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

Corcept Therapeutics Incorporated (NASDAQ:CORT) was the recipient of a significant decline in short interest during 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. Approximately 20.8% of the shares of the stock are sold short. Based on an average daily trading volume, of 906,800 shares, the days-to-cover ratio is currently 20.7 days.

Insiders Place Their Bets

In related news, insider Gary Charles Robb sold 11,000 shares of Corcept Therapeutics stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $46.28, for a total transaction of $509,080.00. Following the completion of the transaction, the insider now owns 22,772 shares of the company’s stock, valued at $1,053,888.16. This trade represents a 32.57 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Daniel N. Swisher, Jr. sold 2,200 shares of the business’s 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 quarter, insiders have sold 36,301 shares of company stock valued at $1,594,253. 20.50% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CORT. Vanguard Group Inc. lifted its stake in shares of 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 buying an additional 28,250 shares in the last quarter. State Street Corp raised its stake in Corcept Therapeutics by 0.6% in 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 in the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Corcept Therapeutics by 4.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,676,335 shares of the biotechnology company’s stock worth $86,952,000 after acquiring an additional 108,658 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of 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 purchasing an additional 99,470 shares in the last quarter. Finally, FMR LLC grew its position in Corcept Therapeutics by 24.6% during the third quarter. FMR LLC now owns 1,363,922 shares of the biotechnology company’s stock valued at $63,122,000 after acquiring an additional 269,074 shares during the last quarter. 93.61% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

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

Corcept Therapeutics Stock Up 3.3 %

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

Corcept Therapeutics (NASDAQ:CORT) last posted its quarterly earnings data on Wednesday, October 30th. The biotechnology company reported $0.41 earnings per share (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 firm had revenue of $182.55 million for the quarter, compared to the consensus estimate of $171.97 million. During the same period in the previous year, the firm earned $0.28 EPS. The business’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 earnings per share 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.