Corcept Therapeutics Incorporated (CORT) Sees Large Growth in Short Interest
Corcept Therapeutics Incorporated (NASDAQ:CORT) was the target of a significant growth in short interest in the month of December. As of December 29th, there was short interest totalling 17,362,447 shares, a growth of 87.1% from the December 15th total of 9,280,017 shares. Based on an average trading volume of 3,744,451 shares, the days-to-cover ratio is currently 4.6 days. Currently, 17.3% of the company’s stock are sold short.
In other news, Director G Leonard Baker, Jr. sold 30,000 shares of the company’s stock in a transaction on Monday, November 13th. The stock was sold at an average price of $17.59, for a total transaction of $527,700.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Robert S. Fishman sold 8,000 shares of the company’s stock in a transaction on Monday, January 8th. The stock was sold at an average price of $18.67, for a total value of $149,360.00. Following the sale, the insider now directly owns 8,000 shares in the company, valued at approximately $149,360. The disclosure for this sale can be found here. Insiders have sold 46,000 shares of company stock worth $810,820 in the last ninety days. Corporate insiders own 19.20% of the company’s stock.
Hedge funds have recently modified their holdings of the business. California Public Employees Retirement System grew its holdings in shares of Corcept Therapeutics by 3.6% during the second quarter. California Public Employees Retirement System now owns 148,200 shares of the biotechnology company’s stock worth $1,749,000 after purchasing an additional 5,200 shares during the last quarter. Rhumbline Advisers grew its holdings in shares of Corcept Therapeutics by 21.5% during the second quarter. Rhumbline Advisers now owns 87,672 shares of the biotechnology company’s stock worth $1,035,000 after purchasing an additional 15,494 shares during the last quarter. Prudential Financial Inc. grew its holdings in shares of Corcept Therapeutics by 3,409.5% during the second quarter. Prudential Financial Inc. now owns 633,223 shares of the biotechnology company’s stock worth $7,472,000 after purchasing an additional 615,180 shares during the last quarter. Shaker Investments LLC OH purchased a new position in shares of Corcept Therapeutics during the third quarter worth about $2,202,000. Finally, Sei Investments Co. grew its holdings in shares of Corcept Therapeutics by 344.8% during the third quarter. Sei Investments Co. now owns 17,562 shares of the biotechnology company’s stock worth $339,000 after purchasing an additional 13,614 shares during the last quarter. 64.64% of the stock is currently owned by institutional investors.
Several equities analysts recently commented on CORT shares. Piper Jaffray Companies set a $30.00 target price on Corcept Therapeutics and gave the company a “buy” rating in a report on Tuesday, October 31st. Zacks Investment Research lowered Corcept Therapeutics from a “buy” rating to a “hold” rating in a report on Tuesday, October 10th. Finally, BidaskClub lowered Corcept Therapeutics from a “buy” rating to a “hold” rating in a report on Wednesday, December 20th. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Corcept Therapeutics has a consensus rating of “Buy” and an average price target of $21.00.
Corcept Therapeutics (CORT) opened at $21.31 on Wednesday. The company has a market capitalization of $2,430.00, a price-to-earnings ratio of 73.48 and a beta of 1.89. Corcept Therapeutics has a twelve month low of $6.70 and a twelve month high of $21.75.
Corcept Therapeutics (NASDAQ:CORT) last issued its quarterly earnings data on Thursday, November 2nd. The biotechnology company reported $0.11 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.13 by ($0.02). The firm had revenue of $42.70 million for the quarter, compared to analysts’ expectations of $41.64 million. Corcept Therapeutics had a return on equity of 58.17% and a net margin of 27.28%. The business’s revenue for the quarter was up 96.8% compared to the same quarter last year. During the same period in the previous year, the business posted $0.02 EPS. analysts anticipate that Corcept Therapeutics will post 0.47 earnings per share for the current fiscal year.
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About Corcept Therapeutics
Corcept Therapeutics Incorporated is a pharmaceutical company engaged in the discovery, development and commercialization of drugs for the treatment of severe metabolic, psychiatric and oncologic disorders. The Company is developing mifepristone, a compound that modulates the effects of cortisol by acting as a competitive antagonist at the glucocorticoid receptor (GR).
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