Corcept Therapeutics Incorporated (CORT): Are Hedge Funds Right About This Stock?

Consequently, some big names have been driving this bullishness. D E Shaw, managed by D. E. Shaw, assembled the largest position in Corcept Therapeutics Incorporated (NASDAQ:CORT). D E Shaw had $0.3 million invested in the company at the end of the quarter. Jacob Gottlieb’s Visium Asset Management also initiated a $0.1 million position during the quarter. The other funds with brand new CORT positions are Matthew Tewksbury’s Stevens Capital Management, Paul Tudor Jones’ Tudor Investment Corp, and Joel Greenblatt’s Gotham Asset Management.

Let’s now review hedge fund activity in other stocks similar to Corcept Therapeutics Incorporated (NASDAQ:CORT). These stocks are Multi-Fineline Electronix, Inc. (NASDAQ:MFLX), Catchmark Timber Trust Inc (NYSE:CTT), Apollo Residential Mortgage Inc (NYSE:AMTG), and Natural Health Trends Corp. (NASDAQ:NHTC). This group of stocks’ market valuations are closest to CORT’s market valuation.

As you can see these stocks had an average of 13 hedge funds with bullish positions and the average amount invested in these stocks was $34 million, significantly higher than the $7 million in CORT’s case. Multi-Fineline Electronix, Inc. (NASDAQ:MFLX) is the most popular stock in this table. On the other hand Catchmark Timber Trust Inc (NYSE:CTT) is the least popular one with only 11 bullish hedge fund positions. Corcept Therapeutics Incorporated (NASDAQ:CORT) is not the most popular stock in this group, but hedge fund interest is still above average. This is a slightly positive signal, but we’d rather spend our time researching stocks that hedge funds are piling on. In this regard MFLX might be a better candidate to consider a long position.