This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
See Cramer's multi-million dollar portfolio for FREE and get his new book Get Rich Carefully! Learn More

Corcept Therapeutics: Pump Up the Volume

MENLO PARK, Calif. (TheStreet) -- Corcept Therapeutics (CORT) shares rallied sharply higher Tuesday on heavy volume after the company said it plans raise about $18 million by selling stock and options to institutional investors.

Corcept Therapeutics said it has agreed to sell an aggregate of up to approximately 12.6 million units for $1.43 per unit. Each unit consists of one share of common stock and one warrant to purchase 0.35 shares of common stock at a per share exercise price of $1.66.

Corcept said it intends to use the net proceeds from the offering to fund the completion of enrollment in its Phase 3 trial of its Corlux drug for the treatment of Cushing's Syndrome and the submission of its Cushing's Syndrome NDA, as well as for general corporate purposes, including working capital.

Corcept Therapeutics shares were jumping by 30 cents, or 21.7%, to $1.68. Earlier in the session, the stock touched an intraday and new 52-week high of $2. More than 372,000 shares changed hands by 3:30 p.m. EDT Tuesday, compared to the stock's 50-day average daily volume of 19,000, according to the Nasdaq.

Corcept, which develops drugs to treat severe metabolic and psychiatric disorders, has a 10.8 million-share float with only 2,910 shares short as of Sept. 10, according to Yahoo! Finance. More than 65% of the company's shares are held by insiders with another 4.6% owned by institutions.

Read more about today's high-volume stocks in earlier "Pump Up the Volume" posts.

-- Written by Robert Holmes in New York.

Stock quotes in this article: CORT 

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
DOW 16,408.54 -16.31 -0.10%
S&P 500 1,864.85 +2.54 0.14%
NASDAQ 4,095.5160 +9.2910 0.23%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs