5,918 Shares in Corcept Therapeutics Incorporated $CORT Purchased by Pallas Capital Advisors LLC

Pallas Capital Advisors LLC bought a new position in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 5,918 shares of the biotechnology company’s stock, valued at approximately $515,000.

A number of other hedge funds also recently added to or reduced their stakes in CORT. Royal Bank of Canada lifted its position in shares of Corcept Therapeutics by 18.9% during the 1st quarter. Royal Bank of Canada now owns 15,385 shares of the biotechnology company’s stock valued at $1,757,000 after acquiring an additional 2,444 shares during the period. Amundi purchased a new position in Corcept Therapeutics in the 1st quarter valued at approximately $450,000. NewEdge Advisors LLC purchased a new position in Corcept Therapeutics in the 1st quarter valued at approximately $518,000. EverSource Wealth Advisors LLC increased its stake in Corcept Therapeutics by 273.3% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,441 shares of the biotechnology company’s stock valued at $106,000 after purchasing an additional 1,055 shares in the last quarter. Finally, Marshall Wace LLP raised its holdings in Corcept Therapeutics by 795.3% during the second quarter. Marshall Wace LLP now owns 46,200 shares of the biotechnology company’s stock worth $3,391,000 after purchasing an additional 41,040 shares during the last quarter. 93.61% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, Director David L. Mahoney sold 20,000 shares of the company’s stock in a transaction on Wednesday, June 17th. The stock was sold at an average price of $84.53, for a total value of $1,690,600.00. Following the sale, the director directly owned 26,147 shares in the company, valued at $2,210,205.91. This represents a 43.34% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Atabak Mokari sold 80,000 shares of the stock in a transaction on Thursday, July 30th. The shares were sold at an average price of $114.71, for a total value of $9,176,800.00. Following the sale, the chief financial officer directly owned 16,130 shares in the company, valued at approximately $1,850,272.30. The trade was a 83.22% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 416,540 shares of company stock valued at $36,652,354. 20.70% of the stock is owned by insiders.

Analyst Ratings Changes

A number of analysts have commented on CORT shares. Truist Financial initiated coverage on Corcept Therapeutics in a research report on Tuesday. They set a “buy” rating and a $164.00 target price on the stock. Piper Sandler restated an “overweight” rating and issued a $165.00 price target (up from $88.00) on shares of Corcept Therapeutics in a research report on Thursday, July 30th. HC Wainwright lifted their price target on Corcept Therapeutics from $95.00 to $165.00 and gave the stock a “buy” rating in a research note on Thursday, July 30th. Wall Street Zen upgraded shares of Corcept Therapeutics from a “hold” rating to a “strong-buy” rating in a research report on Saturday, August 1st. Finally, Zacks Research upgraded shares of Corcept Therapeutics from a “strong sell” rating to a “hold” rating in a research report on Monday, May 4th. Five research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $138.17.

Corcept Therapeutics Price Performance

Shares of CORT opened at $119.02 on Thursday. Corcept Therapeutics Incorporated has a 1-year low of $28.66 and a 1-year high of $122.21. The stock has a market cap of $12.87 billion, a price-to-earnings ratio of 283.39 and a beta of 0.45. The firm has a 50 day simple moving average of $95.84 and a 200-day simple moving average of $63.62.

Corcept Therapeutics (NASDAQ:CORT) last posted its earnings results on Wednesday, July 29th. The biotechnology company reported $0.36 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.02 by $0.34. The firm had revenue of $256.15 million for the quarter, compared to analyst estimates of $221.15 million. Corcept Therapeutics had a return on equity of 8.26% and a net margin of 6.52%.Corcept Therapeutics’s revenue was up 31.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.29 EPS. On average, equities analysts expect that Corcept Therapeutics Incorporated will post 1.13 earnings per share for the current fiscal year.

About Corcept Therapeutics

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.