Corcept Therapeutics Incorporated ( CORT Quick Quote CORT - Free Report) reported third-quarter 2020 earnings of 17 cents per share, missing the Zacks Consensus Estimate of 21 cents and also decreasing from the year ago quarter’s 22 cents.
Further, taking into account the impact of stock-based compensation and utilization of deferred tax assets, adjusted earnings came in at 24 cents per share in the reported quarter compared with 31 cents a year ago.
Revenues in the third quarter improved 6% year over year to $86.3 million, mostly owing to higher sales and a strong uptake of Corcept’s Cushing’s syndrome drug Korlym. However, sales missed the Zacks Consensus Estimate of $90 million and also declined sequentially.
Research and development expenses escalated 48.6% to $33.9 million. Selling, general and administrative expenses also increased 9.5% to $26.5 million.
Corcept tightened its full-year revenue guidance. The company now expects total revenues in the range of $355-$365 million compared with the earlier projection of $355-$375 million. This might have hurt investors’ sentiments as the stock fell 4.5% in after-hours trading following the earnings release on Tuesday.
However, shares of Corcept have rallied 47.1% so far this year against the
industry’s decrease of 10%. Pipeline Updates
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. Based on the results from this study, the company plans to submit a new drug application for relacorilant in the second quarter of 2022.
The company is also currently enrolling in the phase III study GRADIENT for evaluating relacorilant in patients whose Cushing’s syndrome is caused by adrenal adenoma at sites across the United States, Europe and Israel.
In July 2020, Corcept recruited the first patient in the phase III RELIANT study, which is evaluating relacorilant in combination with Celgene's [now part of
Bristol Myers ( BMY Quick Quote BMY - Free Report) ] Abraxane (nab-paclitaxel) to treat patients with metastatic pancreatic cancer. Data from the first set of 40 patients is expected to be announced in the first half of next year.
During the quarter, the company initiated a phase Ib study on relacorilant plus
Merck’s ( MRK Quick Quote MRK - Free Report) PD-1 checkpoint inhibitor Keytruda (pembrolizumab) to address patients with metastatic or unresectable adrenal cancer. Zacks Rank and Key Pick
Corcept currently has a Zacks Rank #3 (Hold). A better-ranked stock in the same sector is
Endo International plc ( ENDP Quick Quote ENDP - Free Report) , carrying a Zacks Rank #2 (Buy) at present. You can see . the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here
Endo’s earnings estimates have moved 0.9% north for 2020 and 2.4% for 2021 over the past 60 days.
Zacks’ Single Best Pick to Double
From thousands of stocks, 5 Zacks experts each picked their favorite to gain +100% or more in months to come. From those 5, Zacks Director of Research, Sheraz Mian hand-picks one to have the most explosive upside of all.
With users in 180 countries and soaring revenues, it’s set to thrive on remote working long after the pandemic ends. No wonder it recently offered a stunning $600 million stock buy-back plan. The sky’s the limit for this emerging tech giant. And the earlier you get in, the greater your potential gain.
Click Here, See It Free >>