Corcept (CORT) Down 8.3% Since Last Earnings Report: Can It Rebound?
A month has gone by since the last earnings report for Corcept Therapeutics (CORT). Shares have lost about 8.3% in that time frame, underperforming the S&P 500.
Will the recent negative trend continue leading up to its next earnings release, or is Corcept due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important drivers.
CorceptDown on Q2 Earnings Miss, Revenues Rise Y/Y
Corcept Therapeutics reported earnings of 24 cents per share for second-quarter 2022, missing the Zacks Consensus Estimate of 25 cents. In the year-ago quarter, the company had reported earnings of 21 cents per share.
Revenues in the second quarter increased 12.9% year over year to $103.4 million. Corcept’s top line comprises sales of the Cushing’s syndrome drug, Korlym. Sales surpassed the Zacks Consensus Estimate of $102 million.
In the second quarter of 2022, research and development expenses increased 16.3% to $32.8 million. Selling, general and administrative expenses increased 26% to $37.8 million.
2022 Guidance
Corcept reiterated the guidance it had provided earlier this year. The company continues to expect total revenues in the range of $400-$430 million in 2022. The Zacks Consensus Estimate for the same stands at $415.4 million.
How Have Estimates Been Moving Since Then?
It turns out, fresh estimates have trended downward during the past month.
The consensus estimate has shifted -11.05% due to these changes.
VGM Scores
At this time, Corcept has a nice Growth Score of B, though it is lagging a bit on the Momentum Score front with a C. Following the exact same course, the stock was allocated a grade of C on the value side, putting it in the middle 20% for this investment strategy.
Overall, the stock has an aggregate VGM Score of B. If you aren't focused on one strategy, this score is the one you should be interested in.
Outlook
Estimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Notably, 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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