Corcept Therapeutics Incorporated (NASDAQ:CORT) Short Interest Update

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

Insider Activity

In other news, CAO Joseph Douglas Lyon sold 4,588 shares of Corcept Therapeutics stock in a transaction dated Monday, August 21st. The shares were sold at an average price of $31.19, for a total transaction of $143,099.72. Following the sale, the chief accounting officer now owns 5,132 shares of the company’s stock, valued at approximately $160,067.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, insider Sean Maduck sold 25,000 shares of Corcept Therapeutics stock in a transaction dated Tuesday, September 19th. The shares were sold at an average price of $32.48, for a total transaction of $812,000.00. Following the completion of the transaction, the insider now directly owns 73,610 shares of the company’s stock, valued at approximately $2,390,852.80. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CAO Joseph Douglas Lyon sold 4,588 shares of Corcept Therapeutics stock in a transaction dated Monday, August 21st. The shares were sold at an average price of $31.19, for a total transaction of $143,099.72. Following the transaction, the chief accounting officer now directly owns 5,132 shares of the company’s stock, valued at $160,067.08. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 81,827 shares of company stock valued at $2,436,963. Corporate insiders own 19.80% of the company’s stock.

Hedge Funds Weigh In On Corcept Therapeutics

A number of hedge funds and other institutional investors have recently modified their holdings of CORT. Ingalls & Snyder LLC raised its stake in Corcept Therapeutics by 22.6% during the first quarter. Ingalls & Snyder LLC now owns 8,370,017 shares of the biotechnology company’s stock valued at $181,295,000 after purchasing an additional 1,544,755 shares in the last quarter. Granite Investment Partners LLC purchased a new stake in Corcept Therapeutics during the first quarter valued at $17,221,000. Norges Bank purchased a new stake in Corcept Therapeutics during the fourth quarter valued at $15,648,000. Vanguard Group Inc. raised its stake in Corcept Therapeutics by 4.6% during the third quarter. Vanguard Group Inc. now owns 10,332,077 shares of the biotechnology company’s stock valued at $264,915,000 after purchasing an additional 458,414 shares in the last quarter. Finally, BlackRock Inc. raised its stake in Corcept Therapeutics by 2.5% during the first quarter. BlackRock Inc. now owns 15,424,767 shares of the biotechnology company’s stock valued at $347,366,000 after purchasing an additional 376,774 shares in the last quarter. Institutional investors own 78.80% of the company’s stock.

Corcept Therapeutics Trading Up 3.2 %

Shares of NASDAQ CORT opened at $25.91 on Friday. The firm has a 50 day moving average of $28.40 and a 200 day moving average of $26.68. The firm has a market capitalization of $2.67 billion, a price-to-earnings ratio of 31.99 and a beta of 0.43. Corcept Therapeutics has a 12-month low of $17.86 and a 12-month high of $34.28.

Corcept Therapeutics (NASDAQ:CORT) last announced its earnings results on Wednesday, November 1st. The biotechnology company reported $0.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.22 by $0.06. The company 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 firm’s quarterly revenue was up 21.5% compared to the same quarter last year. During the same period in the previous year, the business posted $0.30 earnings per share. Sell-side analysts predict that Corcept Therapeutics will post 0.89 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on CORT shares. LADENBURG THALM/SH SH lifted their target price on shares of Corcept Therapeutics from $44.00 to $47.50 in a report on Thursday, August 3rd. HC Wainwright boosted their price objective on shares of Corcept Therapeutics from $32.00 to $34.00 and gave the company a “buy” rating in a report on Thursday, November 2nd. StockNews.com raised shares of Corcept Therapeutics from a “buy” rating to a “strong-buy” rating in a report on Thursday, November 2nd. Canaccord Genuity Group boosted their price objective on shares of Corcept Therapeutics from $34.00 to $35.00 and gave the company a “buy” rating in a report on Friday, August 25th. Finally, Piper Sandler boosted their price objective on shares of Corcept Therapeutics from $27.00 to $31.00 and gave the company an “overweight” rating in a report on Thursday, August 3rd. Three research analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $32.19.

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.