Corcept Therapeutics Incorporated $CORT Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. trimmed its position in Corcept Therapeutics Incorporated (NASDAQ:CORT) by 2.6% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 521,500 shares of the biotechnology company’s stock after selling 13,949 shares during the period. Principal Financial Group Inc.’s holdings in Corcept Therapeutics were worth $43,342,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of CORT. Royal Bank of Canada boosted its position in Corcept Therapeutics by 18.9% during the first quarter. Royal Bank of Canada now owns 15,385 shares of the biotechnology company’s stock worth $1,757,000 after acquiring an additional 2,444 shares during the last quarter. Amundi acquired a new stake in shares of Corcept Therapeutics during the first quarter worth $450,000. NewEdge Advisors LLC purchased a new stake in shares of Corcept Therapeutics in the first quarter valued at $518,000. Truist Financial Corp grew its position in shares of Corcept Therapeutics by 23.6% in the second quarter. Truist Financial Corp now owns 3,309 shares of the biotechnology company’s stock valued at $243,000 after purchasing an additional 631 shares during the period. Finally, Louisiana State Employees Retirement System increased its stake in Corcept Therapeutics by 0.5% in the second quarter. Louisiana State Employees Retirement System now owns 44,100 shares of the biotechnology company’s stock valued at $3,237,000 after purchasing an additional 200 shares during the last quarter. 93.61% of the stock is currently owned by hedge funds and other institutional investors.

Corcept Therapeutics News Summary

Here are the key news stories impacting Corcept Therapeutics this week:

• Neutral Sentiment: Short?interest data published for early February appears anomalous (shows zero/NaN), so there’s no clear evidence that a coordinated short squeeze or large new short position is driving today’s move. This reporting irregularity means short interest likely isn’t a confirmed catalyst.
• Negative Sentiment: Media reporting (cited by Hagens Berman) says the FDA “warned the company ‘on several occasions’ not to submit” the relacorilant drug application — that Reuters/AP coverage previously caused a ~17% intraday drop and is the primary fundamental catalyst for the selloff. Corcept shares fall amid FDA warning report AP: FDA warned several times
• Negative Sentiment: Multiple securities?fraud law firms have launched investigations into Corcept’s disclosures (Glancy Prongay Wolke & Rotter; Bragar Eagel & Squire; Levi & Korsinsky; Pomerantz; Frank R. Cruz), which raises the risk of litigation, regulatory scrutiny and incremental headline risk that can further pressure the stock. Representative notices: Glancy investigation notice Bragar investigation alert Levi & Korsinsky notice Pomerantz investigation Frank R. Cruz notice

Insider Buying and Selling at Corcept Therapeutics

In other Corcept Therapeutics news, insider Sean Maduck sold 20,000 shares of the firm’s stock in a transaction dated Monday, December 1st. The stock was sold at an average price of $79.52, for a total value of $1,590,400.00. Following the transaction, the insider directly owned 7,904 shares of the company’s stock, valued at $628,526.08. This trade represents a 71.67% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Joseph Douglas Lyon sold 5,000 shares of the business’s stock in a transaction dated Monday, December 1st. The stock was sold at an average price of $79.53, for a total value of $397,650.00. Following the transaction, the insider owned 10,277 shares in the company, valued at approximately $817,329.81. This represents a 32.73% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 109,500 shares of company stock valued at $7,848,100 in the last quarter. Company insiders own 20.80% of the company’s stock.

Corcept Therapeutics Trading Down 1.4%

NASDAQ CORT opened at $40.13 on Thursday. The firm has a market capitalization of $4.22 billion, a price-to-earnings ratio of 45.60 and a beta of 0.25. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.07 and a current ratio of 3.14. Corcept Therapeutics Incorporated has a one year low of $32.99 and a one year high of $117.33. The company’s 50 day moving average price is $59.79 and its 200 day moving average price is $69.49.

Corcept Therapeutics (NASDAQ:CORT) last released its quarterly earnings data on Tuesday, November 4th. The biotechnology company reported $0.16 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.18 by ($0.02). Corcept Therapeutics had a return on equity of 15.99% and a net margin of 14.19%.The business had revenue of $207.64 million during the quarter, compared to analyst estimates of $223.78 million. During the same period in the previous year, the company earned $0.41 EPS. Corcept Therapeutics’s revenue was up 13.8% on a year-over-year basis. On average, sell-side analysts predict that Corcept Therapeutics Incorporated will post 1.36 EPS for the current year.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on CORT. Weiss Ratings reissued a “hold (c)” rating on shares of Corcept Therapeutics in a research note on Monday, December 29th. Wall Street Zen cut shares of Corcept Therapeutics from a “buy” rating to a “hold” rating in a research report on Saturday, October 18th. Canaccord Genuity Group boosted their target price on shares of Corcept Therapeutics from $99.00 to $100.00 and gave the company a “buy” rating in a report on Friday, January 23rd. Zacks Research lowered shares of Corcept Therapeutics from a “hold” rating to a “strong sell” rating in a research report on Tuesday, January 13th. Finally, UBS Group started coverage on shares of Corcept Therapeutics in a report on Tuesday, December 16th. They issued a “neutral” rating and a $95.00 price target on the stock. Four equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, Corcept Therapeutics currently has an average rating of “Hold” and a consensus target price of $83.50.

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.