Principal Financial Group Inc. Lowers Holdings in Corcept Therapeutics Incorporated (NASDAQ:CORT)

Principal Financial Group Inc. cut its stake in Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) by 4.0% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 495,658 shares of the biotechnology company's stock after selling 20,770 shares during the quarter. Principal Financial Group Inc. owned 0.47% of Corcept Therapeutics worth $22,939,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in CORT. Hancock Whitney Corp grew its stake in shares of Corcept Therapeutics by 1.2% during the 3rd quarter. Hancock Whitney Corp now owns 22,954 shares of the biotechnology company's stock valued at $1,062,000 after purchasing an additional 270 shares during the period. KBC Group NV grew its position in Corcept Therapeutics by 21.3% during the third quarter. KBC Group NV now owns 2,822 shares of the biotechnology company's stock valued at $131,000 after buying an additional 496 shares during the period. Capital Performance Advisors LLP purchased a new stake in Corcept Therapeutics during the third quarter valued at approximately $25,000. Allspring Global Investments Holdings LLC raised its position in Corcept Therapeutics by 0.4% in the second quarter. Allspring Global Investments Holdings LLC now owns 127,348 shares of the biotechnology company's stock worth $4,138,000 after acquiring an additional 541 shares during the period. Finally, Bank of Montreal Can boosted its stake in shares of Corcept Therapeutics by 5.0% during the 2nd quarter. Bank of Montreal Can now owns 12,156 shares of the biotechnology company's stock worth $395,000 after acquiring an additional 580 shares during the last quarter. 93.61% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have commented on CORT shares. Piper Sandler upped their price target on Corcept Therapeutics from $38.00 to $67.00 and gave the stock an "overweight" rating in a research report on Wednesday, September 18th. StockNews.com lowered shares of Corcept Therapeutics from a "strong-buy" rating to a "buy" rating in a research report on Monday, November 25th. Truist Financial increased their price target on Corcept Therapeutics from $65.00 to $76.00 and gave the company a "buy" rating in a research note on Monday, September 30th. HC Wainwright reiterated a "buy" rating and set a $80.00 target price on shares of Corcept Therapeutics in a research report on Thursday, October 31st. Finally, Sandler O'Neill reissued a "buy" rating on shares of Corcept Therapeutics in a research report on Friday, October 18th. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has an average rating of "Buy" and an average price target of $65.25.

Corcept Therapeutics Stock Up 2.8 %

Shares of NASDAQ:CORT traded up $1.46 during trading hours on Thursday, hitting $53.63. The company's stock had a trading volume of 461,521 shares, compared to its average volume of 1,149,748. The firm's fifty day moving average price is $54.15 and its 200 day moving average price is $42.35. Corcept Therapeutics Incorporated has a 52 week low of $20.84 and a 52 week high of $62.22. The company has a market capitalization of $5.62 billion, a price-to-earnings ratio of 42.56 and a beta of 0.51. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.70 and a quick ratio of 3.64.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last issued its quarterly earnings data on Wednesday, October 30th. The biotechnology company reported $0.41 EPS for the quarter, topping analysts' consensus estimates of $0.27 by $0.14. The company had revenue of $182.55 million during the quarter, compared to the consensus estimate of $171.97 million. Corcept Therapeutics had a net margin of 22.35% and a return on equity of 24.54%. Corcept Therapeutics's revenue for the quarter was up 47.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.28 earnings per share. As a group, research analysts expect that Corcept Therapeutics Incorporated will post 1.35 EPS for the current year.

Insider Activity at Corcept Therapeutics

In other Corcept Therapeutics news, insider Joseph Douglas Lyon sold 1,411 shares of the firm's stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $56.72, for a total value of $80,031.92. Following the completion of the sale, the insider now owns 8,494 shares of the company's stock, valued at approximately $481,779.68. This trade represents a 14.25 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider William Guyer sold 3,394 shares of the company's stock in a transaction dated Monday, November 4th. The shares were sold at an average price of $48.97, for a total transaction of $166,204.18. Following the transaction, the insider now owns 5,796 shares in the company, valued at approximately $283,830.12. This trade represents a 36.93 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 26,811 shares of company stock valued at $1,341,360 over the last quarter. 20.50% of the stock is owned by corporate insiders.

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.