Quick Win by the Algorithm

Corcept Therapeutics Inc. (NASDAQ:CORT) is a pharmaceutical company that discovers and develops drugs for the treatment of severe metabolic and psychiatric disorders. The Company’s lead product modulates the effect of cortisol, also known as the “stress hormone”, by selectively blocking the binding of cortisol to one of its two known receptors, the GR-II receptor.

To date, Corcept Therapeutics markets one drug: Korlym, a cortisol-targeting drug that treats endogenous Cushing’s disease. Whilst Cushing’s disease is extremely rare with a relatively small market, sales have been experiencing steady growth. In 2015, Corcept Therapeutics achieved sales of $50 million, followed by $81 million in 2016 and expected sales between $157 and $162 million in 2017.

Currently, Corcept Therapeutics is spending $11.7 million per quarter on R&D. Nevertheless, it is expected to turn profits as it achieved a net income of $13.7 million in the third quarter of 2017.

Furthermore, recent insider trends for Corcept Therapeutics have caught the attention of investors. Insider activity generally serves as a strong indicator of future performance in a stock. Institutions currently own 64.96% of Corcept Therapeutics’ shares with a total value of $1,645 million. Among active positions in the latest quarter, 117 holders increased their positions by 11.89 million shares whilst 57 holders decreased their positions by a total of 8.06 million shares.

30 holders held their positions. Ultimately, this resulted in a net increase in ownership of 3.83 million shares, and suggests that institutions hold a bullish outlook on the stock.

Among new and sold out positions, 49 holders initiated new positions by a total of 2.43 million shares and 14 holders exited their positions by a total of 706,344 shares. This nets out to an increase of 1.72 million shares and similarly reflects a bullish sentiment for Cort.

Strong performance coupled with institutional and investor support, has driven the price of Corcept Therapeutics as its positive momentum continues.

On January 11th, 2018, I Know First issued a bullish 7-day forecast for Corcept Therapeutics Incorporated, (NASDAQ:CORT). The forecast illustrated a signal of 54.72 and a predictability of 0.14. In accordance with the forecast, CORT’s stock returned 13.31% over this period, highlighting another quick win by the I Know First algorithm

Current I Know First subscribers received this bullish CORT forecast on January 11th, 2018. 

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Disclaimer

Before making any trading decisions, consult the latest forecast as the algorithm updates predictions daily. You can use the algorithm for intra-day trading. The predictability tends to become stronger with forecasts over longer time-horizons such as the 1-month, 3-month and 1-year forecasts.