Pallas Capital Advisors LLC Purchases New Shares in Corcept Therapeutics Incorporated $CORT

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

Several other hedge funds and other institutional investors also recently bought and sold shares of CORT. Torren Management LLC purchased a new stake in shares of Corcept Therapeutics in the fourth quarter valued at about $25,000. Advisory Services Network LLC acquired a new stake in shares of Corcept Therapeutics during the third quarter worth about $25,000. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in shares of Corcept Therapeutics during the second quarter worth about $27,000. Atlas Capital Advisors Inc. purchased a new position in shares of Corcept Therapeutics during the fourth quarter worth about $31,000. Finally, State of Wyoming increased its position in Corcept Therapeutics by 29.5% in the 1st quarter. State of Wyoming now owns 816 shares of the biotechnology company’s stock valued at $33,000 after acquiring an additional 186 shares during the period. 93.61% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

CORT has been the subject of several analyst reports. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Corcept Therapeutics in a research note on Wednesday, June 24th. HC Wainwright lifted their target price on Corcept Therapeutics from $95.00 to $165.00 and gave the company a “buy” rating in a research note on Thursday, July 30th. Wall Street Zen raised Corcept Therapeutics from a “hold” rating to a “strong-buy” rating in a report on Saturday, August 1st. Canaccord Genuity Group upped their price target on Corcept Therapeutics from $135.00 to $150.00 and gave the stock a “buy” rating in a research note on Wednesday, July 29th. Finally, Zacks Research raised Corcept Therapeutics from a “strong sell” rating to a “hold” rating in a report on Monday, May 4th. Five equities 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’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $138.17.

Insiders Place Their Bets

In related news, insider William Guyer sold 20,000 shares of Corcept Therapeutics stock in a transaction that occurred on Tuesday, July 7th. The stock was sold at an average price of $93.13, for a total value of $1,862,600.00. Following the sale, the insider directly owned 3,985 shares in the company, valued at $371,123.05. The trade was a 83.39% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, 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 transaction, the director directly owned 26,147 shares in the company, valued at $2,210,205.91. This represents a 43.34% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 416,540 shares of company stock valued at $36,652,354. Corporate insiders own 20.70% of the company’s stock.

Corcept Therapeutics Stock Up 0.8%

Shares of Corcept Therapeutics stock opened at $119.02 on Thursday. Corcept Therapeutics Incorporated has a 52-week low of $28.66 and a 52-week high of $122.21. The company’s 50-day simple moving average is $95.84 and its 200-day simple moving average is $63.62. The firm has a market cap of $12.87 billion, a price-to-earnings ratio of 283.39 and a beta of 0.45.

Corcept Therapeutics (NASDAQ:CORT) last announced its quarterly earnings data on Wednesday, July 29th. The biotechnology company reported $0.36 EPS for the quarter, beating analysts’ consensus estimates of $0.02 by $0.34. Corcept Therapeutics had a net margin of 6.52% and a return on equity of 8.26%. The firm had revenue of $256.15 million during the quarter, compared to the consensus estimate of $221.15 million. During the same quarter last year, the firm earned $0.29 earnings per share. The firm’s revenue was up 31.7% compared to the same quarter last year. Equities research analysts anticipate that Corcept Therapeutics Incorporated will post 1.13 EPS for the current year.

Corcept Therapeutics 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.