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Corcept (CORT) Up 24.5% Since Last Earnings Report: Can It Continue?
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A month has gone by since the last earnings report for Corcept Therapeutics (CORT - Free Report) . Shares have added about 24.5% in that time frame, outperforming 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 its most recent earnings report in order to get a better handle on the important catalysts.
Corcept Q1 Earnings & Revenues Surpass Estimates
Corcept reported first-quarter 2024 earnings of 25 cents per share, which beat the Zacks Consensus Estimate of 21 cents. The company had reported earnings of 14 cents per share in the year-ago quarter.
Revenues increased 39% year over year to $146.8 million. The figure beat the Zacks Consensus Estimate of $138 million. The top line solely comprises product sales of Cushing’s syndrome drug, Korlym.
Quarter in Detail
Revenues from Korlym beat our model estimate of $129.8 million.
Research and development expenses surged 43% year over year to $58.5 million.
Selling, general and administrative expenses increased around 15.8% year over year to $56.3 million.
Operating expenses increased to $117.3 million, up 29.2% from the year-ago quarter’s level, owing to higher expenses to support ongoing clinical studies.
Cash and investments, as of Mar 31, 2024, totaled $451 million compared with $425.4 million as of Dec 31, 2023.
2024 Guidance
Corcept increased its revenue guidance for 2024.
The company now expects total revenues in the range of $620–$650 million compared with the earlier projection of $600-$630 million.
How Have Estimates Been Moving Since Then?
It turns out, fresh estimates have trended upward during the past month.
VGM Scores
At this time, Corcept has a nice Growth Score of B, though it is lagging a lot on the Momentum Score front with a D. Following the exact same course, the stock was allocated a grade of D on the value side, putting it in the bottom 40% for this investment strategy.
Overall, the stock has an aggregate VGM Score of C. If you aren't focused on one strategy, this score is the one you should be interested in.
Outlook
Estimates have been broadly trending upward for the stock, and the magnitude of these revisions indicates a downward shift. 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 (CORT) Up 24.5% Since Last Earnings Report: Can It Continue?
A month has gone by since the last earnings report for Corcept Therapeutics (CORT - Free Report) . Shares have added about 24.5% in that time frame, outperforming 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 its most recent earnings report in order to get a better handle on the important catalysts.
Corcept Q1 Earnings & Revenues Surpass Estimates
Corcept reported first-quarter 2024 earnings of 25 cents per share, which beat the Zacks Consensus Estimate of 21 cents. The company had reported earnings of 14 cents per share in the year-ago quarter.
Revenues increased 39% year over year to $146.8 million. The figure beat the Zacks Consensus Estimate of $138 million. The top line solely comprises product sales of Cushing’s syndrome drug, Korlym.
Quarter in Detail
Revenues from Korlym beat our model estimate of $129.8 million.
Research and development expenses surged 43% year over year to $58.5 million.
Selling, general and administrative expenses increased around 15.8% year over year to $56.3 million.
Operating expenses increased to $117.3 million, up 29.2% from the year-ago quarter’s level, owing to higher expenses to support ongoing clinical studies.
Cash and investments, as of Mar 31, 2024, totaled $451 million compared with $425.4 million as of Dec 31, 2023.
2024 Guidance
Corcept increased its revenue guidance for 2024.
The company now expects total revenues in the range of $620–$650 million compared with the earlier projection of $600-$630 million.
How Have Estimates Been Moving Since Then?
It turns out, fresh estimates have trended upward during the past month.
VGM Scores
At this time, Corcept has a nice Growth Score of B, though it is lagging a lot on the Momentum Score front with a D. Following the exact same course, the stock was allocated a grade of D on the value side, putting it in the bottom 40% for this investment strategy.
Overall, the stock has an aggregate VGM Score of C. If you aren't focused on one strategy, this score is the one you should be interested in.
Outlook
Estimates have been broadly trending upward for the stock, and the magnitude of these revisions indicates a downward shift. Notably, Corcept has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.