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

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

Corcept Therapeutics Stock Performance

Shares of Corcept Therapeutics stock traded up $1.48 during mid-day trading on Tuesday, hitting $54.10. 130,593 shares of the stock were exchanged, compared to its average volume of 1,181,168. Corcept Therapeutics has a 12 month low of $20.84 and a 12 month high of $61.66. The company has a market capitalization of $5.67 billion, a P/E ratio of 41.76 and a beta of 0.45. The company has a 50-day simple moving average of $46.46 and a 200 day simple moving average of $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.

Corcept Therapeutics (NASDAQ:CORT) last released its earnings results 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. The business had revenue of $182.55 million during the quarter, compared to the consensus estimate of $171.97 million. Corcept Therapeutics had a return on equity of 24.54% and a net margin of 22.35%. The business’s revenue for the quarter was up 47.7% on a year-over-year basis. During the same period last year, the business posted $0.28 earnings per share. Sell-side analysts anticipate that Corcept Therapeutics will post 1.31 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on CORT. Piper Sandler boosted their target price on shares of Corcept Therapeutics from $38.00 to $67.00 and gave the company an “overweight” rating in a research report on Wednesday, September 18th. Canaccord Genuity Group reissued a “buy” rating and set a $38.00 price target on shares of Corcept Therapeutics in a report on Tuesday, July 30th. Truist Financial upped their price objective on 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 reaffirmed a “buy” rating and issued a $80.00 target price on shares of Corcept Therapeutics in a report on Thursday, October 31st. Finally, Sandler O’Neill reissued a “buy” rating on shares of Corcept Therapeutics in a research note on Friday, October 18th. Five analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Corcept Therapeutics currently has a consensus rating of “Buy” and a consensus price target of $65.25.

Insider Buying and Selling

In other Corcept Therapeutics news, insider William Guyer sold 10,000 shares of the company’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $35.30, for a total value of $353,000.00. Following the transaction, the insider now directly owns 6,039 shares in the company, valued at $213,176.70. The trade was a 62.35 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Gary Charles Robb sold 11,000 shares of the business’s stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $46.28, for a total value of $509,080.00. Following the completion of the sale, 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 disclosure for this sale can be found here. Over the last three months, insiders have sold 36,301 shares of company stock worth $1,594,253. Insiders own 20.50% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CORT. Geode Capital Management LLC boosted its stake 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 valued at $110,108,000 after purchasing an additional 99,470 shares in the last quarter. Executive Wealth Management LLC purchased a new stake in Corcept Therapeutics during the third quarter valued at about $2,804,000. Tanaka Capital Management Inc. grew its stake in shares of Corcept Therapeutics by 11.8% during the third 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 purchased a new position in shares of Corcept Therapeutics in the third quarter worth about $317,000. Finally, EP Wealth Advisors LLC purchased a new stake in Corcept Therapeutics during the 3rd quarter valued at about $302,000. 93.61% of the stock is currently owned by hedge funds and other institutional investors.

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.