It has been about a month since the last earnings report for Corcept Therapeutics (
CORT Quick Quote CORT - Free Report) . Shares have added about 9.6% in that time frame, outperforming the S&P 500.
Will the recent positive trend continue leading up to its next earnings release, or is Corcept due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important drivers.
Corcept’s Q4 Earnings and Revenues Miss Estimates
Corcept Therapeutics’ fourth-quarter 2022 earnings were 14 cents per share, which missed the Zacks Consensus Estimate of 23 cents. In the year-ago quarter, the company reported earnings of 26 cents per share.
Revenues increased 4.35% year over year to $103.1 million. Corcept’s top line comprised sales of the Cushing’s syndrome drug, Korlym. The revenues, however, missed the Zacks Consensus Estimate of $104 million.
In the reported quarter, research and development expenses increased to $36.7 million from $28.5 million in the year-ago period.
Selling, general and administrative expenses totaled $42.3 million, up from $32.3 million in the year-ago quarter.
Corcept generated revenues of $401.9 million in 2022, up 9.8% year over year.
The company reported full-year 2022 earnings of 87 cents per share compared with 89 cents in 2021.
Cash and investments as of Dec 31, 2022, were $436.6 million compared with $401.2 million as of Sep 30, 2022.
The company expects total revenues in the $430-$450 million range.
How Have Estimates Been Moving Since Then?
It turns out, estimates revision have trended downward during the past month.
The consensus estimate has shifted -17.86% due to these changes.
At this time, Corcept has a subpar Growth Score of D, a grade with the same score on the momentum front. Charting a somewhat similar path, the stock was allocated a grade of C on the value side, putting it in the middle 20% for this investment strategy.
Overall, the stock has an aggregate VGM Score of D. If you aren't focused on one strategy, this score is the one you should be interested in.
Estimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Notably, Corcept has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.
Performance of an Industry Player
Corcept belongs to the Zacks Medical - Drugs industry. Another stock from the same industry, Theravance Biopharma (
TBPH Quick Quote TBPH - Free Report) , has gained 6.8% over the past month. More than a month has passed since the company reported results for the quarter ended December 2022.
Theravance Bio reported revenues of $14.65 million in the last reported quarter, representing a year-over-year change of -2%. EPS of -$0.21 for the same period compares with -$0.43 a year ago.
For the current quarter, Theravance Bio is expected to post a loss of $0.27 per share, indicating a change of -12.5% from the year-ago quarter. The Zacks Consensus Estimate has changed +6.9% over the last 30 days.
Theravance Bio has a Zacks Rank #3 (Hold) based on the overall direction and magnitude of estimate revisions. Additionally, the stock has a VGM Score of F.