We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Corcept (CORT) Q3 Earnings In Line, Revenues Miss Estimates
Read MoreHide Full Article
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.
Pipeline Update
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 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.
2018 Guidance
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.
Corcept Therapeutics Incorporated Price, Consensus and EPS Surprise
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%.
Looking for Stocks with Skyrocketing Upside?
Zacks has just released a Special Report on the booming investment opportunities of legal marijuana.
Ignited by new referendums and legislation, this industry is expected to blast from an already robust $6.7 billion to $20.2 billion in 2021. Early investors stand to make a killing, but you have to be ready to act and know just where to look.
Image: Bigstock
Corcept (CORT) Q3 Earnings In Line, Revenues Miss Estimates
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.
Pipeline Update
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 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.
2018 Guidance
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.
Corcept Therapeutics Incorporated Price, Consensus and EPS Surprise
Corcept Therapeutics Incorporated Price, Consensus and EPS Surprise | Corcept Therapeutics Incorporated Quote
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%.
Looking for Stocks with Skyrocketing Upside?
Zacks has just released a Special Report on the booming investment opportunities of legal marijuana.
Ignited by new referendums and legislation, this industry is expected to blast from an already robust $6.7 billion to $20.2 billion in 2021. Early investors stand to make a killing, but you have to be ready to act and know just where to look.
See the pot trades we're targeting>>