Pallas Capital Advisors LLC Purchases Shares of 4,014 Corcept Therapeutics Incorporated (NASDAQ:CORT)

Pallas Capital Advisors LLC acquired a new stake in Corcept Therapeutics Incorporated (NASDAQ:CORT) in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 4,014 shares of the biotechnology company’s stock, valued at approximately $458,000.

Several other hedge funds also recently modified their holdings of CORT. Kestra Investment Management LLC bought a new stake in shares of Corcept Therapeutics during the fourth quarter worth approximately $27,000. Canada Pension Plan Investment Board acquired a new position in Corcept Therapeutics during the fourth quarter valued at approximately $40,000. National Bank of Canada FI bought a new stake in shares of Corcept Therapeutics during the fourth quarter worth $42,000. Principal Securities Inc. grew its stake in shares of Corcept Therapeutics by 63.6% during the fourth quarter. Principal Securities Inc. now owns 1,243 shares of the biotechnology company’s stock worth $63,000 after buying an additional 483 shares during the last quarter. Finally, Gen Wealth Partners Inc bought a new stake in shares of Corcept Therapeutics during the fourth quarter worth $67,000. Institutional investors own 93.61% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have commented on the stock. Wall Street Zen cut shares of Corcept Therapeutics from a “buy” rating to a “hold” rating in a research report on Wednesday, May 14th. Piper Sandler upped their target price on shares of Corcept Therapeutics from $128.00 to $131.00 and gave the stock an “overweight” rating in a report on Thursday, April 3rd. HC Wainwright dropped their target price on shares of Corcept Therapeutics from $150.00 to $145.00 and set a “buy” rating on the stock in a research report on Tuesday, May 6th. 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 research report on Tuesday, April 1st. Finally, Truist Financial set a $135.00 price target on shares of Corcept Therapeutics in a research note on Tuesday, May 6th. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $138.25.

Corcept Therapeutics Price Performance

Shares of NASDAQ CORT opened at $71.18 on Friday. The stock has a market capitalization of $7.55 billion, a P/E ratio of 56.49 and a beta of 0.19. 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 1 year low of $28.04 and a 1 year high of $117.33. The company’s 50-day moving average is $71.49 and its 200 day moving average is $64.23.

Corcept Therapeutics (NASDAQ:CORT) last issued its earnings results on Monday, May 5th. The biotechnology company reported $0.17 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.17. Corcept Therapeutics had a net margin of 22.35% and a return on equity of 24.54%. The firm had revenue of $157.21 million for the quarter, compared to the consensus estimate of $177.93 million. During the same quarter in the prior year, the firm posted $0.25 earnings per share. The business’s revenue was up 7.1% on a year-over-year basis. On average, sell-side analysts expect that Corcept Therapeutics Incorporated will post 1.36 earnings per share for the current year.

Insider Activity at Corcept Therapeutics

In other Corcept Therapeutics news, CEO Joseph K. Belanoff sold 1,974 shares of Corcept Therapeutics stock in a transaction on Monday, March 24th. The shares were sold at an average price of $60.83, for a total value of $120,078.42. Following the completion of the transaction, the chief executive officer now directly owns 3,017,437 shares of the company’s stock, valued at $183,550,692.71. This trade represents a 0.07% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Sean Maduck sold 100,000 shares of the firm’s stock in a transaction dated Monday, March 31st. The stock was sold at an average price of $100.54, for a total transaction of $10,054,000.00. Following the completion of the sale, the insider now owns 85,622 shares of the company’s stock, valued at $8,608,435.88. This trade represents a 53.87% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 362,325 shares of company stock valued at $30,509,238. Corporate insiders own 20.80% of the company’s stock.

About Corcept Therapeutics

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.