Corcept Therapeutics Incorporated (NASDAQ: CORT) shares rose on Thursday February 2 on lower trade volume than normal after more analysts initiated coverage on the stock.
Meanwhile, The Dow Jones Industrial Average DJIA, -0.10% fell 34 points, or 0.2%, to 19,858. The S&P 500 SPX, -0.11% lost 4 points to 2,276, a drop of 0.2%. The Nasdaq Composite Index COMP, -0.05% slid 16 points, or 0.3%, to 5,626. Among the most actively traded Nasdaq stocks was Facebook Inc FB, +0.31% which fell 0.7% a day after it reported its quarterly results.
Analysts at Ladenburg Thalmann Financial Services initiated coverage on Corcept Therapeutics Incorporated (NASDAQ: CORT) stock, rating the company at Buy. With a rating of Buy on the shares, the company has a 52-week high of $10.00. As a means of comparison, a number of other analysts have commented on the company recently, and the company has earned a consensus one-year price target of $7.67, above the opening price of $7.45. Changes in price targets are not unusual as analysts and brokerage firms will publish periodic updates after beginning or initiating coverage.
Shares of Corcept Therapeutics Incorporated (NASDAQ: CORT) opened at $7.45 yesterday and traded in a range between, $7.26 and $7.87, and last traded at $7.85, which is a jump of $0.63 over the previous closing price.
Corcept Therapeutics Incorporated (NASDAQ: CORT) currently has a market cap of 871.59M.
Corcept Therapeutics Incorporated (NASDAQ: CORT) Average Daily Trading Volume
The stock’s average daily volume is 810,363 shares out of a total float 83,435,000 and some 325,020 shares crossed the trading desk yesterday, 54 percent lower than the average. lower than normal. Look for trading volume to pick up in the coming days as investors often use upticks in trading volume to identify heavy volume accumulation or distribution by institutional investors.
However, a single day of heavy buy side trading is not enough to assert a trend. As such, market traders will continue to watch for institutional sponsorship as a signal that financial institutions are moving forward.
Institutional sponsorship is defined by ownership of a stock by mutual funds, banks, pension funds and other large institutions.
These professional investors have substantial teams of analysts researching thousands of stocks. So watching their interests is a good way to ensure you are buying the right stocks.
Corcept Therapeutics Incorporated (NASDAQ: CORT) Moving Averages
A moving average can also act as support or resistance. In an uptrend a 50-day, 100-day or 200-day moving average may act as a support level, as shown in the figure below.
This is because the average acts like a floor (support), so the price bounces up off of it.
In a downtrend a moving average may act as resistance; like a ceiling, the price hits it and then starts to drop again.
By tracking the activity of these professional investors—and the moving averages they affect—it allows for traders to make more effective decisions on trades.
With that in mind, Corcept Therapeutics Incorporated (NASDAQ: CORT) now has a 50-day MA of $7.78 and 200-day MA of $7.02. It has traded in a 52-week range between $3.27 – 10.00 and today’s last price is 21.50%% lower than the 52 week high of $10.00.
Indeed, earnings growth is among the most critical things to look at in regards to stock investing and, accordingly, investors seek companies that have raised their earnings by at least 25% for the past 3 years.
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