’s stock worth $13,096,000 after buying an additional 6,832 shares during the last quarter. 93.61% of the stock is owned by hedge funds and other institutional investors.

Corcept Therapeutics Stock Up 2.4%

CORT opened at $72.27 on Wednesday. The firm has a 50 day moving average price of $71.63 and a 200-day moving average price of $64.09. 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 stock has a market capitalization of $7.66 billion, a price-to-earnings ratio of 57.36 and a beta of 0.19. Corcept Therapeutics Incorporated has a twelve month low of $28.04 and a twelve month high of $117.33.

Corcept Therapeutics (NASDAQ:CORT) last announced its earnings results on Monday, May 5th. The biotechnology company reported $0.17 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.17. The company had revenue of $157.21 million during the quarter, compared to analyst estimates of $177.93 million. Corcept Therapeutics had a net margin of 22.35% and a return on equity of 24.54%. The firm’s quarterly revenue was up 7.1% compared to the same quarter last year. During the same period in the previous year, the business posted $0.25 earnings per share. Equities research analysts forecast that Corcept Therapeutics Incorporated will post 1.36 earnings per share for the current year.

Insiders Place Their Bets

In related news, insider Sean Maduck sold 100,000 shares of the company’s 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 completion of the transaction, the insider now owns 85,622 shares in the company, valued at approximately $8,608,435.88. This represents a 53.87% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Joseph K. Belanoff sold 40,000 shares of the company’s stock in a transaction on Monday, June 2nd. The stock was sold at an average price of $82.86, for a total transaction of $3,314,400.00. Following the transaction, the chief executive officer now owns 2,901,985 shares of the company’s stock, valued at approximately $240,458,477.10. This represents a 1.36% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 340,125 shares of company stock worth $28,905,496 over the last three months. 20.80% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several brokerages have issued reports on CORT. Canaccord Genuity Group lifted their target price on shares of Corcept Therapeutics from $130.00 to $142.00 and gave the stock a “buy” rating in a report on Tuesday, April 1st. HC Wainwright decreased their price objective on shares of Corcept Therapeutics from $150.00 to $145.00 and set a “buy” rating for the company in a report on Tuesday, May 6th. Wall Street Zen cut shares of Corcept Therapeutics from a “buy” rating to a “hold” rating in a report on Wednesday, May 14th. Piper Sandler boosted their price objective on shares of Corcept Therapeutics from $128.00 to $131.00 and gave the company an “overweight” rating in a report on Thursday, April 3rd. Finally, Truist Financial set a $135.00 price objective on shares of Corcept Therapeutics in a report on Tuesday, May 6th. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $138.25.

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.