Shares of Corcept Therapeutics, Inc. (NASDAQ:CORT) continued their strong upward movement on Monday gaining more than 20% by day's end. The stock gained more than 70% in three days since the company announced positive results from its proof of concept study of lower weight gain through the combination of olanzapine plus CORLUX.
This prompted Punk, Ziegel & Co. to raise its outlook on Corcept stock from "market perform" to "accumulate."
What was really impressive about this three day rally is how strong the volume has been, signaling that large institutional investors might be involved. Volume over three days, Thursday, Friday and Monday, was 538,400 / 891,300 / 822,967 respectively, while the 3-month daily average volume is a little over 70,000 according to Yahoo!Finance.
This wild action in Corcept stock can be mainly be attributed to the relatively tiny market cap of just $90 million.
Investors must be careful here, there still is a long way to go before Corcept's study adds anything to its bottom line, if ever.
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