Principal Financial Group Inc. Increases Stock Position in Corcept Therapeutics Incorporated (NASDAQ:CORT)

Principal Financial Group Inc. grew its holdings in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) by 2.5% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 530,460 shares of the biotechnology company's stock after buying an additional 13,128 shares during the period. Principal Financial Group Inc. owned 0.50% of Corcept Therapeutics worth $60,589,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Norges Bank purchased a new stake in Corcept Therapeutics in the fourth quarter worth $42,055,000. GAMMA Investing LLC lifted its stake in Corcept Therapeutics by 12,888.9% in the first quarter. GAMMA Investing LLC now owns 389,148 shares of the biotechnology company's stock worth $44,448,000 after acquiring an additional 386,152 shares during the period. Raymond James Financial Inc. purchased a new stake in Corcept Therapeutics in the fourth quarter worth $12,084,000. Jacobs Levy Equity Management Inc. lifted its stake in Corcept Therapeutics by 12.5% in the fourth quarter. Jacobs Levy Equity Management Inc. now owns 1,376,881 shares of the biotechnology company's stock worth $69,381,000 after acquiring an additional 153,100 shares during the period. Finally, Parallel Advisors LLC lifted its stake in Corcept Therapeutics by 3.7% in the first quarter. Parallel Advisors LLC now owns 3,972,416 shares of the biotechnology company's stock worth $453,729,000 after acquiring an additional 142,784 shares during the period. 93.61% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, insider Joseph Douglas Lyon sold 5,000 shares of Corcept Therapeutics stock in a transaction that occurred on Monday, June 2nd. The shares were sold at an average price of $78.04, for a total transaction of $390,200.00. Following the completion of the transaction, the insider directly owned 9,009 shares in the company, valued at approximately $703,062.36. This trade represents a 35.69% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director David L. Mahoney sold 27,352 shares of the business's stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $74.23, for a total transaction of $2,030,338.96. The disclosure for this sale can be found here. In the last ninety days, insiders sold 225,233 shares of company stock valued at $17,014,551. 20.50% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several analysts have weighed in on CORT shares. Piper Sandler lifted their price objective on Corcept Therapeutics from $128.00 to $131.00 and gave the company an "overweight" rating in a research report on Thursday, April 3rd. Wall Street Zen cut Corcept Therapeutics from a "buy" rating to a "hold" rating in a research report on Wednesday, May 14th. HC Wainwright cut their price objective on Corcept Therapeutics from $150.00 to $145.00 and set a "buy" rating on the stock in a research report on Tuesday, May 6th. Canaccord Genuity Group lifted their price objective on Corcept Therapeutics from $130.00 to $142.00 and gave the company a "buy" rating in a research report on Tuesday, April 1st. Finally, Truist Financial set a $135.00 price objective on Corcept Therapeutics in a research report on Tuesday, May 6th. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, Corcept Therapeutics presently has a consensus rating of "Moderate Buy" and an average target price of $138.25.

Corcept Therapeutics Stock Down 5.3%

Shares of CORT stock traded down $3.80 during trading hours on Monday, hitting $68.47. 333,569 shares of the company's stock traded hands, compared to its average volume of 1,438,196. The stock's fifty day simple moving average is $72.87 and its two-hundred day simple moving average is $65.97. Corcept Therapeutics Incorporated has a 12-month low of $29.42 and a 12-month high of $117.33. The stock has a market cap of $7.26 billion, a price-to-earnings ratio of 59.07 and a beta of 0.15.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last released its earnings results on Monday, May 5th. The biotechnology company reported $0.17 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.17. Corcept Therapeutics had a net margin of 19.33% and a return on equity of 20.40%. The firm had revenue of $157.21 million during the quarter, compared to analyst estimates of $177.93 million. During the same period last year, the business earned $0.25 earnings per share. The business's revenue was up 7.1% on a year-over-year basis. On average, equities analysts forecast that Corcept Therapeutics Incorporated will post 1.36 earnings per share for the current fiscal year.

Corcept Therapeutics Company 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.