Principal Financial Group Inc. Sells 20,770 Shares of Corcept Therapeutics Incorporated (NASDAQ:CORT)

Principal Financial Group Inc. lowered its stake in Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) by 4.0% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 495,658 shares of the biotechnology company's stock after selling 20,770 shares during the period. Principal Financial Group Inc. owned 0.48% of Corcept Therapeutics worth $22,939,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of CORT. Oak Ridge Investments LLC acquired a new stake in shares of Corcept Therapeutics during the 2nd quarter valued at $984,000. M&G PLC bought a new stake in shares of Corcept Therapeutics during the third quarter worth about $11,173,000. State Board of Administration of Florida Retirement System increased its stake in shares of Corcept Therapeutics by 190.0% in the first quarter. State Board of Administration of Florida Retirement System now owns 66,866 shares of the biotechnology company's stock valued at $1,684,000 after buying an additional 43,809 shares during the period. US Bancorp DE raised its holdings in Corcept Therapeutics by 6,252.3% in the 1st quarter. US Bancorp DE now owns 25,282 shares of the biotechnology company's stock valued at $637,000 after buying an additional 24,884 shares during the last quarter. Finally, Milestone Asset Management LLC boosted its position in Corcept Therapeutics by 47.4% during the 2nd quarter. Milestone Asset Management LLC now owns 51,599 shares of the biotechnology company's stock worth $1,676,000 after buying an additional 16,593 shares during the period. Institutional investors own 93.61% of the company's stock.

Insider Activity

In related news, Director Daniel N. Swisher, Jr. sold 2,200 shares of the company's stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $59.88, for a total value of $131,736.00. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other Corcept Therapeutics news, Director Daniel N. Swisher, Jr. sold 2,200 shares of the firm's stock in a transaction on Monday, November 11th. The stock was sold at an average price of $59.88, for a total transaction of $131,736.00. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider William Guyer sold 10,000 shares of the company's stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $35.30, for a total transaction of $353,000.00. Following the completion of the sale, the insider now owns 6,039 shares of the company's stock, valued at approximately $213,176.70. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 36,301 shares of company stock worth $1,594,253 over the last three months. 20.50% of the stock is currently owned by insiders.

Corcept Therapeutics Trading Down 2.3 %

NASDAQ CORT traded down $1.30 during trading hours on Thursday, hitting $55.15. 446,258 shares of the company's stock were exchanged, compared to its average volume of 1,184,828. The stock has a 50-day simple moving average of $45.70 and a 200 day simple moving average of $36.48. The firm has a market cap of $5.78 billion, a price-to-earnings ratio of 44.80 and a beta of 0.45. The company has a current ratio of 3.70, a quick ratio of 3.64 and a debt-to-equity ratio of 0.01. Corcept Therapeutics Incorporated has a 1-year low of $20.84 and a 1-year high of $61.66.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last issued its earnings results on Wednesday, October 30th. The biotechnology company reported $0.41 EPS for the quarter, beating the consensus estimate of $0.27 by $0.14. Corcept Therapeutics had a return on equity of 24.54% and a net margin of 22.35%. The company had revenue of $182.55 million during the quarter, compared to the consensus estimate of $171.97 million. During the same period last year, the business posted $0.28 EPS. The firm's revenue for the quarter was up 47.7% compared to the same quarter last year. On average, equities analysts forecast that Corcept Therapeutics Incorporated will post 1.31 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts have issued reports on CORT shares. Sandler O'Neill restated a "buy" rating on shares of Corcept Therapeutics in a research report on Friday, October 18th. Truist Financial lifted their target price on Corcept Therapeutics from $65.00 to $76.00 and gave the stock a "buy" rating in a report on Monday, September 30th. HC Wainwright reissued a "buy" rating and issued a $80.00 price target on shares of Corcept Therapeutics in a research note on Thursday, October 31st. Canaccord Genuity Group reaffirmed a "buy" rating and issued a $38.00 price objective on shares of Corcept Therapeutics in a research note on Tuesday, July 30th. Finally, Piper Sandler increased their target price on shares of Corcept Therapeutics from $38.00 to $67.00 and gave the company an "overweight" rating in a research report on Wednesday, September 18th. Five analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Buy" and a consensus price target of $65.25.

Corcept Therapeutics Profile

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.