Corcept Therapeutics Inc. (CORT - Free Report) reported adjusted third-quarter 2018 earnings of 22 cents per share, in line with the Zacks Consensus Estimate. However, the bottom line improved from the year-ago period’s figure of 14 cents on higher revenues.
Revenues recorded in the quarter under review soared 51% from the prior-year quarter’s level to $64.4 million but missed the Zacks Consensus Estimate of $67 million. However, shares of Corcept have lost 30.3% year to date, compared with the industry’s decline of 4.4%.
Research and development expenses skyrocketed 61.3% to $18.9 million. Likewise, selling, general and administrative expenses surged 29.4% to $21.3 million.
The company’s lead compound for metabolic disorders, CORT118335, was well-tolerated in its phase I study. The company plans to open placebo-controlled, phase II trials in bantipsychotic-induced weight gain and non-alcoholic steatohepatitis (NASH) in first quarter of 2019.
The phase III study of Corcept’s proprietary, selective cortisol modulator — relacorilant — is expected to enroll 130 patients at sites in the United States and Europe. The FDA designated relacorilant as an Orphan Drug for the treatment of Cushing’s syndrome.
In June, Corcept announced positive data from a phase I/II analysis on relacorilant in combination with Celgene's (CELG - Free Report) Abraxane (nab-paclitaxel) to treat patients with solid tumors. The data was presented at the 2018 American Society of Clinical Oncology (ASCO) Meeting in Chicago.
Findings from the study showed that four of the nine patients with pancreatic cancer and four of the seven with ovarian cancer exhibited durable disease control. By this year end, the company plans to begin a placebo-controlled, phase II trial on relacorilant combined with Abraxane to treat metastatic ovarian cancer. The FDA granted relacorilant Orphan Drug status for pancreatic cancer.
The company is dosing patients in its phaseI/II study of CORT125281, a combined regime with Pfizer’s (PFE - Free Report) Xtandi, to treat patients suffering from metastatic castration-resistant prostate cancer.
Corcept reiterated its revenue guidance to $250-270 million for 2018. The Zacks Consensus Estimate for full-year revenues is pegged at $261.54 million.
Zacks Rank & Stock to Consider
Corcept currently carries a Zacks Rank #3 (Hold).
A better-ranked stock worth considering is Bristol-Myers Squibb Company (BMY - Free Report) , sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Bristol-Myers’ earnings per share estimates have increased from $3.59 to $3.81 for 2018 and from $3.83 to $4.03 for 2019 over the past 60 days. The company delivered a positive earnings surprise in all of the trailing four quarters with an average beat of 11.99%.
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