Corcept Therapeutics Incorporated (NASDAQ:CORT) Short Interest Update

Corcept Therapeutics Incorporated (NASDAQ:CORT) saw a significant increase in short interest in the month of June. As of June 15th, there was short interest totalling 21,250,000 shares, an increase of 10.2% from the May 31st total of 19,290,000 shares. Currently, 23.7% of the company’s shares are short sold. Based on an average daily trading volume, of 1,140,000 shares, the days-to-cover ratio is currently 18.6 days.

Insiders Place Their Bets

In other Corcept Therapeutics news, insider Joseph Douglas Lyon sold 7,227 shares of the firm’s stock in a transaction dated Thursday, May 9th. The shares were sold at an average price of $26.00, for a total value of $187,902.00. Following the completion of the transaction, the insider now directly owns 7,314 shares in the company, valued at $190,164. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other news, insider Sean Maduck sold 50,000 shares of the stock in a transaction that occurred on Monday, May 13th. The shares were sold at an average price of $28.00, for a total value of $1,400,000.00. Following the completion of the sale, the insider now directly owns 85,222 shares of the company’s stock, valued at $2,386,216. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Joseph Douglas Lyon sold 7,227 shares of the stock in a transaction that occurred on Thursday, May 9th. The stock was sold at an average price of $26.00, for a total transaction of $187,902.00. 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. Insiders sold a total of 93,457 shares of company stock worth $2,655,766 over the last ninety days. 20.50% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in CORT. FMR LLC raised its holdings in shares of Corcept Therapeutics by 102.4% in the third quarter. FMR LLC now owns 683,924 shares of the biotechnology company’s stock valued at $18,634,000 after buying an additional 346,000 shares during the last quarter. Hsbc Holdings PLC grew its position in shares of Corcept Therapeutics by 18.1% during the 3rd quarter. Hsbc Holdings PLC now owns 26,069 shares of the biotechnology company’s stock worth $707,000 after buying an additional 3,993 shares during the period. Natixis Advisors L.P. grew its position in shares of Corcept Therapeutics by 26.1% during the 3rd quarter. Natixis Advisors L.P. now owns 23,793 shares of the biotechnology company’s stock worth $648,000 after buying an additional 4,921 shares during the period. Teza Capital Management LLC grew its position in shares of Corcept Therapeutics by 49.3% during the 3rd quarter. Teza Capital Management LLC now owns 15,631 shares of the biotechnology company’s stock worth $426,000 after buying an additional 5,161 shares during the period. Finally, Lazard Asset Management LLC grew its position in shares of Corcept Therapeutics by 2,145.5% during the 3rd quarter. Lazard Asset Management LLC now owns 28,405 shares of the biotechnology company’s stock worth $773,000 after buying an additional 27,140 shares during the period. 93.61% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. HC Wainwright reissued a “buy” rating and issued a $40.00 price target on shares of Corcept Therapeutics in a research report on Wednesday, May 29th. Truist Financial reissued a “buy” rating and issued a $65.00 price target on shares of Corcept Therapeutics in a research report on Monday, June 17th. Piper Sandler restated an “overweight” rating and issued a $35.00 price objective on shares of Corcept Therapeutics in a research note on Monday. Finally, StockNews.com downgraded shares of Corcept Therapeutics from a “strong-buy” rating to a “buy” rating in a research note on Friday, May 3rd. Five analysts have rated the stock with a buy rating, According to MarketBeat.com, Corcept Therapeutics currently has an average rating of “Buy” and an average target price of $45.10.

Corcept Therapeutics Stock Performance

Shares of NASDAQ:CORT opened at $30.50 on Thursday. Corcept Therapeutics has a 52 week low of $20.84 and a 52 week high of $35.22. The company’s fifty day moving average is $28.91 and its 200-day moving average is $26.16. The company has a market capitalization of $3.18 billion, a PE ratio of 28.77 and a beta of 0.44.

Corcept Therapeutics (NASDAQ:CORT) last released its quarterly earnings results on Wednesday, May 1st. The biotechnology company reported $0.25 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.21 by $0.04. Corcept Therapeutics had a return on equity of 24.19% and a net margin of 22.38%. The business had revenue of $146.80 million during the quarter, compared to analysts’ expectations of $141.19 million. During the same period in the previous year, the business posted $0.14 earnings per share. The firm’s revenue for the quarter was up 38.9% compared to the same quarter last year. On average, analysts forecast that Corcept Therapeutics will post 0.95 EPS for the current 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.