Please try another search
Corcept Therapeutics (NASDAQ:CORT) Incorporated CORT reported first-quarter 2020 earnings of 25 cents per share, surpassing the Zacks Consensus Estimate of 21 cents and also improving from the year ago quarter’s 15 cents.
Taking into account the impact of stock-based compensation and utilization of deferred tax assets, adjusted earnings came in at 34 cents per share compared with 20 cents in the year-ago quarter.
Revenues in the reported quarter surged 44% from the prior-year period to $93.2 million, primarily backed by higher sales and the strong uptake of Corcept’s Cushing’s syndrome drug, Korlym. Sales also beat the Zacks Consensus Estimate of $87 million.
Research and development expenses increased 29.2% to $26.1 million. Selling, general and administrative expenses also escalated 13.1% to $27.5 million.
Shares of Corcept have inched up 4.9% so far this year against the industry’s decrease of 13%.
2020 Guidance
Corcept reiterated its 2020 revenue guidance. The company expects total revenues in the range of $355-375 million.
Pipeline Update
Corcept’s lead candidate relacorilant is being evaluated in the phase III GRACE study to treat Cushing’s syndrome. Dosing is currently underway in the above-mentioned study at sites across the United States, Israel and Europe. The company plans to submit a new drug application for relacorilant in the second quarter of 2022.
Corcept plans to start a phase III study, GRADIENT, on relacorilant in the second quarter of 2020 in patients whose Cushing’s syndrome is caused by adrenal adenoma.
Meanwhile, Corcept’s phase II study on relacorilant plus Celgene (NASDAQ:CELG)'s [now part of Bristol Myers BMY] Abraxane (nab-paclitaxel) to treat metastatic ovarian cancer is actively enrolling patients at sites in the United States and Europe, and is on track to produce results in first-half 2021.
Corcept plans to start the phase III study of relacorilant plus Abraxane to treat patients with metastatic pancreatic cancer in second-quarter 2020.
The company also expects to begin a phase Ib study on relacorilant plus Merck’s MRK PD-1 checkpoint inhibitor, Keytruda (pembrolizumab), to treat patients with metastatic or unresectable adrenal cancer in the third quarter of 2020.
Corcept Therapeutics Incorporated Price, Consensus and EPS Surprise
Zacks Rank and Another Key Pick
Corcept currently sports a Zacks Rank #1 (Strong Buy). Another top-ranked stock in the same sector is Avenue Therapeutics (NASDAQ:ATXI), Inc. ATXI, which flaunting the same Zacks Rank as Corcept. You can see the complete list of today’s Zacks #1 Rank stocks here.
Avenue Therapeutics’ loss per share estimates have been narrowed 28.6% for 2020 and 26% for 2021 over the past 60 days.
Breakout Biotech Stocks with Triple-Digit Profit Potential
The biotech sector is projected to surge beyond $775 billion by 2024 as scientists develop treatments for thousands of diseases. They’re also finding ways to edit the human genome to literally erase our vulnerability to these diseases.
Zacks has just released Century of Biology: 7 Biotech Stocks to Buy Right Now to help investors profit from 7 stocks poised for outperformance. Our recent biotech recommendations have produced gains of +50%, +83% and +164% in as little as 2 months. The stocks in this report could perform even better.
See these 7 breakthrough stocks now>>
If you had been following the S&P 500 closely this past week, it likely would have left you scratching your head if you were trying to align the news with the market action. For...
The Russell 2000 (IWM) has been defending its 50-day MA over the early part of 2024, but the last few days have seen a shift in this support with 'sell' triggers in the MACD and...
Consumer instinct is a wonderful attribute to have and is generally talked about when considering stocks to buy.What Is the “Consumer Instinct”? “Peter Lynch is one of the most...
Are you sure you want to block %USER_NAME%?
By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.
%USER_NAME% was successfully added to your Block List
Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.
I feel that this comment is:
Thank You!
Your report has been sent to our moderators for review
Add a Comment
We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
Enrich the conversation, don’t trash it.
Stay focused and on track. Only post material that’s relevant to the topic being discussed.
Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.