Short Interest in Corcept Therapeutics Incorporated (NASDAQ:CORT) Expands By 5.5%

Corcept Therapeutics Incorporated (NASDAQ:CORT) was the recipient of a large increase in short interest in March. As of March 31st, there was short interest totalling 21,330,000 shares, an increase of 5.5% from the March 15th total of 20,220,000 shares. Currently, 23.9% of the shares of the stock are short sold. Based on an average daily trading volume, of 1,420,000 shares, the days-to-cover ratio is currently 15.0 days.

Insider Activity at Corcept Therapeutics

In other Corcept Therapeutics news, insider Joseph Douglas Lyon sold 5,443 shares of the firm’s stock in a transaction on Thursday, April 4th. The stock was sold at an average price of $26.00, for a total transaction of $141,518.00. Following the completion of the transaction, the insider now owns 7,314 shares of the company’s stock, valued at $190,164. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, Director Daniel N. Swisher, Jr. sold 2,200 shares of the company’s stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $25.30, for a total transaction of $55,660.00. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Joseph Douglas Lyon sold 5,443 shares of Corcept Therapeutics stock in a transaction that occurred on Thursday, April 4th. The stock was sold at an average price of $26.00, for a total transaction of $141,518.00. Following the completion of the sale, the insider now directly owns 7,314 shares of the company’s stock, valued at $190,164. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 83,783 shares of company stock valued at $2,118,996. 18.60% of the stock is owned by corporate insiders.

Institutional Trading of Corcept Therapeutics

Hedge funds and other institutional investors have recently modified their holdings of the business. Norges Bank acquired a new stake in Corcept Therapeutics during the 4th quarter valued at approximately $15,648,000. Intrinsic Edge Capital Management LLC acquired a new stake in shares of Corcept Therapeutics during the fourth quarter worth approximately $15,164,000. Vanguard Group Inc. increased its stake in shares of Corcept Therapeutics by 4.6% in the third quarter. Vanguard Group Inc. now owns 10,332,077 shares of the biotechnology company’s stock worth $264,915,000 after buying an additional 458,414 shares during the last quarter. BlackRock Inc. raised its holdings in Corcept Therapeutics by 2.5% in the first quarter. BlackRock Inc. now owns 15,424,767 shares of the biotechnology company’s stock valued at $347,366,000 after acquiring an additional 376,774 shares in the last quarter. Finally, FMR LLC boosted its stake in Corcept Therapeutics by 102.4% during the 3rd quarter. FMR LLC now owns 683,924 shares of the biotechnology company’s stock valued at $18,634,000 after acquiring an additional 346,000 shares during the last quarter. 93.61% of the stock is owned by hedge funds and other institutional investors.

Corcept Therapeutics Stock Performance

Corcept Therapeutics stock opened at $23.39 on Wednesday. Corcept Therapeutics has a one year low of $20.87 and a one year high of $34.28. The stock’s 50 day moving average price is $23.91 and its 200 day moving average price is $25.54. The firm has a market capitalization of $2.42 billion, a PE ratio of 24.62 and a beta of 0.48.

Corcept Therapeutics (NASDAQ:CORT) last announced its earnings results on Thursday, February 15th. The biotechnology company reported $0.28 earnings per share for the quarter, beating the consensus estimate of $0.25 by $0.03. Corcept Therapeutics had a net margin of 21.86% and a return on equity of 21.98%. The business had revenue of $135.41 million during the quarter, compared to the consensus estimate of $129.27 million. During the same period in the prior year, the firm earned $0.14 earnings per share. The business’s quarterly revenue was up 31.4% compared to the same quarter last year. On average, analysts forecast that Corcept Therapeutics will post 0.92 earnings per share for the current fiscal year.

Analysts Set New Price Targets

CORT has been the subject of several analyst reports. HC Wainwright dropped their target price on Corcept Therapeutics from $34.00 to $28.00 and set a “buy” rating for the company in a research note on Tuesday, January 2nd. Truist Financial increased their price objective on shares of Corcept Therapeutics from $36.00 to $42.00 and gave the stock a “buy” rating in a report on Friday, February 16th. Finally, StockNews.com upgraded shares of Corcept Therapeutics from a “buy” rating to a “strong-buy” rating in a report on Saturday, February 24th. Four equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $37.30.

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.