Short Interest in Corcept Therapeutics Incorporated (NASDAQ:CORT) Drops By 9.1%

Corcept Therapeutics Incorporated (NASDAQ:CORT) was the target of a large decrease in short interest in the month of October. As of October 31st, there was short interest totalling 18,800,000 shares, a decrease of 9.1% from the October 15th total of 20,680,000 shares. Approximately 20.8% of the company’s shares are sold short. Based on an average daily trading volume, of 906,800 shares, the short-interest ratio is presently 20.7 days.

Corcept Therapeutics Trading Up 2.8 %

CORT traded up $1.48 during trading on Tuesday, reaching $54.10. The company had a trading volume of 130,593 shares, compared to its average volume of 1,181,168. The company has a quick ratio of 3.64, a current ratio of 3.70 and a debt-to-equity ratio of 0.01. Corcept Therapeutics has a 52 week low of $20.84 and a 52 week high of $61.66. The stock has a market cap of $5.67 billion, a P/E ratio of 41.76 and a beta of 0.45. The business has a 50 day simple moving average of $46.46 and a 200-day simple moving average of $36.99.

Corcept Therapeutics (NASDAQ:CORT) last released its quarterly earnings results on Wednesday, October 30th. The biotechnology company reported $0.41 EPS for the quarter, topping analysts’ consensus estimates of $0.27 by $0.14. The firm had revenue of $182.55 million during the quarter, compared to analysts’ expectations of $171.97 million. Corcept Therapeutics had a net margin of 22.35% and a return on equity of 24.54%. The firm’s revenue for the quarter was up 47.7% compared to the same quarter last year. During the same period in the previous year, the company earned $0.28 EPS. On average, equities analysts anticipate that Corcept Therapeutics will post 1.31 EPS for the current fiscal year.

Insider Buying and Selling at Corcept Therapeutics

In other Corcept Therapeutics news, Director Daniel N. Swisher, Jr. sold 2,200 shares of the stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $59.88, for a total value of $131,736.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider William Guyer sold 10,000 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $35.30, for a total value of $353,000.00. Following the completion of the transaction, the insider now directly owns 6,039 shares of the company’s stock, valued at $213,176.70. This represents a 62.35 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 36,301 shares of company stock valued at $1,594,253 in the last quarter. Company insiders own 20.50% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of CORT. Vanguard Group Inc. boosted its holdings in Corcept Therapeutics by 0.3% during the 1st quarter. Vanguard Group Inc. now owns 9,565,782 shares of the biotechnology company’s stock valued at $240,962,000 after acquiring an additional 28,250 shares during the period. State Street Corp boosted its stake in shares of Corcept Therapeutics by 0.6% during the third quarter. State Street Corp now owns 3,519,263 shares of the biotechnology company’s stock valued at $162,871,000 after purchasing an additional 19,893 shares during the period. Dimensional Fund Advisors LP grew its holdings in shares of Corcept Therapeutics by 4.2% in the second quarter. Dimensional Fund Advisors LP now owns 2,676,335 shares of the biotechnology company’s stock worth $86,952,000 after purchasing an additional 108,658 shares during the last quarter. Geode Capital Management LLC increased its stake in Corcept Therapeutics by 4.4% in the 3rd quarter. Geode Capital Management LLC now owns 2,378,758 shares of the biotechnology company’s stock worth $110,108,000 after buying an additional 99,470 shares during the period. Finally, FMR LLC lifted its holdings in Corcept Therapeutics by 24.6% during the 3rd quarter. FMR LLC now owns 1,363,922 shares of the biotechnology company’s stock valued at $63,122,000 after buying an additional 269,074 shares in the last quarter. Hedge funds and other institutional investors own 93.61% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have issued reports on CORT shares. Sandler O’Neill reissued a “buy” rating on shares of Corcept Therapeutics in a report on Friday, October 18th. Truist Financial lifted their price target on shares of Corcept Therapeutics from $65.00 to $76.00 and gave the company a “buy” rating in a report on Monday, September 30th. Canaccord Genuity Group reissued a “buy” rating and set a $38.00 price objective on shares of Corcept Therapeutics in a report on Tuesday, July 30th. HC Wainwright reaffirmed a “buy” rating and issued a $80.00 target price on shares of Corcept Therapeutics in a report on Thursday, October 31st. Finally, StockNews.com raised Corcept Therapeutics from a “buy” rating to a “strong-buy” rating in a research note on Thursday, October 31st. Five research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $65.25.

About Corcept Therapeutics

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.