Corcept Therapeutics Incorporated ( CORT Quick Quote CORT - Free Report) reported earnings of 20 cents per share for first-quarter 2022, missing the Zacks Consensus Estimate of 23 cents. In the year-ago quarter, the company had reported earnings of 18 cents per share.
Revenues in the first quarter increased 18% year over year to $93.7 million. Corcept’s top line comprises sales of the Cushing’s syndrome drug, Korlym. Sales, however, missed the Zacks Consensus Estimate of $99 million.
In the first quarter of 2022, research and development expenses decreased 3.1% to $28.1 million. Selling, general and administrative expenses increased 27.2% to $37.5 million.
Shares of Corcept have increased 7.6% in the year so far against the
industry’s decrease of 19.7%. Image Source: Zacks Investment Research 2022 Guidance
Corcept reiterated the guidance it had provided earlier this year. The company continues to expect total revenues in the range of $400-$430 million in 2022. The Zacks Consensus Estimate for the same stands at $415.1 million.
Corcept’s lead pipeline candidate, relacorilant, is being evaluated in phase III of the GRACE study to treat Cushing’s syndrome. Enrollment is currently underway in said study. A new drug application for relacorilant is expected to be submitted in the second half of 2023, which was earlier expected in second-quarter 2023.
Relacorilant is also being investigated in phase III of the GRADIENT study in patients whose Cushing’s syndrome is caused by adrenal adenoma. Enrollment in this study is ongoing.
Enrollment is also currently ongoing in the phase Ib study evaluating relacorilant in combination with
Merck’s ( MRK Quick Quote MRK - Free Report) PD-1 checkpoint inhibitor, Keytruda (pembrolizumab), for treating patients suffering from adrenal cancer along with cortisol excess.
Merck’s biggest revenue generator, Keytruda, is approved for treating several types of cancer indications. MRK continues to study Keytruda for addressing more cancer indications.
Corcept is also evaluating relacorilant in combination studies for treating solid tumors. The company plans to begin a phase III study to evaluate relacorilant for the treatment of recurrent platinum-resistant ovarian cancerlater in the second quarter of 2022.
Corcept’s other pipeline candidates, exicorilant and miricorilant, are also progressing well.
The company is conducting a dose-finding study on exicorilant or relacorilant in combination with Pfizer’s Xtandi (enzalutamide) for treating patients with metastatic castration-resistant prostate cancer.
Corcept is currently enrolling patients in the phase II GRATITUDE study on miricorilant for treating the reversal of antipsychotic-induced weight gain (“AIWG”). The company has also completed enrollment in the phase II GRATITUDE 2 study of miricorilant to reverse the long-standing AIWG. Data from both studies are expected in the fourth quarter 2022.
The company is also conducting a phase Ib dose-finding study to investigate miricorilant in patients with presumed non-alcoholic steatohepatitis.
Zacks Rank & Stocks to Consider
Corcept currently carries a Zacks Rank #3 (Hold). Better-ranked stocks in the same sector are
Corbus Pharmaceuticals Holdings, Inc. ( CRBP Quick Quote CRBP - Free Report) and Soleno Therapeutics, Inc. ( SLNO Quick Quote SLNO - Free Report) , both sporting a Zacks Rank #2 (Buy) at present. You can see . the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here
Corbus Pharmaceuticals’ loss per share estimates have narrowed 19.4% for 2022 and 16.2% for 2023 over the past 60 days.
Earnings of Corbus Pharmaceuticals have surpassed estimates in three of the trailing four quarters and missed the same on the other occasion. CRBP delivered an average four-quarter surprise of 23.07%.
Soleno Therapeutics’ loss per share estimates have narrowed 9.1% for 2022 and 25.9% for 2023 over the past 60 days.
Earnings of Soleno Therapeutics have surpassed estimates in one of the trailing four quarters, met the same once and missed on the other two occasions. SLNO delivered an average four-quarter surprise of -60.23%.