Corcept Therapeutics Incorporated (CORT) Short Interest Update
Corcept Therapeutics Incorporated (NASDAQ:CORT) saw a significant growth in short interest in the month of November. As of November 30th, there was short interest totalling 9,483,693 shares, a growth of 27.2% from the November 15th total of 7,454,470 shares. Based on an average daily volume of 1,321,982 shares, the days-to-cover ratio is currently 7.2 days. Approximately 9.4% of the company’s stock are short sold.
Several equities research analysts recently issued reports on the company. Zacks Investment Research downgraded Corcept Therapeutics from a “buy” rating to a “hold” rating in a report on Tuesday, October 10th. Piper Jaffray Companies set a $30.00 price objective on Corcept Therapeutics and gave the company a “buy” rating in a research note on Tuesday, October 31st. BidaskClub downgraded Corcept Therapeutics from a “buy” rating to a “hold” rating in a research note on Thursday, December 7th. Finally, Stifel Nicolaus began coverage on Corcept Therapeutics in a research note on Thursday, August 31st. They issued a “buy” rating and a $20.00 price objective for the company. One investment analyst has rated the stock with a sell rating, two have given a hold rating and three have given a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $18.20.
In related news, Director G Leonard Baker, Jr. sold 30,000 shares of the company’s stock in a transaction on Monday, November 13th. The stock was sold at an average price of $17.59, for a total transaction of $527,700.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Robert S. Fishman sold 8,000 shares of the company’s stock in a transaction on Friday, December 8th. The stock was sold at an average price of $16.72, for a total value of $133,760.00. Following the sale, the insider now owns 8,000 shares of the company’s stock, valued at approximately $133,760. The disclosure for this sale can be found here. 19.20% of the stock is owned by corporate insiders.
A number of institutional investors and hedge funds have recently modified their holdings of the stock. Suntrust Banks Inc. lifted its holdings in Corcept Therapeutics by 4.0% during the 2nd quarter. Suntrust Banks Inc. now owns 12,308 shares of the biotechnology company’s stock worth $145,000 after purchasing an additional 471 shares in the last quarter. Strs Ohio lifted its holdings in Corcept Therapeutics by 2.0% during the 2nd quarter. Strs Ohio now owns 72,900 shares of the biotechnology company’s stock worth $860,000 after purchasing an additional 1,400 shares in the last quarter. TIAA CREF Investment Management LLC raised its holdings in shares of Corcept Therapeutics by 0.7% in the 2nd quarter. TIAA CREF Investment Management LLC now owns 347,171 shares of the biotechnology company’s stock valued at $4,097,000 after acquiring an additional 2,360 shares in the last quarter. PNC Financial Services Group Inc. raised its holdings in shares of Corcept Therapeutics by 52.6% in the 2nd quarter. PNC Financial Services Group Inc. now owns 9,837 shares of the biotechnology company’s stock valued at $116,000 after acquiring an additional 3,390 shares in the last quarter. Finally, American International Group Inc. raised its holdings in shares of Corcept Therapeutics by 8.1% in the 3rd quarter. American International Group Inc. now owns 61,110 shares of the biotechnology company’s stock valued at $1,179,000 after acquiring an additional 4,569 shares in the last quarter. 64.71% of the stock is currently owned by institutional investors and hedge funds.
Corcept Therapeutics (CORT) opened at $17.16 on Wednesday. Corcept Therapeutics has a 1 year low of $6.70 and a 1 year high of $20.77. The company has a market capitalization of $1,916.15, a price-to-earnings ratio of 57.90 and a beta of 1.89.
Corcept Therapeutics (NASDAQ:CORT) last issued its quarterly earnings results on Thursday, November 2nd. The biotechnology company reported $0.11 EPS for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.02). The firm had revenue of $42.70 million for the quarter, compared to analysts’ expectations of $41.64 million. Corcept Therapeutics had a net margin of 27.28% and a return on equity of 58.17%. The firm’s quarterly revenue was up 96.8% on a year-over-year basis. During the same period in the prior year, the company earned $0.02 EPS. analysts predict that Corcept Therapeutics will post 0.47 earnings per share for the current year.
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About Corcept Therapeutics
Corcept Therapeutics Incorporated is a pharmaceutical company engaged in the discovery, development and commercialization of drugs for the treatment of severe metabolic, psychiatric and oncologic disorders. The Company is developing mifepristone, a compound that modulates the effects of cortisol by acting as a competitive antagonist at the glucocorticoid receptor (GR).
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