Corcept CORT announced promising data from early-stage study of its proprietarycortisol modulator, miricorilant, evaluated to treat patients with presumed non-alcoholic steatohepatitis (NASH).
NASH is a progressive liver disease and a leading cause of liver-related death. The condition represents an advanced stage of non-alcoholic fatty liver disease, which affects a significant number of individuals around the world.
The phase Ib study evaluating miricorilant, is a dose finding study that aims to identify a range of doses that can cause large reductions in liver fat without excessive liver irritation.
The findings from the study showed that patients who received 100 mg of miricorilant (twice a week) orally over a period of 12 weeks experienced an impressive reduction of approximately 30% in liver fat as assessed by magnetic resonance imaging-proton density fat fraction.
Moreover, these patients experienced improved liver enzymes and markers of liver disease. The candidate was well tolerated, with minimal adverse effects.
Corcept’s shares have rallied almost 12.9% year to date against the industry's 2.2% decline.
Image Source: Zacks Investment Research
The company plans to start a phase IIb study in the fourth quarter of 2023. The successful development of miricorilant as a breakthrough treatment for NASH could be a huge boost for the company. There are currently no approved medications for NASH.
Corcept specializes in the development of medications for severe endocrine, oncology, metabolism and neurology disorders. Its only marketed product, Korlym, is approved for the once-daily oral treatment for Cushing’s syndrome.
Intercept ICPT was developing obeticholic acid (OCA) for NASH. In January 2023, the FDA accepted ICPT’s new drug application for OCA in pre-cirrhotic liver fibrosis due to NASH. However, the federal agency did not grant approval for the same. This was a major setback for Intercept.
Corcept Therapeutics Incorporated Price and Consensus
Corcept Therapeutics Incorporated price-consensus-chart | Corcept Therapeutics Incorporated Quote
Zacks Rank & Stocks to Consider
Corcept currently carries a Zacks Rank #4 (Sell).
A couple of better-ranked stocks in the overall healthcare sector are Omega Therapeutics OMGA and Alkermes ALKS, both sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Omega Therapeutics has narrowed from a loss of $2.49 per share to a loss of $2.05 for 2023 in the past 90 days. Shares of the company have lost 7.9% year to date.
OMGA’s earnings beat estimates in two of the trailing four quarters, met the mark in one and missed in another, delivering an average surprise of 8.24%.
The bottom-line estimate for Alkermes has gone up from 7 cents to $1.02 for 2023 in the past 90 days. The company's shares have rallied 17% year to date.
ALKS’ earnings beat estimates in three of the trailing four quarters and met the mark in one, delivering an average surprise of 90.83%.
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