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

Principal Financial Group Inc. lessened its stake in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT) by 4.0% in the third quarter, Holdings Channel reports. The institutional investor owned 495,658 shares of the biotechnology company’s stock after selling 20,770 shares during the quarter. Principal Financial Group Inc.’s holdings in Corcept Therapeutics were worth $22,939,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of CORT. Franklin Resources Inc. increased its holdings in Corcept Therapeutics by 1.0% during the 3rd quarter. Franklin Resources Inc. now owns 242,791 shares of the biotechnology company’s stock worth $10,998,000 after acquiring an additional 2,475 shares during the period. World Investment Advisors LLC purchased a new position in shares of Corcept Therapeutics during the 3rd quarter valued at $503,000. Geode Capital Management LLC increased its holdings in shares of Corcept Therapeutics by 4.4% in the third quarter. Geode Capital Management LLC now owns 2,378,758 shares of the biotechnology company’s stock worth $110,108,000 after purchasing an additional 99,470 shares during the period. Executive Wealth Management LLC purchased a new stake in shares of Corcept Therapeutics in the third quarter worth $2,804,000. Finally, Tanaka Capital Management Inc. boosted its stake in Corcept Therapeutics by 11.8% during the third quarter. Tanaka Capital Management Inc. now owns 112,136 shares of the biotechnology company’s stock valued at $5,190,000 after buying an additional 11,860 shares during the period. 93.61% of the stock is currently owned by institutional investors.

Insider Activity

In related news, Director Daniel N. Swisher, Jr. sold 2,200 shares of the company’s stock in a transaction on Tuesday, December 10th. The shares were sold at an average price of $59.46, for a total transaction of $130,812.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Gary Charles Robb sold 11,000 shares of the firm’s stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $46.28, for a total transaction of $509,080.00. Following the completion of the sale, the insider now directly owns 22,772 shares in the company, valued at approximately $1,053,888.16. This trade represents a 32.57 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 26,811 shares of company stock valued at $1,341,360. Insiders own 20.50% of the company’s stock.

Corcept Therapeutics Trading Up 2.5 %

Shares of CORT opened at $52.17 on Thursday. Corcept Therapeutics Incorporated has a fifty-two week low of $20.84 and a fifty-two week high of $62.22. The firm has a market cap of $5.47 billion, a price-to-earnings ratio of 41.41 and a beta of 0.51. The firm has a 50 day moving average price of $54.05 and a 200-day moving average price of $42.28. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.64 and a current ratio of 3.70.

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

Wall Street Analysts Forecast Growth

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

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.