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

Other institutional investors have also recently bought and sold shares of the company. Public Employees Retirement System of Ohio lifted its holdings in shares of Corcept Therapeutics by 269.9% during the 4th quarter. Public Employees Retirement System of Ohio now owns 2,859 shares of the biotechnology company's stock valued at $144,000 after buying an additional 2,086 shares during the last quarter. Victory Capital Management Inc. lifted its holdings in shares of Corcept Therapeutics by 24.5% during the 1st quarter. Victory Capital Management Inc. now owns 93,418 shares of the biotechnology company's stock valued at $10,670,000 after buying an additional 18,389 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. acquired a new stake in shares of Corcept Therapeutics during the 1st quarter valued at about $331,000. Robeco Institutional Asset Management B.V. acquired a new stake in shares of Corcept Therapeutics during the 1st quarter valued at about $355,000. Finally, Sequoia Financial Advisors LLC acquired a new stake in shares of Corcept Therapeutics during the 1st quarter valued at about $384,000. 93.61% of the stock is currently owned by institutional investors and hedge funds.

Corcept Therapeutics Stock Down 0.3%

NASDAQ:CORT traded down $0.25 during trading hours on Friday, reaching $71.75. The company had a trading volume of 692,631 shares, compared to its average volume of 861,727. The stock has a 50-day moving average of $71.22 and a two-hundred day moving average of $69.33. Corcept Therapeutics Incorporated has a one year low of $33.34 and a one year high of $117.33. The firm has a market capitalization of $7.56 billion, a PE ratio of 63.50 and a beta of 0.20.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last announced its quarterly 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. Corcept Therapeutics had a return on equity of 20.10% and a net margin of 18.51%. The firm had revenue of $194.43 million for the quarter, compared to analysts' expectations of $199.40 million. During the same period in the prior year, the business posted $0.32 earnings per share. The business's revenue was up 18.7% compared to the same quarter last year. As a group, sell-side analysts expect that Corcept Therapeutics Incorporated will post 1.36 earnings per share for the current year.

Insiders Place Their Bets

In other Corcept Therapeutics news, insider Sean Maduck sold 35,007 shares of the business's stock in a transaction on Friday, August 1st. The stock was sold at an average price of $67.79, for a total value of $2,373,124.53. Following the transaction, the insider owned 7,681 shares of the company's stock, valued at approximately $520,694.99. The trade was a 82.01% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider William Guyer sold 35,007 shares of the business's stock in a transaction 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 transaction, the insider directly owned 5,487 shares in the company, valued at approximately $393,801.99. This represents a 86.45% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 222,215 shares of company stock worth $16,311,201 in the last three months. Company insiders own 20.80% of the company's stock.

Analyst Upgrades and Downgrades

CORT has been the subject of several research reports. Wall Street Zen lowered Corcept Therapeutics from a "buy" rating to a "hold" rating in a report on Wednesday, May 14th. Truist Financial set a $135.00 price target on Corcept Therapeutics in a report on Tuesday, May 6th. HC Wainwright reduced their target price on Corcept Therapeutics from $150.00 to $145.00 and set a "buy" rating for the company in a report on Tuesday, May 6th. Canaccord Genuity Group reduced their target price on Corcept Therapeutics from $142.00 to $137.00 and set a "buy" rating for the company in a report on Friday, August 1st. Finally, Piper Sandler reduced their target price on Corcept Therapeutics from $131.00 to $121.00 and set an "overweight" rating for the company in a report on Friday, August 1st. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Corcept Therapeutics presently has an average rating of "Moderate Buy" and a consensus target price of $134.50.

Corcept Therapeutics 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.