Corcept Therapeutics Incorporated’s (CORT - Free Report) adjusted second-quarter 2017 earnings (including stock-based compensation expense) of 10 cents per share surpassed the Zacks Consensus Estimate of 8 cents. The reported figure also topped the year-ago adjusted earnings of 1 cent.
Revenues increased 80.3% from the year-ago quarter figure to $35.6 million which slightly missed the Zacks Consensus Estimate of $36 million. Revenues grew 29% on a sequential basis due to increased Korlym’s (Cushing’s syndrome) sales volume.
Corcept’s share price has increased 69.4% year to date, compared with the Zacks classified industry’s gain of 2.9%.
Research and development expenses shot up 38.9% to $7.9 million. Likewise, selling, general and administrative expenses were up 16.5% to $14.1 million. In fact, the increase in operating expenses was primarily owing to greater compensation expense and increase in spending on CORT125134, CORT118335, and CORT125281 along with other pharmacy costs.
Corcept continues to enroll patients for phase II study of CORT125134 for Cushing’s syndrome. The phase II results are expected in the first quarter of 2018. Going forward, the company is also planning an end-of-phase II meeting with the FDA and commencement of phase III study.
In late 2017, Corcept plans to open expansion cohorts in the study of CORT125134 with Celgene’s (CELG - Free Report) Abraxane in patients with solid-tumor cancers. The company stated that dose-ranging study of CORT125281 combined with Xtandi will be studied in healthy subjects in the third quarter and in patients with castration-resistant prostate cancer in the fourth quarter.
Additionally, Corcept plans to initiate phase I study in Aug 2017 for CORT118335, which shows promise as a treatment for metabolic disorders such as fatty liver disease and antipsychotic-induced weight gain.
Corcept raised its 2017 revenue guidance. The company now projects revenues to be in the range of $145 million to $155 million up from the previous guidance of $125 million to $135 million.
Corcept Therapeutics Incorporated Price, Consensus and EPS Surprise
Zacks Rank & Stocks to Consider
Corcept currently carries a Zacks Rank #3 (Hold). Better-ranked health care stocks in the same space include Exelixis, Inc. (EXEL - Free Report) and Enzo Biochem, Inc. (ENZ - Free Report) . While Exelixis sports a Zacks Rank #1 (Strong Buy), Enzo Biochem carries the Zacks Rank#2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here
Exelixis’ pulled off positive earnings surprises in all the trailing four quarters, with an average beat of 512.11%. The share price of the company has increased 77.5% year to date.
Enzo Biochem’s loss per share estimates narrowed from 12 cents to 7 cents for 2017 and from 11 cents to 3 cents for 2018, over the last 60 days. The company delivered positive earnings surprises in all the trailing four quarters, with an average beat of 55.83%. The share price of the company has increased 60.9% year to date.
More Stock News: Tech Opportunity Worth $386 Billion in 2017
From driverless cars to artificial intelligence, we've seen an unsurpassed growth of high-tech products in recent months. Yesterday's science-fiction is becoming today's reality. Despite all the innovation, there is a single component no tech company can survive without. Demand for this critical device will reach $387 billion this year alone, and it's likely to grow even faster in the future.
Zacks has released a brand-new Special Report to help you take advantage of this exciting investment opportunity. Most importantly, it reveals 4 stocks with massive profit potential. See these stocks now>>