Corcept Therapeutics Incorporated (NASDAQ:CORT) Short Interest Down 9.1% in October

Corcept Therapeutics Incorporated (NASDAQ:CORT) was the recipient of a large 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. Currently, 20.8% of the company’s shares are short sold. Based on an average daily trading volume, of 906,800 shares, the short-interest ratio is currently 20.7 days.

Analysts Set New Price Targets

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

Insider Activity at Corcept Therapeutics

In other Corcept Therapeutics news, insider Gary Charles Robb sold 3,101 shares of Corcept Therapeutics stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $35.71, for a total value of $110,736.71. Following the completion of the transaction, the insider now directly owns 23,190 shares of the company’s stock, valued at $828,114.90. The trade was a 11.79 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Daniel N. Swisher, Jr. sold 2,200 shares of the company’s stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $59.88, for a total transaction of $131,736.00. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 36,301 shares of company stock worth $1,594,253. Company insiders own 20.50% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Geode Capital Management LLC increased its stake in Corcept Therapeutics by 4.4% during the third quarter. Geode Capital Management LLC now owns 2,378,758 shares of the biotechnology company’s stock worth $110,108,000 after acquiring an additional 99,470 shares during the last quarter. Executive Wealth Management LLC acquired a new position in shares of Corcept Therapeutics in the third quarter worth about $2,804,000. Tanaka Capital Management Inc. boosted its stake 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 valued at $5,190,000 after buying an additional 11,860 shares during the last quarter. MML Investors Services LLC bought a new position in Corcept Therapeutics during the 3rd quarter valued at $317,000. Finally, EP Wealth Advisors LLC acquired a new position in Corcept Therapeutics in the third quarter worth about $302,000. 93.61% of the stock is currently owned by institutional investors and hedge funds.

Corcept Therapeutics Price Performance

Shares of NASDAQ CORT traded up $0.79 during midday trading on Monday, hitting $52.62. The company had a trading volume of 767,154 shares, compared to its average volume of 1,185,879. The company has a quick ratio of 3.64, a current ratio of 3.70 and a debt-to-equity ratio of 0.01. The business has a 50-day simple moving average of $46.46 and a two-hundred day simple moving average of $36.99. Corcept Therapeutics has a twelve month low of $20.84 and a twelve month high of $61.66. The firm 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, beating analysts’ consensus estimates of $0.27 by $0.14. Corcept Therapeutics had a return on equity of 24.54% and a net margin of 22.35%. The business had revenue of $182.55 million during the quarter, compared to analysts’ expectations of $171.97 million. During the same quarter last year, the business posted $0.28 earnings per share. The business’s revenue for the quarter was up 47.7% on a year-over-year basis. 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.