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Why Is Corcept (CORT) Up 6.6% Since Last Earnings Report?

Zacks Equity Research
·2-min read

A month has gone by since the last earnings report for Corcept Therapeutics (CORT). Shares have added about 6.6% 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 the most recent earnings report in order to get a better handle on the important drivers.

Corcept's (CORT) Q3 Earnings Beat Estimates, Revenues Miss

Corcept reported earnings of 24 cents per share for third-quarter 2021, beating the Zacks Consensus Estimate of 19 cents. In the year-ago quarter, the company reported earnings of 17 cents per share.

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Taking into account the impact of stock-based compensation and utilization of deferred tax assets, adjusted earnings came in at 30 cents per share in the reported quarter compared with 24 cents a year ago.

Revenues in the third quarter increased 11% year over year to $96.1 million. Corcept’s top line comprises sales of the Cushing’s syndrome drug, Korlym. Sales missed the Zacks Consensus Estimate of $98 million.

Research and development expenses decreased 17.1% to $28.1 million. Selling, general and administrative expenses increased 15.2% to $30.5 million.

2021 Guidance

Corcept narrowed the financial guidance it provided earlier this year. The company now expects total revenues in the range of $365-$375 million compared with the earlier projection of $355-$385 million. The Zacks Consensus Estimate for the same stands at $374.21 million.

How Have Estimates Been Moving Since Then?

It turns out, fresh estimates flatlined during the past month.

VGM Scores

At this time, Corcept has a nice Growth Score of B, however its Momentum Score is doing a bit better with an A. Charting a somewhat similar path, the stock was allocated a grade of B on the value side, putting it in the second quintile 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

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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