Corcept Therapeutics Incorporated (NASDAQ:CORT) Sees Significant Decline in Short Interest

Corcept Therapeutics Incorporated (NASDAQ:CORT) was the target of a large decrease in short interest in 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. Based on an average daily trading volume, of 906,800 shares, the short-interest ratio is presently 20.7 days. Approximately 20.8% of the shares of the stock are sold short.

Insiders Place Their Bets

In other news, Director Daniel N. Swisher, Jr. sold 2,200 shares of Corcept Therapeutics stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $59.88, for a total value of $131,736.00. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider William Guyer sold 3,394 shares of the stock in a transaction that occurred on Monday, November 4th. The shares were sold at an average price of $48.97, for a total value of $166,204.18. Following the transaction, the insider now owns 5,796 shares of the company’s stock, valued at $283,830.12. This represents a 36.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 36,301 shares of company stock worth $1,594,253. Corporate insiders own 20.50% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Capital Performance Advisors LLP acquired a new position in shares of Corcept Therapeutics during the 3rd quarter worth approximately $25,000. Park Place Capital Corp purchased a new stake in shares of Corcept Therapeutics in the 2nd quarter valued at approximately $32,000. Atwood & Palmer Inc. acquired a new stake in shares of Corcept Therapeutics during the 2nd quarter worth approximately $35,000. Kathleen S. Wright Associates Inc. purchased a new stake in shares of Corcept Therapeutics during the 3rd quarter valued at approximately $36,000. Finally, Blue Trust Inc. lifted its holdings in Corcept Therapeutics by 125.4% in the second quarter. Blue Trust Inc. now owns 3,526 shares of the biotechnology company’s stock valued at $115,000 after acquiring an additional 1,962 shares during the last quarter. Hedge funds and other institutional investors own 93.61% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on CORT. HC Wainwright restated a “buy” rating and issued a $80.00 price target on shares of Corcept Therapeutics in a research report on Thursday, October 31st. Piper Sandler increased their price objective on Corcept Therapeutics from $38.00 to $67.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 18th. Sandler O’Neill reissued a “buy” rating on shares of Corcept Therapeutics in a research report on Friday, October 18th. StockNews.com raised Corcept Therapeutics from a “buy” rating to a “strong-buy” rating in a research report on Thursday, October 31st. Finally, Truist Financial increased their target price on shares of Corcept Therapeutics from $65.00 to $76.00 and gave the company a “buy” rating in a research report on Monday, September 30th. Five analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Corcept Therapeutics currently has an average rating of “Buy” and a consensus target price of $65.25.

Corcept Therapeutics Stock Performance

Corcept Therapeutics stock traded up $0.79 during trading hours on Monday, hitting $52.62. 767,154 shares of the stock traded hands, compared to its average volume of 1,185,879. Corcept Therapeutics has a 1 year low of $20.84 and a 1 year high of $61.66. The firm’s 50 day moving average price is $46.46 and its 200-day moving average price is $36.99. 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 has a market capitalization of $5.51 billion, a price-to-earnings ratio of 41.77 and a beta of 0.45.

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

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.