Corcept Therapeutics Incorporated (NASDAQ:CORT) Sees Large Decrease in Short Interest

Corcept Therapeutics Incorporated (NASDAQ:CORT) was the recipient of a large decrease in short interest in October. As of October 31st, there was short interest totalling 14,120,000 shares, a decrease of 5.6% from the October 15th total of 14,960,000 shares. Currently, 16.1% of the shares of the stock are sold short. Based on an average daily volume of 728,700 shares, the days-to-cover ratio is presently 19.4 days.

Wall Street Analysts Forecast Growth

CORT has been the topic of several recent research reports. Truist Financial raised Corcept Therapeutics from a “hold” rating to a “buy” rating and increased their target price for the company from $29.00 to $38.00 in a research report on Monday, November 6th. StockNews.com upgraded Corcept Therapeutics from a “buy” rating to a “strong-buy” rating in a research note on Thursday, November 2nd. HC Wainwright lifted their price target on Corcept Therapeutics from $32.00 to $34.00 and gave the company a “buy” rating in a research note on Thursday, November 2nd. Piper Sandler boosted their target price on Corcept Therapeutics from $27.00 to $31.00 and gave the stock an “overweight” rating in a report on Thursday, August 3rd. Finally, Canaccord Genuity Group upped their price objective on Corcept Therapeutics from $34.00 to $35.00 and gave the company a “buy” rating in a report on Friday, August 25th. Three analysts have rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Corcept Therapeutics currently has a consensus rating of “Moderate Buy” and a consensus price target of $32.19.

Corcept Therapeutics Trading Up 3.2 %

CORT traded up $0.80 on Friday, hitting $25.91. 1,113,321 shares of the company’s stock were exchanged, compared to its average volume of 734,677. Corcept Therapeutics has a twelve month low of $17.86 and a twelve month high of $34.28. The firm has a market cap of $2.67 billion, a PE ratio of 30.95 and a beta of 0.43. The stock has a fifty day moving average of $28.54 and a two-hundred day moving average of $26.66.

Corcept Therapeutics (NASDAQ:CORT) last released its earnings results on Wednesday, November 1st. The biotechnology company reported $0.28 EPS for the quarter, beating the consensus estimate of $0.22 by $0.06. The business had revenue of $123.60 million during the quarter, compared to analyst estimates of $119.71 million. Corcept Therapeutics had a net margin of 20.20% and a return on equity of 18.99%. The business’s quarterly revenue was up 21.5% on a year-over-year basis. During the same period in the prior year, the business earned $0.30 earnings per share. On average, analysts predict that Corcept Therapeutics will post 0.89 EPS for the current year.

Insider Transactions at Corcept Therapeutics

In other news, insider Sean Maduck sold 25,000 shares of Corcept Therapeutics stock in a transaction that occurred on Tuesday, September 19th. The stock was sold at an average price of $32.48, for a total value of $812,000.00. Following the sale, the insider now directly owns 73,610 shares in the company, valued at approximately $2,390,852.80. The sale was disclosed in a filing with the SEC, which is available through this link. In other news, insider Sean Maduck sold 25,000 shares of Corcept Therapeutics stock in a transaction that occurred on Tuesday, September 19th. The stock was sold at an average price of $32.48, for a total value of $812,000.00. Following the sale, the insider now directly owns 73,610 shares in the company, valued at approximately $2,390,852.80. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CAO Joseph Douglas Lyon sold 4,588 shares of Corcept Therapeutics stock in a transaction that occurred on Monday, August 21st. The shares were sold at an average price of $31.19, for a total value of $143,099.72. Following the sale, the chief accounting officer now owns 5,132 shares in the company, valued at $160,067.08. The disclosure for this sale can be found here. In the last three months, insiders sold 81,827 shares of company stock worth $2,436,963. 19.80% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Corcept Therapeutics

Hedge funds have recently made changes to their positions in the company. Bank of Montreal Can purchased a new stake in Corcept Therapeutics in the 2nd quarter worth approximately $749,000. Cambridge Investment Research Advisors Inc. acquired a new stake in Corcept Therapeutics in the 1st quarter valued at about $7,932,000. Connor Clark & Lunn Investment Management Ltd. grew its position in shares of Corcept Therapeutics by 59.3% during the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 221,012 shares of the biotechnology company’s stock worth $4,787,000 after buying an additional 82,269 shares during the period. Guggenheim Capital LLC grew its position in shares of Corcept Therapeutics by 72.7% during the 1st quarter. Guggenheim Capital LLC now owns 32,512 shares of the biotechnology company’s stock worth $704,000 after buying an additional 13,687 shares during the period. Finally, Ingalls & Snyder LLC grew its position in shares of Corcept Therapeutics by 22.6% during the 1st quarter. Ingalls & Snyder LLC now owns 8,370,017 shares of the biotechnology company’s stock worth $181,295,000 after buying an additional 1,544,755 shares during the period. Hedge funds and other institutional investors own 78.80% of the company’s stock.

About Corcept Therapeutics

Corcept Therapeutics Incorporated engages in discovery and development of drugs for the treatment of severe metabolic, oncologic, endocrine, and neurological disorders in the United States. It offers Korlym (mifepristone) tablets as a once-daily oral medication for the treatment of hyperglycemia secondary to hypercortisolism in adult patients with endogenous Cushing's syndrome, who have type 2 diabetes mellitus or glucose intolerance, and have failed surgery or are not candidates for surgery.