Pallas Capital Advisors LLC Invests $458,000 in Corcept Therapeutics Incorporated (NASDAQ:CORT)

Pallas Capital Advisors LLC purchased a new position in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 4,014 shares of the biotechnology company's stock, valued at approximately $458,000.

A number of other hedge funds and other institutional investors have also modified their holdings of CORT. Norges Bank bought a new stake in Corcept Therapeutics during the fourth quarter valued at about $42,055,000. GAMMA Investing LLC lifted its position in shares of Corcept Therapeutics by 12,888.9% during the 1st quarter. GAMMA Investing LLC now owns 389,148 shares of the biotechnology company's stock worth $44,448,000 after purchasing an additional 386,152 shares during the last quarter. Braun Stacey Associates Inc. bought a new stake in Corcept Therapeutics during the 4th quarter valued at approximately $14,935,000. Raymond James Financial Inc. bought a new stake in Corcept Therapeutics during the 4th quarter valued at approximately $12,084,000. Finally, Jacobs Levy Equity Management Inc. grew its holdings in Corcept Therapeutics by 12.5% in the 4th quarter. Jacobs Levy Equity Management Inc. now owns 1,376,881 shares of the biotechnology company's stock valued at $69,381,000 after buying an additional 153,100 shares during the last quarter. Institutional investors own 93.61% of the company's stock.

Corcept Therapeutics Price Performance

Shares of CORT stock traded down $1.12 during trading hours on Friday, hitting $70.06. 1,008,383 shares of the company's stock were exchanged, compared to its average volume of 1,148,778. Corcept Therapeutics Incorporated has a 52 week low of $28.04 and a 52 week high of $117.33. The stock has a market cap of $7.43 billion, a price-to-earnings ratio of 55.60 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. The stock's 50-day moving average is $71.49 and its 200-day moving average is $64.23.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last announced its quarterly earnings data on Monday, May 5th. The biotechnology company reported $0.17 EPS for the quarter, hitting analysts' consensus estimates of $0.17. Corcept Therapeutics had a return on equity of 24.54% and a net margin of 22.35%. The firm had revenue of $157.21 million during the quarter, compared to analyst estimates of $177.93 million. During the same period last year, the company earned $0.25 earnings per share. The company's revenue was up 7.1% on a year-over-year basis. As a group, research analysts forecast that Corcept Therapeutics Incorporated will post 1.36 EPS for the current year.

Insider Activity

In other news, CEO Joseph K. Belanoff sold 1,974 shares of the business's stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $60.83, for a total value of $120,078.42. Following the sale, the chief executive officer now directly owns 3,017,437 shares in the company, valued at $183,550,692.71. The trade was a 0.07% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Daniel N. Swisher, Jr. sold 2,200 shares of Corcept Therapeutics stock in a transaction that occurred on Thursday, April 10th. The shares were sold at an average price of $70.22, for a total value of $154,484.00. The disclosure for this sale can be found here. Insiders sold 362,325 shares of company stock valued at $30,509,238 in the last quarter. Company insiders own 20.80% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on CORT. HC Wainwright lowered their price objective 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. Canaccord Genuity Group boosted their price objective on shares of Corcept Therapeutics from $130.00 to $142.00 and gave the stock a "buy" rating in a report on Tuesday, April 1st. Truist Financial set a $135.00 target price on shares of Corcept Therapeutics in a research note on Tuesday, May 6th. Piper Sandler boosted their price target on Corcept Therapeutics from $128.00 to $131.00 and gave the company an "overweight" rating in a research note on Thursday, April 3rd. Finally, Wall Street Zen cut Corcept Therapeutics from a "buy" rating to a "hold" rating in a report on Wednesday, May 14th. One 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 company has a consensus rating of "Moderate Buy" and an average price target of $138.25.

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.