Back to top
We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. By pressing "Accept All" or closing out of this banner, you consent to the use of all cookies and similar technologies and the sharing of information they collect with third parties. You can reject marketing cookies by pressing "Deny Optional," but we still use essential, performance, and functional cookies. In addition, whether you "Accept All," Deny Optional," click the X or otherwise continue to use the site, you accept our Privacy Policy and Terms of Service, revised from time to time.
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.
Image: Bigstock
Corcept (CORT) Soars 13.6%: Is Further Upside Left in the Stock?
Corcept Therapeutics (CORT - Free Report) shares soared 13.6% in the last trading session to close at $69.90. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 22.1% gain over the past four weeks.
Last month, the company submitted a new drug application (NDA) to the FDA for its proprietary, selective cortisol modulator, relacorilant, to treat patients with endogenous hypercortisolism (Cushing’s syndrome). Corcept already markets Korlym (mifepristone), which is approved for treating Cushing's syndrome. The drug has been witnessing strong demand in the past couple of quarters. A potential approval for relacorilant should help the company address a broader patient population. This might have driven the recent share price rally.
This drug developer is expected to post quarterly earnings of $0.37 per share in its upcoming report, which represents a year-over-year change of +32.1%. Revenues are expected to be $195.88 million, up 44.7% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Corcept, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on CORT going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #1 (Strong Buy). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Corcept is part of the Zacks Medical - Drugs industry. Aurinia Pharmaceuticals (AUPH - Free Report) , another stock in the same industry, closed the last trading session 1.7% lower at $8. AUPH has returned -9.4% in the past month.
For Aurinia, the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.05. This represents a change of +126.3% from what the company reported a year ago. Aurinia currently has a Zacks Rank of #3 (Hold).