Yahoo Finance Corcept (CORT) Shares Rise 20% in Three Months: Here's Why
Shares of Corcept Therapeutics Incorporated CORT have rallied 20% in the past three months against the industry’s decline of 4.9%.
The company has made steady progress with the development of its lead pipeline candidate, relacorilant, which is being evaluated in the phase III GRACE study for the treatment of Cushing’s syndrome, also known as hypercortisolism.
The GRACE study consists of two parts — the open-label portion and the randomized withdrawal phase. Last month, CORT announced that the GRACE study met the primary endpoint in the randomized withdrawal phase. Data from the same showed that patients who were treated with relacorilant experienced loss of blood pressure control, the study’s primary endpoint, versus placebo.
In April, the company announced data from the open-label phase of the GRACE study, which showed that treatment with relacorilant led to clinically meaningful and statistically significant improvements in hypertension, hyperglycemia as well as other symptoms.
Notably, the GRACE study meeting the primary endpoint is a significant step forward in the development path for relacorilant as a treatment for Cushing’s syndrome. Corcept plans to file a new drug application for relacorilant in Cushing’s syndrome in the third quarter of 2024.
This could have been the catalyst driving the stock’s rise in the said time frame.
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Meanwhile, relacorilant is also being evaluated in phase III of the GRADIENT study for treating patients whose Cushing’s syndrome is caused by adrenal adenoma. Data from the same is expected in the fourth quarter of 2024.
Also, the phase III ROSELLA study is investigating relacorilant in combination with Abraxane (nab-paclitaxel) for treating patients with recurrent, platinum-resistant ovarian cancer. Data from the ROSELLA study is expected by 2024-end.
The successful development and commercialization of relacorilant for additional indications will be an added boost to the company and should drive the stock further in the days ahead.
Corcept’s sole marketed drug, Korlym (mifepristone), is approved for the treatment of Cushing’s syndrome. The drug generated sales worth $146.8 million in the first quarter of 2024, increasing 39% on a year-over-year basis.
The strong demand for Korlym is likely to continue the momentum for Corcept. Also, a potential approval for relacorilant should help Corcept address a broader patient population, which should push the stock upward later in 2024.
Corcept Therapeutics Incorporated Price
Corcept Therapeutics Incorporated price | Corcept Therapeutics Incorporated Quote
Zacks Rank & Stocks to Consider
Corcept currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the healthcare sector are Acrivon Therapeutics, Inc. ACRV, Aligos Therapeutics, Inc. ALGS and RAPT Therapeutics, Inc. RAPT, each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
In the past 60 days, estimates for Acrivon Therapeutics’ 2024 loss per share have narrowed from $3.16 to $2.47. Loss per share estimates for 2025 have narrowed from $3.07 to $2.55. Year to date, shares of ACRV have surged 23.2%.
ACRV’s earnings beat estimates in three of the trailing four quarters and missed the same on the remaining one occasion, the average surprise being 3.56%.
In the past 60 days, estimates for Aligos Therapeutics’ 2024 loss per share have narrowed from 84 cents to 73 cents, while loss per share estimates for 2025 have narrowed from 82 cents to 71 cents. Year to date, shares of ALGS have declined 39.3%.
ALGS’s earnings beat estimates in three of the trailing four quarters and missed on the other occasion, the average surprise being 7.83%.
In the past 60 days, estimates for RAPT Therapeutics’ 2024 loss per share have narrowed from $3.19 to $2.93. Loss per share estimates for 2025 have narrowed from $2.40 to $2.05. Year to date, shares of RAPT have plunged 87.6%.
RAPT’s earnings beat estimates in two of the trailing four quarters while missing on the remaining two occasions, the average surprise being 3.19%.
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