Shares of Corcept Therapeutics Incorporated CORT have rallied 50.5% in the past three months compared with the industry’s increase of 11.4%.
Corcept’s only marketed drug, Korlym, is approved for the once-daily oral treatment of hyperglycemia — secondary to hypercortisolism — in adult patients with endogenous Cushing’s syndrome who are suffering from type II diabetes or glucose intolerance and who have already failed surgery or are unsuitable for the same.
In the first nine months of 2020, Korlym generated sales worth $268.1 million, reflecting an increase of 22.6% year over year. Revenues from the sale of the drug are used to fund the company’s operations.
Notably, Corcept’s lead pipeline candidate, relacorilant, is being evaluated in the phase III GRACE study to treat Cushing’s syndrome. The company plans to submit a new drug application for relacorilant in the second quarter of 2022.
Corcept is also currently enrolling in the phase III study GRADIENT for evaluating relacorilant in patients whose Cushing’s syndrome is caused by adrenal adenoma, at sites across the United States, Europe and Israel.
Meanwhile, the company completed enrollment in a phase II study on relacorilant in combination with Celgene's (now part of Bristol Myers [BMY]) Abraxane for the treatment of metastatic ovarian cancer with results expected in first-half 2021. The combo of relacorilant plus Abraxane is also being evaluated for addressing patients with metastatic pancreatic cancer.
Also, during the third quarter of 2020, the company initiated a phase Ib study on relacorilant plus Merck’s MRK PD-1 checkpoint inhibitor Keytruda to address patients with metastatic or unresectable adrenal cancer. Successful development of relacorilant for additional indications will be an added boost to the company and should drive the stock in the days ahead.
Apart from relacorilant, Corcept’s other pipeline candidates include exicorilant and miricorilant, which are also progressing well.
The company is conducting an open-label, dose-finding study on exicorilant in combination with Pfizer’s PFE Xtandi for treating patients with metastatic castration-resistant prostate cancer.
Corcept is currently enrolling patients in a phase II GRATITUDE study on miricorilant for addressing the reversal of antipsychotic-induced weight gain (“APIWG”). In September 2020, the company enrolled the first patient in the phase II GRATITUDE 2 study of miricorilant to reverse the long-standing APIWG.
Notably, Korlym has been performing well since its launch and has seen a strong uptake. Corcept’s pipeline candidates are also progressing well, which are key for the company’s long-term growth. However, the company remains solely dependent on Korlym for revenues. A decline in Korlym sales will thus hurt the company’s growth prospects in the future ahead.
Corcept Therapeutics Incorporated Price
Corcept Therapeutics Incorporated price | Corcept Therapeutics Incorporated Quote
Corcept currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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