Corcept Therapeutics Incorporated (NASDAQ:CORT) Sees Significant Decrease in Short Interest

Corcept Therapeutics Incorporated (NASDAQ:CORT) was the target of a significant decrease in short interest in November. As of November 30th, there was short interest totalling 17,050,000 shares, a decrease of 7.0% from the November 15th total of 18,340,000 shares. Based on an average daily trading volume, of 999,000 shares, the days-to-cover ratio is currently 17.1 days. Currently, 18.9% of the shares of the stock are sold short.

Insiders Place Their Bets

In other news, insider Gary Charles Robb sold 11,000 shares of the stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $46.28, for a total transaction of $509,080.00. Following the completion of the sale, the insider now owns 22,772 shares of the company’s stock, valued at approximately $1,053,888.16. This represents a 32.57 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider William Guyer sold 6,606 shares of the stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $48.97, for a total value of $323,495.82. Following the sale, the insider now directly owns 5,796 shares of the company’s stock, valued at approximately $283,830.12. This trade represents a 53.27 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 26,811 shares of company stock valued at $1,341,360 over the last quarter. 20.50% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Corcept Therapeutics

Institutional investors have recently added to or reduced their stakes in the company. State Street Corp increased its holdings in shares of Corcept Therapeutics by 0.6% during the third quarter. State Street Corp now owns 3,519,263 shares of the biotechnology company’s stock valued at $162,871,000 after acquiring an additional 19,893 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in Corcept Therapeutics by 4.2% in the second quarter. Dimensional Fund Advisors LP now owns 2,676,335 shares of the biotechnology company’s stock worth $86,952,000 after purchasing an additional 108,658 shares during the last quarter. Geode Capital Management LLC boosted its position 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 worth $110,108,000 after purchasing an additional 99,470 shares during the last quarter. FMR LLC boosted its position in Corcept Therapeutics by 24.6% in the third quarter. FMR LLC now owns 1,363,922 shares of the biotechnology company’s stock worth $63,122,000 after purchasing an additional 269,074 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. boosted its position in Corcept Therapeutics by 40.5% in the third quarter. Jacobs Levy Equity Management Inc. now owns 1,223,781 shares of the biotechnology company’s stock worth $56,637,000 after purchasing an additional 352,947 shares during the last quarter. Institutional investors own 93.61% of the company’s stock.

Corcept Therapeutics Price Performance

CORT opened at $55.14 on Wednesday. The stock has a fifty day simple moving average of $53.28 and a two-hundred day simple moving average of $41.46. The company has a current ratio of 3.70, a quick ratio of 3.64 and a debt-to-equity ratio of 0.01. The company has a market cap of $5.78 billion, a price-to-earnings ratio of 43.76 and a beta of 0.51. Corcept Therapeutics has a 12-month low of $20.84 and a 12-month high of $62.22.

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. 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 firm’s quarterly revenue was up 47.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.28 earnings per share. Research analysts predict that Corcept Therapeutics will post 1.35 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

CORT has been the subject of a number of analyst reports. HC Wainwright reissued a “buy” rating and set a $80.00 price objective on shares of Corcept Therapeutics in a research note on Thursday, October 31st. Truist Financial increased their price objective on Corcept Therapeutics from $65.00 to $76.00 and gave the company a “buy” rating in a research note on Monday, September 30th. StockNews.com lowered Corcept Therapeutics from a “strong-buy” rating to a “buy” rating in a research note on Monday, November 25th. Piper Sandler raised their price target on Corcept Therapeutics from $38.00 to $67.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 18th. Finally, Sandler O’Neill reaffirmed a “buy” rating on shares of Corcept Therapeutics in a research note on Friday, October 18th. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Corcept Therapeutics currently has a consensus rating of “Buy” and an average price target of $65.25.

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.