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

Corcept Therapeutics Incorporated (NASDAQ:CORT) saw 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. Based on an average trading volume of 1,420,000 shares, the days-to-cover ratio is presently 15.0 days. Currently, 23.9% of the shares of the stock are sold short.

Analysts Set New Price Targets

Several equities analysts 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 on the stock in a research report on Tuesday, January 2nd. Truist Financial increased their target price on Corcept Therapeutics from $36.00 to $42.00 and gave the stock a “buy” rating in a research report on Friday, February 16th. Finally, StockNews.com downgraded Corcept Therapeutics from a “strong-buy” rating to a “buy” rating in a report on Wednesday. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has an average rating of “Buy” and an average price target of $37.30.

Corcept Therapeutics Price Performance

Corcept Therapeutics stock opened at $23.00 on Thursday. The stock’s 50-day moving average is $23.92 and its 200-day moving average is $25.53. The company has a market cap of $2.38 billion, a price-to-earnings ratio of 24.21 and a beta of 0.48. Corcept Therapeutics has a 12 month low of $20.87 and a 12 month high of $34.28.

Corcept Therapeutics (NASDAQ:CORT) last released its quarterly earnings data on Thursday, February 15th. The biotechnology company reported $0.28 EPS for the quarter, topping analysts’ consensus estimates of $0.25 by $0.03. The company had revenue of $135.41 million for the quarter, compared to the consensus estimate of $129.27 million. Corcept Therapeutics had a return on equity of 21.98% and a net margin of 21.86%. The company’s quarterly revenue was up 31.4% compared to the same quarter last year. During the same period last year, the business posted $0.14 EPS. Research analysts anticipate that Corcept Therapeutics will post 0.92 EPS for the current year.

Insider Activity

In other news, CAO Joseph Douglas Lyon sold 1,000 shares of the company’s stock in a transaction 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 directly owns 6,774 shares in the company, valued at $176,124. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, Director Daniel N. Swisher, Jr. sold 2,200 shares of the company’s stock in a transaction 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 filing with the SEC, which is available through this link. Also, CAO Joseph Douglas Lyon sold 1,000 shares of the stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $26.00, for a total value of $26,000.00. Following the transaction, the chief accounting officer now owns 6,774 shares in the company, valued at $176,124. The disclosure for this sale can be found here. Insiders have sold 83,783 shares of company stock worth $2,118,996 over the last three months. 18.60% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Corcept Therapeutics

A number of large investors have recently modified their holdings of CORT. JPMorgan Chase & Co. grew its stake in shares of Corcept Therapeutics by 2.4% in the first quarter. JPMorgan Chase & Co. now owns 216,081 shares of the biotechnology company’s stock valued at $4,866,000 after buying an additional 5,036 shares in the last quarter. American Century Companies Inc. grew its stake in Corcept Therapeutics by 8.2% during the 1st quarter. American Century Companies Inc. now owns 88,553 shares of the biotechnology company’s stock valued at $1,994,000 after purchasing an additional 6,684 shares in the last quarter. Citigroup Inc. grew its stake in Corcept Therapeutics by 15.0% during the 1st quarter. Citigroup Inc. now owns 103,241 shares of the biotechnology company’s stock valued at $2,325,000 after purchasing an additional 13,488 shares in the last quarter. Natixis Advisors L.P. grew its stake in Corcept Therapeutics by 56.7% during the 1st quarter. Natixis Advisors L.P. now owns 18,581 shares of the biotechnology company’s stock valued at $418,000 after purchasing an additional 6,726 shares in the last quarter. Finally, Acadian Asset Management LLC grew its stake in Corcept Therapeutics by 3.3% during the 1st quarter. Acadian Asset Management LLC now owns 31,845 shares of the biotechnology company’s stock valued at $716,000 after purchasing an additional 1,032 shares in the last quarter. Institutional investors and hedge funds own 93.61% of the company’s stock.

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.