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Corcept Shares Rise More Than 45% in Six Months: Here's Why

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Shares of Corcept Therapeutics Incorporated (CORT - Free Report) have gained 46.2% in the past six months against the industry’s decline of 2%.

The company’s sole-marketed drug, Korlym (mifepristone), which is approved for treating Cushing's syndrome, has been performing well. The drug has been witnessing a strong demand in the past couple of quarters.

The company is also making good progress with its promising set of pipeline candidates.

Factors Driving CORT Stock in the Given Time Frame

Corcept 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.

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The GRACE study comprises two parts — the open-label portion and the randomized withdrawal phase. In May 2024, 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.

Per management, 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. A new drug application for relacorilant is likely to be submitted in the fourth quarter of 2024.

The candidate is also being evaluated in the phase III 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.

Corcept is also studying relacorilant in combination with other therapies for treating different cancer indications. The successful development of relacorilant will be an added boost to the company.

Korlym Drives Revenues for CORT

Corcept’s top line solely comprises product sales from Korlym. The drug has been a consistent revenue driver for the company since approval. Sales of the drug increased 39.1% year over year to $310.6 million in the first half of 2024, owing to the strong demand and a record number of patients receiving the medication.

The company increased its annual revenue guidance for Korlym concurrently with second-quarter results. The company now expects total revenues in the range of $640-$670 million compared with the earlier projection of $620-$650 million.

The strong demand for Korlym is likely to continue the momentum for Corcept for the remainder of 2024. Also, a potential approval for relacorilant should help the company address a broader patient population, which should push the stock upward in the future quarters.

Zacks Rank & Stocks to Consider

Corcept currently carries a Zacks Rank #3 (Hold).

Some better-ranked stocks in the drug/biotech sector are Illumina, Inc. (ILMN - Free Report) , Bioventus Inc. (BVS - Free Report) and Fulcrum Therapeutics, Inc. (FULC - Free Report) , each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

In the past 60 days, estimates for Illumina’s 2024 earnings per share have moved up from $1.18 to $3.62. Earnings per share estimates for 2025 have improved from $2.93 to $4.50. Year to date, shares of ILMN have lost 5.6%.

ILMN’s earnings beat estimates in each of the trailing four quarters, the average surprise being 463.46%.

In the past 60 days, estimates for Bioventus’ 2024 earnings per share have increased from 27 cents to 40 cents. Earnings per share estimates for 2025 have improved from 43 cents to 45 cents. Year to date, shares of BVS have risen 90.7%.

BVS’ earnings beat estimates in three of the trailing four quarters while missing on the remaining occasion, the average surprise being 102.86%.

In the past 60 days, estimates for Fulcrum Therapeutics’ 2024 loss per share have narrowed from $1.24 to 48 cents. Loss per share estimates for 2025 have narrowed from $1.71 to $1.51. Year to date, shares of FULC have jumped 26.7%.

FULC’s earnings beat estimates in each of the trailing four quarters, the average surprise being 393.18%.

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