Corcept Therapeutics Inc. CORT posted loss of a penny per share in the second quarter of 2015, narrower than both the Zacks Consensus Estimate of a loss of 5 cents per share and the year-ago loss of 7 cents.
Revenues came in at $12 million, up 104.3% year over year and in line with the Zacks Consensus Estimate.
Research and development expenses declined 21.4% to $3.3 million primarily due to the discontinuation of the phase III study on Korlym in psychotic depression. Selling, general and administrative expenses were $9.3 million, up 17.3% from the year-ago quarter driven by higher staffing costs.
Pipeline Update
Corcept is continuing dosing in the efficacy portion of the phase I/II trial on Korlym in combination with Eisai Co., Ltd.’s ESALY Halaven for the treatment of glucocorticoid receptor-positive (GR-positive) triple-negative breast cancer. Results from this study should be out by 2015-end. Corcept expects to initiate a phase III study in early 2016, provided that phase I/II results are positive.
Meanwhile, CORT125134, the lead candidate in Corcept’s next-generation selective GR modulators portfolio is expected to advance to phase II development in the first quarter of 2016 for the treatment of Cushing’s syndrome. The company also has plans to evaluate CORT125134 for an indication (yet to be chosen) in the field of oncology in the first quarter of 2016.
2015 Guidance
Corcept narrowed its revenue guidance for 2015. The company now expects revenues in the range of $49 million – $53 million (previous guidance: $47 million – $53 million).
We are pleased with Corcept’s progress on pipeline development. We expect investor focus to remain on the Korlym data readout coming up later this year.
Corcept carries a Zacks Rank #2 (Buy). Other well-ranked stocks in the health care sector are Valeant Pharmaceuticals International, Inc. VRX and Anacor Pharmaceuticals, Inc. ANAC. While Valeant carries a Zacks Rank #1 (Strong Buy), Anacor holds a Zack Rank #2.
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