Entropy Technologies LP Acquires Shares of 7,205 Corcept Therapeutics Incorporated (NASDAQ:CORT)

Key Points

• Entropy Technologies LP invested approximately $823,000 in Corcept Therapeutics by purchasing 7,205 shares, marking its first position in the biotechnology firm.
• A significant majority of Corcept therapeutics' stock, approximately 93.61%, is owned by institutional investors, indicating strong institutional interest in the company.
• Corcept Therapeutics recently reported a quarterly earnings per share (EPS) of $0.29, surpassing analyst expectations of $0.23, with a year-over-year revenue increase of 18.7%.

Entropy Technologies LP bought a new position in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 7,205 shares of the biotechnology company's stock, valued at approximately $823,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Invesco Ltd. lifted its holdings in shares of Corcept Therapeutics by 76.5% during the first quarter. Invesco Ltd. now owns 1,246,234 shares of the biotechnology company's stock worth $142,345,000 after buying an additional 540,101 shares in the last quarter. Sierra Summit Advisors LLC acquired a new stake in shares of Corcept Therapeutics during the first quarter worth $634,000. Covestor Ltd lifted its holdings in shares of Corcept Therapeutics by 1,741.2% during the first quarter. Covestor Ltd now owns 626 shares of the biotechnology company's stock worth $72,000 after buying an additional 592 shares in the last quarter. Wealthspire Advisors LLC acquired a new position in Corcept Therapeutics in the first quarter valued at about $458,000. Finally, Advyzon Investment Management LLC acquired a new position in Corcept Therapeutics in the first quarter valued at about $217,000. Institutional investors and hedge funds own 93.61% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on CORT shares. Canaccord Genuity Group dropped their price target on Corcept Therapeutics from $142.00 to $137.00 and set a "buy" rating for the company in a research note on Friday, August 1st. Piper Sandler reduced their price target on shares of Corcept Therapeutics from $131.00 to $121.00 and set an "overweight" rating on the stock in a research note on Friday, August 1st. HC Wainwright reduced their price target on shares of Corcept Therapeutics from $150.00 to $145.00 and set a "buy" rating on the stock in a research note on Tuesday, May 6th. Truist Financial set a $135.00 price target on shares of Corcept Therapeutics in a research note on Tuesday, May 6th. Finally, Wall Street Zen downgraded shares of Corcept Therapeutics from a "buy" rating to a "hold" rating in a research note on Wednesday, May 14th. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $134.50.

Insiders Place Their Bets

In other Corcept Therapeutics news, CEO Joseph K. Belanoff sold 40,000 shares of Corcept Therapeutics stock in a transaction dated 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 completion of the transaction, the chief executive officer owned 2,901,985 shares of the company's stock, valued at $240,458,477.10. The trade was a 1.36% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider William Guyer sold 35,007 shares of the business's stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $71.77, for a total value of $2,512,452.39. Following the completion of the sale, the insider owned 5,487 shares of the company's stock, valued at $393,801.99. The trade was a 86.45% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 222,215 shares of company stock valued at $16,311,201 over the last 90 days. 20.80% of the stock is currently owned by corporate insiders.

Corcept Therapeutics Stock Performance

Shares of Corcept Therapeutics stock traded down $0.25 on Friday, hitting $71.75. The stock had a trading volume of 692,631 shares, compared to its average volume of 1,339,063. The firm has a market capitalization of $7.56 billion, a P/E ratio of 63.50 and a beta of 0.20. The stock has a 50 day moving average of $71.17 and a 200 day moving average of $69.20. Corcept Therapeutics Incorporated has a twelve month low of $33.34 and a twelve month high of $117.33.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last released its earnings results on Thursday, July 31st. The biotechnology company reported $0.29 earnings per share for the quarter, beating analysts' consensus estimates of $0.23 by $0.06. The business had revenue of $194.43 million during the quarter, compared to the consensus estimate of $199.40 million. Corcept Therapeutics had a net margin of 18.51% and a return on equity of 20.10%. The company's revenue for the quarter was up 18.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.32 EPS. Equities analysts expect that Corcept Therapeutics Incorporated will post 1.36 earnings per share for the current year.

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.