Corcept Therapeutics Inc Stock Price, News & Analysis

Corcept Therapeutics (NASDAQ: CORT) has commenced the GRATITUDE II trial to assess miricorilant in obese patients with schizophrenia suffering from antipsychotic-induced weight gain. The study aims to enroll 150 participants, who will receive either miricorilant or placebo alongside their antipsychotic medication for 26 weeks. This follows the promising results of the Phase 1b trial, which indicated that miricorilant could reduce weight gain and liver enzyme levels in patients. This trial utilizes an enhanced formulation of miricorilant to build on previous findings.

Corcept Therapeutics reported strong financial results for Q2 2020, with revenue at $88.6 million, a 23% increase from Q2 2019. GAAP diluted net income rose to $0.23 per share from $0.17 YoY, while non-GAAP diluted net income also improved to $0.32 per share from $0.25. Cash and investments increased to $409.6 million. The company reaffirmed its 2020 revenue guidance at $355 million to $375 million, despite a slight revenue decrease compared to Q1 due to patient prescription shifts amid the COVID-19 pandemic.

Corcept Therapeutics (NASDAQ: CORT) will report its second quarter financial results and corporate update on August 4, 2020. A conference call will follow at 5:00 p.m. ET where participants can join by calling 1-800-353-6461 in the U.S. or 1-334-323-0501 internationally.

Corcept focuses on developing drugs that target cortisol effects for severe metabolic, oncologic, and psychiatric disorders. Its first product, Korlym®, is approved for Cushing’s syndrome. The company holds significant intellectual property related to its cortisol modulators.

Corcept Therapeutics (NASDAQ: CORT) has enrolled its first patient in the GRADIENT Phase 3 trial of relacorilant for Cushing's syndrome due to adrenal adenomas or hyperplasia. This double-blind, placebo-controlled study aims to include 130 patients in the U.S. and Europe, assessing glucose metabolism and hypertension over six months. Relacorilant, an innovative glucocorticoid receptor modulator, has already shown promise in the ongoing GRACE trial for various Cushing's syndrome causes. These initiatives could strengthen treatment options and drive market growth.

Corcept Therapeutics (NASDAQ: CORT) has completed patient enrollment in its Phase 2 trial of relacorilant combined with nab-paclitaxel for treating metastatic, platinum-resistant ovarian cancer. A total of 177 patients were enrolled across 28 sites in North America and Europe. The primary endpoint focuses on progression-free survival, alongside secondary measures like objective response rates. Following promising Phase 1/2 results, data from this trial are expected in the first half of the next year, positioning Corcept for potential advancements in its clinical portfolio.

Corcept Therapeutics (NASDAQ: CORT) has commenced the RELIANT trial, an open-label, Phase 3 study evaluating relacorilant in combination with nab-paclitaxel for treating metastatic pancreatic cancer. The trial aims to enroll 80 patients, with the primary endpoint being objective response rate. Interim data will be analyzed after the first 40 patients are enrolled. This follows encouraging results from a Phase 1/2 study presented at ASCO last year, indicating potential for accelerated approval if results are positive.

Corcept Therapeutics (NASDAQ: CORT) will present new genomic data on adrenocortical carcinoma at the 2020 AACR Annual Meeting, starting June 22. The data, which addresses excessive cortisol, is critical for their Phase 1b trial of relacorilant with pembrolizumab in patients with advanced cancer. This research aims to enhance immunotherapy's efficacy by mitigating cortisol's negative effects. The poster presentation is set for a virtual format and will be available online following the meeting.

Corcept Therapeutics reported Q1 2020 financial results with revenue of $93.2 million, up 44% year-over-year. GAAP net income rose to $30.1 million, with diluted EPS of $0.25. Non-GAAP diluted EPS was $0.34, compared to $0.20 in Q1 2019. Cash and investments increased to $349.0 million. The company maintained its 2020 revenue guidance of $355-375 million. However, COVID-19 has impacted clinical trial enrollments and timelines, but the firm anticipates ongoing developments and results from ongoing trials this year.