Principal Financial Group Inc. Buys 13,128 Shares of Corcept Therapeutics Incorporated (NASDAQ:CORT)

Principal Financial Group Inc. increased its position in Corcept Therapeutics Incorporated (NASDAQ:CORT - Free Report) by 2.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 530,460 shares of the biotechnology company's stock after purchasing an additional 13,128 shares during the quarter. Principal Financial Group Inc. owned approximately 0.50% of Corcept Therapeutics worth $60,589,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Public Employees Retirement System of Ohio grew its position in shares of Corcept Therapeutics by 269.9% during the 4th quarter. Public Employees Retirement System of Ohio now owns 2,859 shares of the biotechnology company's stock worth $144,000 after buying an additional 2,086 shares during the period. HighTower Advisors LLC grew its position in shares of Corcept Therapeutics by 30.7% during the 4th quarter. HighTower Advisors LLC now owns 93,677 shares of the biotechnology company's stock worth $4,720,000 after buying an additional 22,011 shares during the period. Sumitomo Mitsui Trust Group Inc. acquired a new position in shares of Corcept Therapeutics during the 1st quarter worth about $331,000. JPMorgan Chase & Co. grew its position in shares of Corcept Therapeutics by 2.7% during the 4th quarter. JPMorgan Chase & Co. now owns 259,902 shares of the biotechnology company's stock worth $13,096,000 after buying an additional 6,832 shares during the period. Finally, Raymond James Financial Inc. acquired a new position in shares of Corcept Therapeutics during the 4th quarter worth about $12,084,000. 93.61% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

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

Corcept Therapeutics Stock Down 6.5%

Shares of CORT stock traded down $4.73 during trading on Monday, reaching $67.54. 1,904,979 shares of the company's stock were exchanged, compared to its average volume of 1,183,424. The stock has a market capitalization of $7.16 billion, a PE ratio of 58.22 and a beta of 0.15. Corcept Therapeutics Incorporated has a twelve month low of $29.42 and a twelve month high of $117.33. The firm's fifty day moving average price is $72.80 and its 200-day moving average price is $66.08.

Corcept Therapeutics (NASDAQ:CORT - Get Free Report) last issued its quarterly earnings data on Monday, May 5th. The biotechnology company reported $0.17 EPS for the quarter, meeting analysts' consensus estimates of $0.17. Corcept Therapeutics had a return on equity of 20.40% and a net margin of 19.33%. The firm had revenue of $157.21 million for the quarter, compared to analyst estimates of $177.93 million. During the same period in the prior year, the firm posted $0.25 EPS. The company's revenue for the quarter was up 7.1% on a year-over-year basis. As a group, analysts anticipate that Corcept Therapeutics Incorporated will post 1.36 EPS for the current fiscal year.

Insider Transactions at Corcept Therapeutics

In other Corcept Therapeutics news, insider Sean Maduck sold 26,554 shares of the company's stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $72.23, for a total value of $1,917,995.42. Following the transaction, the insider directly owned 85,622 shares of the company's stock, valued at $6,184,477.06. This represents a 23.67% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Joseph Douglas Lyon sold 5,000 shares of the company's stock in a transaction on Monday, June 2nd. The shares were sold at an average price of $78.04, for a total value 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 represents a 35.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 225,233 shares of company stock worth $17,014,551. 20.50% of the stock is currently owned by company insiders.

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.