Corcept Therapeutics Incorporated (NASDAQ:CORT) Stake Lessened by Deutsche Bank AG

Key Points

• Deutsche Bank AG reduced its stake in Corcept Therapeutics by 8.9%, now owning about 67,035 shares worth approximately $7.66 million.
• Recent analyst reports indicate a shift in sentiment, with some firms lowering target prices for Corcept's stock while maintaining "buy" ratings, giving it a consensus rating of "Moderate Buy."
• Insiders, including Sean Maduck, sold significant portions of their shares, with a combined total exceeding $16 million in sales over the last ninety days.

Deutsche Bank AG lessened its stake in Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) by 8.9% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 67,035 shares of the biotechnology company's stock after selling 6,565 shares during the period. Deutsche Bank AG owned about 0.06% of Corcept Therapeutics worth $7,657,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Wealthspire Advisors LLC bought a new stake in shares of Corcept Therapeutics in the first quarter worth $458,000. Advyzon Investment Management LLC bought a new stake in shares of Corcept Therapeutics in the first quarter worth $217,000. New Age Alpha Advisors LLC increased its stake in shares of Corcept Therapeutics by 35.7% in the first quarter. New Age Alpha Advisors LLC now owns 4,775 shares of the biotechnology company's stock worth $545,000 after buying an additional 1,255 shares during the last quarter. Bank of Nova Scotia bought a new stake in shares of Corcept Therapeutics in the first quarter worth $203,000. Finally, PNC Financial Services Group Inc. increased its stake in shares of Corcept Therapeutics by 24.4% in the first quarter. PNC Financial Services Group Inc. now owns 13,190 shares of the biotechnology company's stock worth $1,507,000 after buying an additional 2,584 shares during the last quarter. Institutional investors own 93.61% of the company's stock.

Wall Street Analysts Forecast Growth

CORT has been the subject of several recent research reports. Wall Street Zen lowered shares of Corcept Therapeutics from a "buy" rating to a "hold" rating in a research note on Wednesday, May 14th. HC Wainwright lowered their target price on shares of Corcept Therapeutics from $150.00 to $145.00 and set a "buy" rating for the company in a research note on Tuesday, May 6th. Canaccord Genuity Group lowered their target price on shares of Corcept Therapeutics from $142.00 to $137.00 and set a "buy" rating for the company in a research note on Friday, August 1st. Piper Sandler lowered their target price on shares of Corcept Therapeutics from $131.00 to $121.00 and set an "overweight" rating for the company in a research note on Friday, August 1st. Finally, Truist Financial set a $135.00 target price on shares of Corcept Therapeutics in a research note on Tuesday, May 6th. One research analyst has rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $134.50.

Insiders Place Their Bets

In related news, insider Sean Maduck sold 35,007 shares of the company's stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $67.79, for a total value of $2,373,124.53. Following the completion of the sale, the insider owned 7,681 shares of the company's stock, valued at $520,694.99. This represents a 82.01% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Daniel N. Swisher, Jr. sold 2,200 shares of the company's stock in a transaction dated Monday, August 11th. The stock was sold at an average price of $72.30, for a total transaction of $159,060.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 222,215 shares of company stock valued at $16,311,201. Corporate insiders own 20.80% of the company's stock.

Corcept Therapeutics Stock Down 0.3%

Corcept Therapeutics stock opened at $71.75 on Friday. The firm has a 50-day moving average price of $71.22 and a two-hundred day moving average price of $69.27. The firm has a market capitalization of $7.56 billion, a price-to-earnings ratio of 63.50 and a beta of 0.20. Corcept Therapeutics Incorporated has a 52-week low of $33.34 and a 52-week high of $117.33.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last posted its earnings results on Thursday, July 31st. The biotechnology company reported $0.29 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.23 by $0.06. The firm had revenue of $194.43 million during the quarter, compared to analyst estimates of $199.40 million. Corcept Therapeutics had a net margin of 18.51% and a return on equity of 20.10%. Corcept Therapeutics's revenue was up 18.7% on a year-over-year basis. During the same period in the previous year, the business posted $0.32 EPS. Research analysts expect that Corcept Therapeutics Incorporated will post 1.36 earnings per share for the current year.

About Corcept Therapeutics

Corcept Therapeutics Incorporated engages in discovery and development of drugs for the treatment of severe endocrinologic, oncologic, metabolic, and neurologic disorders in the United States. It offers Korlym tablets medication for the treatment of hyperglycemia secondary to hypercortisolism in adult patients with endogenous cushing's syndrome; and who have type 2 diabetes mellitus or glucose intolerance and have failed surgery or are not candidates for surgery.

Want to see what other hedge funds are holding CORT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.