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Why Corcept Therapeutics Zoomed Nearly 9% Higher This Week
One of the top-performing healthcare stocks mid-week was Corcept Therapeutics (CORT 2.57%), and it was little wonder – the company was granted U.S. Food and Drug Administration (FDA) approval for its leading drug candidate.
The double-digit pop Corcept experienced wasn’t sustainable, as some investors booked quick profits after learning of the nod. Still, the stock landed in positive territory, posting a gain of just under 9% over the course of the week, according to data compiled by S&P Global Market Intelligence.
A bright green light
The happy news was announced by Corcept on Wednesday. The product now ready for commercialization in this country is Lifyorli, which has been approved by the American healthcare regulator for use in combination with nab-paclitaxel (a chemotherapy drug) to treat the platinum-resitant stages of fallopian tube, primary peritoneal, and ovarian cancer.
Image source: Getty Images.
Patients who were previously administered one to three systemic treatment regimes are covered under the FDA’s Lifyorli approval.
Later on Wednesday, Wolfe Research analyst Kalpit Patel upgraded his recommendation on Corcept stock, from underperform (sell, in other words) to peerperform (hold).
According to reports, Patel’s change was – unsurprisingly – based on the FDA’s Lifyorli nod. However, he continues to believe that the biotech’s Korlym, a drug used to treat the hormonal disorder Cushing’s syndrome, is weighing on its growth potential.
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NASDAQ: CORT
Corcept Therapeutics
Today’s Change
(-2.57%) $-0.99
Current Price
$37.54
Key Data Points
Market Cap
$4.1B
Day’s Range
$37.15 - $38.39
52wk Range
$28.66 - $117.33
Volume
81K
Avg Vol
2.5M
Gross Margin
98.30%
Selling into a high-demand market
To a degree, Patel has a point. Yet Corcept’s success with Lifyorli not only gives it a marketable drug in a high-demand segment – cancer – but it also shows that the company’s unique approach to development can work (it focuses on cortisol, the hormone at the heart of Cushing’s syndrome). I’d be more bullish than the analyst on Corcept’s future.