Corcept Therapeutics Incorporated (NASDAQ:CORT) Sees Significant Increase in Short Interest

Corcept Therapeutics Incorporated (NASDAQ:CORT) was the recipient of a large increase in short interest during 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. Based on an average daily volume of 1,140,000 shares, the days-to-cover ratio is currently 18.6 days. Approximately 23.7% of the shares of the company are sold short.

Insider Buying and Selling

In related news, Director Daniel N. Swisher, Jr. sold 2,200 shares of the business’s stock in a transaction that occurred on Monday, June 3rd. The stock was sold at an average price of $30.21, for a total value of $66,462.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Corcept Therapeutics news, insider Joseph Douglas Lyon sold 10,830 shares of Corcept Therapeutics stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $26.00, for a total value of $281,580.00. Following the transaction, the insider now directly owns 7,314 shares of the company’s stock, valued at approximately $190,164. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Daniel N. Swisher, Jr. sold 2,200 shares of Corcept Therapeutics stock in a transaction that occurred on Monday, June 3rd. The stock was sold at an average price of $30.21, for a total value of $66,462.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 91,700 shares of company stock worth $2,562,652. 20.50% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Corcept Therapeutics

Large investors have recently made changes to their positions in the company. GAMMA Investing LLC lifted its stake in shares of Corcept Therapeutics by 90.6% during the first quarter. GAMMA Investing LLC now owns 1,218 shares of the biotechnology company’s stock valued at $31,000 after acquiring an additional 579 shares during the period. FNY Investment Advisers LLC bought a new stake in Corcept Therapeutics in the fourth quarter valued at about $32,000. Gladius Capital Management LP bought a new stake in Corcept Therapeutics in the fourth quarter valued at about $36,000. Planned Solutions Inc. bought a new stake in Corcept Therapeutics in the fourth quarter valued at about $45,000. Finally, FinTrust Capital Advisors LLC increased its holdings in Corcept Therapeutics by 318.7% in the first quarter. FinTrust Capital Advisors LLC now owns 1,771 shares of the biotechnology company’s stock valued at $45,000 after purchasing an additional 1,348 shares during the last quarter. Institutional investors and hedge funds own 93.61% of the company’s stock.

Corcept Therapeutics Stock Performance

Corcept Therapeutics stock opened at $32.67 on Tuesday. Corcept Therapeutics has a 52 week low of $20.84 and a 52 week high of $35.22. The firm has a market cap of $3.40 billion, a P/E ratio of 30.82 and a beta of 0.44. The business’s fifty day moving average is $28.58 and its two-hundred day moving average is $26.12.

Corcept Therapeutics (NASDAQ:CORT) last issued its quarterly earnings results on Wednesday, May 1st. The biotechnology company reported $0.25 earnings per share (EPS) for the quarter, beating the consensus estimate 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 for the quarter, compared to analyst estimates of $141.19 million. During the same quarter in the prior year, the firm 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, equities research analysts predict that Corcept Therapeutics will post 0.95 earnings per share for the current year.

Analyst Upgrades and Downgrades

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

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.