Corcept Shares Rise More Than 60% in Three Months: Here's Why

Shares of Corcept Therapeutics Incorporated CORT have rallied 60.7% in the past three months against the industry’s decline of 9.9%.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 and the trend is likely to continue in 2025.The company is also making good progress with its promising set of pipeline candidates.Factors Driving CORT Stock in the Given Time FrameImage Source: Zacks Investment ResearchCorcept’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 42.1% year over year to $493.2 million in the first nine months of 2024, owing to the strong demand and a record number of patients receiving the medication.Owing to the strong performance, CORT increased its annual revenue guidance for Korlym concurrently with third-quarter results. The company now expects total revenues in the range of $675-$700 million compared with the earlier projection of $640-$670 million.The strong demand for Korlym is likely to continue the momentum for Corcept in future quarters.CORT's Progress With Relacorilant Holds PromiseCorcept’s lead pipeline candidate, relacorilant, is being evaluated in phase III of the GRACE study to treat Cushing’s syndrome.Relacorilant is also being investigated in the phase III GRADIENT study for treating patients whose Cushing’s syndrome is caused by adrenal adenoma. While data from the GRACE study will form the basis of the NDA for relacorilant, data from the GRADIENT study will likely support the NDA.A new drug application (NDA) for relacorilant in Cushing’s syndrome is likely to be submitted later in the fourth quarter of 2024.Corcept is also studying relacorilant in combination with other therapies for treating different cancer indications.The phase III ROSELLA study is evaluating relacorilant in combination with nab-paclitaxel for the treatment of patients with platinum-resistant ovarian cancer, with data from the same expected by 2024 end. Another study is evaluating relacorilant in combination with pembrolizumab for treating patients with adrenal cancer along with cortisol excess.The successful development and potential approval for relacorilant should help Corcept address a broader patient population, which should push the stock upward in future quarters.CORT's Rising EstimatesIn the past 60 days, estimates for Corcept’s 2024 earnings per share have moved up from $1.12 to $1.31. During the same period, earnings per share estimates for 2025 have moved up from $1.62 to $1.84.Corcept Therapeutics Incorporated Price Corcept Therapeutics Incorporated price | Corcept Therapeutics Incorporated QuoteCORT's Zacks Rank & Other Key PicksCorcept currently carries a Zacks Rank #2 (Buy).Some other top-ranked stocks from the biotech sector are Immunocore Holdings plc IMCR, Spero Therapeutics, Inc. SPRO and Castle Biosciences, Inc. CSTL, 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 Immunocore’s 2024 loss per share have narrowed from $1.79 to 94 cents. Loss per share estimates for 2025 have narrowed from $2.35 to $1.57 during the same time. Year to date, shares of IMCR have declined 53%.IMCR’s earnings beat estimates in two of the trailing four quarters while missing the same on the remaining two occasions, the average surprise being 25.57%.In the past 60 days, estimates for Spero Therapeutics’ 2024 loss per share have narrowed from $1.59 to $1.13. Loss per share estimates for 2025 have narrowed from $1.54 to 54 cents during the same time. Year to date, shares of SPRO have declined 19%.SPRO’s earnings beat estimates in two of the trailing four quarters while missing the same on the remaining two occasions, the average surprise being 94.42%.In the past 60 days, estimates for Castle Biosciences’ 2024 loss per share have narrowed from 58 cents to 8 cents. Loss per share estimates for 2025 have narrowed from $2.13 to $1.88 during the same time. Year to date, shares of CSTL have surged 33.8%.CSTL’s earnings beat estimates in each of the trailing four quarters, the average surprise being 172.72%.5 Stocks Set to DoubleEach was handpicked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2024. While not all picks can be winners, previous recommendations have soared +143.0%, +175.9%, +498.3% and +673.0%.Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.Today, See These 5 Potential Home Runs >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Corcept Therapeutics Incorporated (CORT): Free Stock Analysis Report Spero Therapeutics, Inc. (SPRO): Free Stock Analysis Report Castle Biosciences, Inc. 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