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

Principal Financial Group Inc. trimmed its position in shares of Corcept Therapeutics Incorporated (NASDAQ:CORT – Get Rating) by 1.8% in the 4th quarter, Holdings Channel reports. The institutional investor owned 600,851 shares of the biotechnology company’s stock after selling 10,864 shares during the quarter. Principal Financial Group Inc.’s holdings in Corcept Therapeutics were worth $12,203,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the company. JPMorgan Chase & Co. boosted its stake in shares of Corcept Therapeutics by 2.4% during the first quarter. JPMorgan Chase & Co. now owns 216,081 shares of the biotechnology company’s stock valued at $4,866,000 after purchasing an additional 5,036 shares during the period. American Century Companies Inc. boosted its stake in shares of Corcept Therapeutics by 8.2% during the first quarter. American Century Companies Inc. now owns 88,553 shares of the biotechnology company’s stock valued at $1,994,000 after purchasing an additional 6,684 shares during the period. Citigroup Inc. boosted its stake in shares of Corcept Therapeutics by 15.0% during the first quarter. Citigroup Inc. now owns 103,241 shares of the biotechnology company’s stock valued at $2,325,000 after purchasing an additional 13,488 shares during the period. Natixis Advisors L.P. boosted its stake in shares of Corcept Therapeutics by 56.7% during the first quarter. Natixis Advisors L.P. now owns 18,581 shares of the biotechnology company’s stock valued at $418,000 after purchasing an additional 6,726 shares during the period. Finally, Acadian Asset Management LLC boosted its stake in shares of Corcept Therapeutics by 3.3% during the first quarter. Acadian Asset Management LLC now owns 31,845 shares of the biotechnology company’s stock valued at $716,000 after purchasing an additional 1,032 shares during the period. 80.08% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

CORT has been the subject of a number of research reports. StockNews.com initiated coverage on shares of Corcept Therapeutics in a research note on Thursday, May 18th. They issued a “buy” rating for the company. Piper Sandler initiated coverage on shares of Corcept Therapeutics in a research note on Tuesday, April 4th. They issued an “overweight” rating and a $27.00 price objective for the company. SVB Securities began coverage on shares of Corcept Therapeutics in a research note on Tuesday, April 11th. They issued a “market perform” rating and a $25.00 price objective for the company. Jefferies Financial Group downgraded shares of Corcept Therapeutics from a “buy” rating to a “hold” rating and reduced their target price for the stock from $35.00 to $22.00 in a report on Wednesday, February 15th. Finally, HC Wainwright reiterated a “buy” rating and issued a $30.00 target price on shares of Corcept Therapeutics in a report on Wednesday, March 1st. Four equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $27.29.

Insider Activity at Corcept Therapeutics

In related news, insider Gary Charles Robb sold 30,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 9th. The stock was sold at an average price of $23.87, for a total value of $716,100.00. Following the sale, the insider now owns 33,997 shares in the company, valued at $811,508.39. The sale was disclosed in a legal filing with the SEC, which is available through this link. 19.80% of the stock is owned by insiders.

Corcept Therapeutics Stock Down 0.7 %

CORT opened at $24.52 on Friday. Corcept Therapeutics Incorporated has a 52-week low of $17.86 and a 52-week high of $30.14. The company has a market cap of $2.49 billion, a P/E ratio of 29.90 and a beta of 0.50. The firm’s 50-day moving average price is $22.72 and its 200-day moving average price is $22.64.

Corcept Therapeutics (NASDAQ:CORT – Get Rating) last posted its quarterly earnings data on Wednesday, May 3rd. The biotechnology company reported $0.14 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.20 by ($0.06). Corcept Therapeutics had a net margin of 22.79% and a return on equity of 19.37%. The company had revenue of $105.70 million for the quarter, compared to analyst estimates of $104.91 million. During the same quarter last year, the company earned $0.20 EPS. The business’s revenue was up 12.8% compared to the same quarter last year. On average, research analysts anticipate that Corcept Therapeutics Incorporated will post 0.66 EPS for the current fiscal year.

Corcept Therapeutics Profile

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Corcept Therapeutics, Inc is a commercial-stage pharmaceutical company, which engages in the discovery, development and commercialization of medications to treat severe metabolic, oncologic and psychiatric disorders. It focuses on the development of drugs for disorders that are associated with a steroid hormone called cortisol.