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

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

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the company. StockNews.com upgraded Corcept Therapeutics from a “buy” rating to a “strong-buy” rating in a research note on Thursday, October 31st. HC Wainwright reissued a “buy” rating and issued a $80.00 price objective on shares of Corcept Therapeutics in a research report on Thursday, October 31st. Truist Financial upped their target price 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. Sandler O’Neill reiterated a “buy” rating on shares of Corcept Therapeutics in a report on Friday, October 18th. Finally, Piper Sandler upped their price objective on Corcept Therapeutics from $38.00 to $67.00 and gave the company an “overweight” rating in a research note on Wednesday, September 18th. Five analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $65.25.

Insider Buying and Selling at Corcept Therapeutics

In related news, insider William Guyer sold 3,394 shares of the firm’s stock in a transaction 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 completion of the transaction, the insider now owns 5,796 shares of the company’s stock, valued at approximately $283,830.12. This trade represents a 36.93 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Daniel N. Swisher, Jr. sold 2,200 shares of Corcept Therapeutics stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $59.88, for a total value of $131,736.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 36,301 shares of company stock valued at $1,594,253. Company insiders own 20.50% of the company’s stock.

Institutional Investors Weigh In On Corcept Therapeutics

Large investors have recently added to or reduced their stakes in the stock. Geode Capital Management LLC raised its stake in Corcept Therapeutics by 4.4% in the third quarter. Geode Capital Management LLC now owns 2,378,758 shares of the biotechnology company’s stock valued at $110,108,000 after purchasing an additional 99,470 shares in the last quarter. Executive Wealth Management LLC acquired a new position in shares of Corcept Therapeutics in the 3rd quarter valued at approximately $2,804,000. Tanaka Capital Management Inc. lifted its holdings in shares of Corcept Therapeutics by 11.8% during the 3rd quarter. Tanaka Capital Management Inc. now owns 112,136 shares of the biotechnology company’s stock worth $5,190,000 after acquiring an additional 11,860 shares during the period. MML Investors Services LLC acquired a new stake in shares of Corcept Therapeutics during the 3rd quarter worth approximately $317,000. Finally, EP Wealth Advisors LLC bought a new position in Corcept Therapeutics in the third quarter valued at approximately $302,000. Institutional investors and hedge funds own 93.61% of the company’s stock.

Corcept Therapeutics Stock Performance

Shares of CORT stock traded up $1.74 during midday trading on Tuesday, hitting $54.36. 184,521 shares of the company were exchanged, compared to its average volume of 1,181,361. Corcept Therapeutics has a 52 week low of $20.84 and a 52 week high of $61.66. The firm’s 50 day moving average price is $46.46 and its two-hundred day moving average price is $36.99. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.64 and a current ratio of 3.70. The firm has a market capitalization of $5.70 billion, a P/E ratio of 41.76 and a beta of 0.45.

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. Corcept Therapeutics had a net margin of 22.35% and a return on equity of 24.54%. The business had revenue of $182.55 million for the quarter, compared to analyst estimates of $171.97 million. During the same period last year, the firm earned $0.28 earnings per share. Corcept Therapeutics’s revenue for the quarter was up 47.7% compared to the same quarter last year. As a group, equities research analysts anticipate that Corcept Therapeutics will post 1.31 earnings per share for the current year.

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.