Corcept Therapeutics Incorporated (NASDAQ:CORT) Short Interest Up 5.5% in March

Corcept Therapeutics Incorporated (NASDAQ:CORT) was the recipient of a significant increase in short interest during the month of 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 company are sold short. Based on an average daily trading volume, of 1,420,000 shares, the short-interest ratio is currently 15.0 days.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the company. HC Wainwright reduced 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. StockNews.com downgraded Corcept Therapeutics from a “strong-buy” rating to a “buy” rating in a research note on Wednesday. Finally, Truist Financial upped their target price on Corcept Therapeutics from $36.00 to $42.00 and gave the stock a “buy” rating in a research note on Friday, February 16th. Five analysts have rated the stock with a buy rating, According to data from MarketBeat, Corcept Therapeutics presently has an average rating of “Buy” and a consensus price target of $37.30.

Insider Activity at Corcept Therapeutics

In related news, Director Daniel N. Swisher, Jr. sold 2,200 shares of the company’s stock in a transaction that occurred on Thursday, February 1st. The stock was sold at an average price of $22.00, for a total value of $48,400.00. The sale was disclosed in a document filed with the SEC, which is available at this link. In other Corcept Therapeutics news, CAO Joseph Douglas Lyon sold 1,000 shares of the company’s stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $26.00, for a total value of $26,000.00. Following the sale, the chief accounting officer now owns 6,774 shares in the company, valued at approximately $176,124. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Daniel N. Swisher, Jr. sold 2,200 shares of the company’s stock in a transaction that occurred on Thursday, February 1st. The stock was sold at an average price of $22.00, for a total value of $48,400.00. The disclosure for this sale can be found here. Insiders have sold a total of 83,783 shares of company stock worth $2,118,996 over the last quarter. Insiders own 18.60% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. FinTrust Capital Advisors LLC acquired a new position in Corcept Therapeutics in the 3rd quarter valued at $27,000. FNY Investment Advisers LLC acquired a new stake in shares of Corcept Therapeutics in the 4th quarter worth $32,000. Gladius Capital Management LP acquired a new stake in shares of Corcept Therapeutics in the 4th quarter worth $36,000. GAMMA Investing LLC increased its stake in shares of Corcept Therapeutics by 90.6% in the 1st quarter. GAMMA Investing LLC now owns 1,218 shares of the biotechnology company’s stock worth $31,000 after acquiring an additional 579 shares during the last quarter. Finally, Lazard Asset Management LLC acquired a new stake in shares of Corcept Therapeutics in the 2nd quarter worth $28,000. 93.61% of the stock is owned by institutional investors and hedge funds.

Corcept Therapeutics Stock Performance

NASDAQ CORT opened at $23.00 on Thursday. The business has a fifty day moving average price of $23.92 and a 200 day moving average price of $25.53. Corcept Therapeutics has a one year low of $20.87 and a one year high of $34.28. The company has a market cap of $2.38 billion, a P/E ratio of 24.21 and a beta of 0.48.

Corcept Therapeutics (NASDAQ:CORT) last posted its quarterly earnings data on Thursday, February 15th. The biotechnology company reported $0.28 EPS for the quarter, beating the consensus estimate of $0.25 by $0.03. Corcept Therapeutics had a return on equity of 21.98% and a net margin of 21.86%. The firm 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 company earned $0.14 EPS. The firm’s revenue was up 31.4% compared to the same quarter last year. As a group, sell-side analysts predict that Corcept Therapeutics will post 0.92 EPS for the current fiscal year.

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.