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Why Is Corcept (CORT) Up 0.7% Since Last Earnings Report?

A month has gone by since the last earnings report for Corcept Therapeutics (CORT). Shares have added about 0.7% in that time frame, underperforming 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 catalysts.

Corcept Beats on Q3 Earnings, Raises '23 Sales View

Corcept reported third-quarter 2023 earnings of 28 cents per share, which beat the Zacks Consensus Estimate of 22 cents. The company had reported earnings of 30 cents in the year-ago quarter.

Revenues increased 22% year over year to $123.6 million. The figure beat the Zacks Consensus Estimate of $118 million. The top line solely comprises product sales of Cushing’s syndrome drug, Korlym.

Quarter in Detail

Korlym revenues beat our model estimate of $117.2 million.

Research and development expenses totaled $45.5 million, up almost 36.6% from the year-ago quarter’s level.

Selling, general and administrative expenses increased around 28.7% year over year to $45.3 million.

Operating expenses were $92.4 million, up almost 32.4% from the prior year quarter. This rise can be attributed to increased spending on clinical studies and sales and marketing activities to support the expansion of clinical developments.

Cash and investments as of Sep 30, 2023 totaled $414.8 million compared with $363.3 million as of Jun 30, 2023.

2023 Guidance

The company raised its revenue guidance for 2023, anticipating growth for Korlym.

Corcept now expects total revenues in the range of $470-$480 million compared with the earlier guidance of $455-$470 million.

How Have Estimates Been Moving Since Then?

In the past month, investors have witnessed an upward trend in estimates review.

The consensus estimate has shifted 14.95% due to these changes.

VGM Scores

Currently, Corcept has a nice Growth Score of B, however its Momentum Score is doing a bit better with an A. However, 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 A. If you aren't focused on one strategy, this score is the one you should be interested in.

Outlook

Estimates have been trending upward for the stock, and the magnitude of these revisions looks promising. Notably, Corcept has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.

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Corcept Therapeutics Incorporated (CORT) : Free Stock Analysis Report

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