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

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

Corcept Therapeutics Price Performance

Shares of CORT stock opened at $55.14 on Wednesday. Corcept Therapeutics has a 1-year low of $20.84 and a 1-year high of $62.22. The stock’s 50-day moving average is $53.28 and its 200 day moving average is $41.46. The company has a market cap of $5.78 billion, a P/E ratio of 43.76 and a beta of 0.51. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.70 and a quick ratio of 3.64.

Corcept Therapeutics (NASDAQ:CORT) last issued its quarterly earnings data 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 company had revenue of $182.55 million for the quarter, compared to the consensus estimate of $171.97 million. During the same quarter last year, the company earned $0.28 earnings per share. The firm’s revenue for the quarter was up 47.7% compared to the same quarter last year. Research analysts predict that Corcept Therapeutics will post 1.35 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

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

Insider Activity

In related news, insider William Guyer sold 3,394 shares of Corcept Therapeutics stock in a transaction that occurred on Monday, November 4th. The stock was sold at an average price of $48.97, for a total transaction of $166,204.18. Following the sale, the insider now owns 5,796 shares of the company’s stock, valued at approximately $283,830.12. This trade represents a 36.93 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Gary Charles Robb sold 11,000 shares of Corcept Therapeutics stock in a transaction that occurred 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 sale, the insider now directly owns 22,772 shares in the company, valued at $1,053,888.16. This trade represents a 32.57 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 26,811 shares of company stock valued at $1,341,360 in the last ninety days. Corporate insiders own 20.50% of the company’s stock.

Institutional Investors Weigh In On Corcept Therapeutics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. M&G PLC purchased a new stake in Corcept Therapeutics in the third quarter valued at about $11,173,000. Empowered Funds LLC purchased a new stake in Corcept Therapeutics in the third quarter valued at about $1,784,000. Victory Capital Management Inc. raised its stake in Corcept Therapeutics by 49.2% in the third quarter. Victory Capital Management Inc. now owns 41,823 shares of the biotechnology company’s stock valued at $1,936,000 after buying an additional 13,787 shares during 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 buying an additional 19,893 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. raised its stake in Corcept Therapeutics by 20.0% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 859,563 shares of the biotechnology company’s stock valued at $39,781,000 after buying an additional 143,507 shares during the last quarter. 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.