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Why Is Corcept (CORT) Down 11.1% Since Last Earnings Report?

·2 min read

It has been about a month since the last earnings report for Corcept Therapeutics (CORT). Shares have lost about 11.1% 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 the most recent earnings report in order to get a better handle on the important catalysts.

Corcept Q4 Earnings In Line, Revenues Miss Estimates

Corceptreported fourth-quarter 2020 earnings of 20 cents per share, which was in line the Zacks Consensus Estimate but decreased from the year ago quarter’s earnings of 24 cents.

Further, taking into account the impact of stock-based compensation and utilization of deferred tax assets, adjusted earnings came in at 27 cents per share in the reported quarter compared with 33 cents a year ago.

Revenues in the fourth quarter declined 2.5% year over year to $85.7 million. Corcept’s top line comprises sales of Cushing’s syndrome drug Korlym. Sales missed the Zacks Consensus Estimate of $92 million and also declined sequentially.

Research and development expenses escalated 16.4% to $28.3 million. Selling, general and administrative expenses also increased 5.2% to $25.7 million.

2021 Guidance

The company expects revenues of $375-$405 million in 2021.

How Have Estimates Been Moving Since Then?

In the past month, investors have witnessed an upward trend in estimates revision. The consensus estimate has shifted 31.25% due to these changes.

VGM Scores

Currently, Corcept has a nice Growth Score of B, however its Momentum Score is doing a bit better with an A. Charting a somewhat similar path, the stock was allocated a grade of B on the value side, putting it in the second quintile for this investment strategy.

Overall, the stock has an aggregate VGM Score of A. If you aren't focused on one strategy, this score is the one you should be interested in.

Outlook

Estimates have been trending upward for the stock, and the magnitude of this revision looks promising. 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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