Deutsche Bank AG Invests $966,000 in Corcept Therapeutics Incorporated $CORT

Deutsche Bank AG bought a new stake in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 11,106 shares of the biotechnology company's stock, valued at approximately $966,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in shares of Corcept Therapeutics during the 2nd quarter valued at about $27,000. Alberta Investment Management Corp bought a new position in Corcept Therapeutics during the 2nd quarter valued at approximately $9,843,000. Bank of New York Mellon Corp purchased a new stake in Corcept Therapeutics in the second quarter worth $49,185,000. Focus Partners Advisor Solutions LLC purchased a new stake in shares of Corcept Therapeutics in the 2nd quarter worth about $581,000. Finally, GSA Capital Partners LLP purchased a new stake in Corcept Therapeutics in the second quarter worth about $2,022,000. Institutional investors own 93.61% of the company's stock.

Corcept Therapeutics Price Performance

Shares of Corcept Therapeutics stock opened at $113.88 on Monday. The firm has a market capitalization of $12.31 billion, a P/E ratio of 271.15 and a beta of 0.45. Corcept Therapeutics Incorporated has a 52 week low of $28.66 and a 52 week high of $126.38. The company has a 50 day moving average price of $101.17 and a 200 day moving average price of $67.55.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last issued its earnings results on Wednesday, July 29th. The biotechnology company reported $0.36 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.02 by $0.34. Corcept Therapeutics had a net margin of 6.52% and a return on equity of 8.26%. The firm had revenue of $256.15 million during the quarter, compared to analysts' expectations of $221.15 million. During the same quarter last year, the company posted $0.29 earnings per share. The firm's revenue was up 31.7% compared to the same quarter last year. As a group, research analysts anticipate that Corcept Therapeutics Incorporated will post 1.77 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Kimberly Park sold 26,685 shares of the firm's stock in a transaction that occurred on Wednesday, August 26th. The stock was sold at an average price of $122.55, for a total value of $3,270,246.75. Following the transaction, the director owned 30,000 shares in the company, valued at $3,676,500. This trade represents a 47.08% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director David L. Mahoney sold 103,606 shares of Corcept Therapeutics stock in a transaction on Tuesday, August 18th. The stock was sold at an average price of $118.25, for a total transaction of $12,251,409.50. Following the sale, the director directly owned 1,133,539 shares in the company, valued at approximately $134,040,986.75. This trade represents a 8.37% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 432,786 shares of company stock worth $46,261,840. Company insiders own 20.70% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on CORT. HC Wainwright lifted their price objective on Corcept Therapeutics from $95.00 to $165.00 and gave the company a "buy" rating in a research note on Thursday, July 30th. Zacks Research upgraded shares of Corcept Therapeutics from a "strong sell" rating to a "hold" rating in a research report on Monday, May 4th. Canaccord Genuity Group boosted their price target on Corcept Therapeutics from $135.00 to $150.00 and gave the company a "buy" rating in a research note on Wednesday, July 29th. Piper Sandler reaffirmed an "overweight" rating and issued a $165.00 target price (up from $88.00) on shares of Corcept Therapeutics in a report on Thursday, July 30th. Finally, Truist Financial assumed coverage on shares of Corcept Therapeutics in a research note on Tuesday, August 18th. They set a "buy" rating and a $164.00 target price on the stock. Five equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Corcept Therapeutics presently has a consensus rating of "Moderate Buy" and an average target price of $138.17.

Corcept Therapeutics Company Profile

Corcept Therapeutics is a clinical-stage biopharmaceutical company focused on discovering and developing drugs that modulate the effects of cortisol, a hormone implicated in a range of severe metabolic, oncologic and psychiatric disorders. The company's scientific platform centers on selectively targeting the glucocorticoid receptor to counteract the harmful consequences of excess cortisol, a strategy designed to address diseases with significant unmet medical needs.

The company's flagship marketed product, Korlym (mifepristone), is approved in the United States for the treatment of hyperglycemia secondary to Cushing's syndrome in patients who have type 2 diabetes or glucose intolerance and are not candidates for surgery.

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