Corcept Therapeutics (CORT) shares soared 5.5% within the final buying and selling session to shut at $49.75. The transfer was backed by stable quantity with much more shares altering fingers than in a standard session. This compares to the inventory’s 15.3% acquire over the previous 4 weeks.
The corporate’s sole marketed drug, Korlym, accredited for treating Cushing’s syndrome, is witnessing sturdy demand and driving development. Additionally, a brand new drug software for the lead candidate, relacorilant, to deal with Cushing’s syndrome is predicted to be filed later within the fourth quarter of 2024. The continuing progress with Korlym and relacorilant may need pushed the share value rally.
This drug developer is predicted to put up quarterly earnings of $0.27 per share in its upcoming report, which represents a year-over-year change of -3.6%. Revenues are anticipated to be $172.11 million, up 39.3% from the year-ago quarter.
Whereas earnings and income development expectations are essential in evaluating the potential energy in a inventory, empirical analysis exhibits a powerful correlation between traits in earnings estimate revisions and near-term inventory value actions.
For Corcept, the consensus EPS estimate for the quarter has remained unchanged over the past 30 days. And a inventory’s value often would not maintain transferring greater within the absence of any development in earnings estimate revisions. So, ensure to control CORT going ahead to see if this current leap can flip into extra energy down the street.
The inventory presently carries a Zacks Rank #1 (Robust Purchase). You may see the complete list of today’s Zacks Rank #1 (Strong Buy) stocks here >>>>
Corcept is a part of the Zacks Medical – Medicine trade. Amneal Prescribed drugs (AMRX), one other inventory in the identical trade, closed the final buying and selling session 1.4% greater at $8.58. AMRX has returned -4% prior to now month.
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