Principal Financial Group Inc. Has $18.35 Million Holdings in Corcept Therapeutics Incorporated $CORT

Key Points

• Principal Financial Group increased its Corcept Therapeutics stake by 2.5% in the first quarter, holding 455,248 shares valued at about $18.35 million.
• Several other hedge funds also added to positions, and overall institutional investors own 93.61% of Corcept’s shares, showing strong Wall Street ownership interest.
• Insiders have been selling stock, with directors and executives unloading shares worth over $22 million in the past 90 days, even as the stock has climbed to around $90.88 near its 52-week high.

Principal Financial Group Inc. boosted its holdings in Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) by 2.5% during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 455,248 shares of the biotechnology company's stock after acquiring an additional 11,156 shares during the quarter. Principal Financial Group Inc. owned 0.42% of Corcept Therapeutics worth $18,351,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Fifth Third Bancorp raised its position in Corcept Therapeutics by 881.6% in the 1st quarter. Fifth Third Bancorp now owns 37,242 shares of the biotechnology company's stock valued at $1,501,000 after buying an additional 33,448 shares during the last quarter. Hsbc Holdings PLC purchased a new position in Corcept Therapeutics during the 1st quarter worth $265,000. Whittier Trust Co. boosted its holdings in Corcept Therapeutics by 1,243.8% during the 1st quarter. Whittier Trust Co. now owns 5,402 shares of the biotechnology company's stock worth $221,000 after acquiring an additional 5,000 shares during the last quarter. Simplify Asset Management Inc. bought a new stake in shares of Corcept Therapeutics in the 1st quarter worth $1,522,000. Finally, Patten Group Inc. purchased a new stake in shares of Corcept Therapeutics in the first quarter valued at about $519,000. Institutional investors and hedge funds own 93.61% of the company's stock.

Insiders Place Their Bets

In other news, Director David L. Mahoney sold 20,000 shares of the stock in a transaction on Wednesday, June 17th. The stock was sold at an average price of $84.53, for a total transaction of $1,690,600.00. Following the completion of the transaction, the director owned 26,147 shares in the company, valued at approximately $2,210,205.91. This represents a 43.34% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Sean Maduck sold 25,000 shares of Corcept Therapeutics stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $88.35, for a total value of $2,208,750.00. Following the completion of the sale, the insider directly owned 9,755 shares of the company's stock, valued at approximately $861,854.25. This trade represents a 71.93% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 300,000 shares of company stock valued at $22,088,050. Company insiders own 20.70% of the company's stock.

Corcept Therapeutics Stock Performance

NASDAQ CORT opened at $90.88 on Thursday. The company has a market capitalization of $9.76 billion, a PE ratio of 259.66 and a beta of 0.47. Corcept Therapeutics Incorporated has a 52-week low of $28.66 and a 52-week high of $95.79. The company has a 50-day simple moving average of $78.85 and a 200 day simple moving average of $53.77.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last issued its quarterly earnings results on Thursday, April 30th. The biotechnology company reported ($0.30) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.11) by ($0.19). The company had revenue of $164.90 million for the quarter, compared to analysts' expectations of $185.83 million. Corcept Therapeutics had a return on equity of 7.40% and a net margin of 6.14%.The company's revenue for the quarter was up 4.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.17 EPS. As a group, analysts forecast that Corcept Therapeutics Incorporated will post 0.53 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. Weiss Ratings reaffirmed a "hold (c-)" rating on shares of Corcept Therapeutics in a research report on Wednesday, June 24th. Wolfe Research raised shares of Corcept Therapeutics from an "underperform" rating to a "peer perform" rating in a research report on Thursday, March 26th. Zacks Research upgraded Corcept Therapeutics from a "strong sell" rating to a "hold" rating in a research note on Monday, May 4th. UBS Group set a $135.00 target price on Corcept Therapeutics in a report on Thursday, May 28th. Finally, Piper Sandler increased their price target on Corcept Therapeutics from $73.00 to $88.00 and gave the company an "overweight" rating in a research report on Friday, May 1st. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, Corcept Therapeutics presently has a consensus rating of "Moderate Buy" and an average target price of $88.83.

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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