Corcept Therapeutics (CORT) Stock Soars 22% After Hours: Here's What You Need To Know

Corcept Therapeutics Incorporated (NASDAQ: CORT ) shares soared 21.95% to $113.35 after the bell on Wednesday following the announcement of second-quarter results, where both revenue and earnings per share topped analyst estimates.

Revenue and EPS Sail Past Analyst Targets The California-based biopharmaceutical company reported second-quarter revenue of $256.1 million for the period ended June 30, up from $194.4 million a year earlier.

This revenue beat analyst estimates of $219.32 million by 16.8%.

EPS probably draws the most attention for investor optimism.

It came in at $0.36, compared with the expected $0.02, representing a 1,700% beat.

Lifyorli Launch, Raised Guidance Add Fuel According to the company announcement, Lifyorli, Corcept’s oncology drug used with nab-paclitaxel chemotherapy, generated $47.6 million in its first full quarter since Food and Drug Administration approval in March for platinum-resistant ovarian cancer.

Over 1,300 patients have started treatment.

Corcept highlighted other notable achievements of the quarter in its Wednesday announcement, made after markets closed.

CEO Joseph Belanoff said the oncology and Cushing’s syndrome businesses “delivered strong results” in the quarter.

Citing this momentum, the company raised its full-year revenue guidance to a range of $1.1 billion to $1.2 billion, up from prior expectations.

Trading Metrics, Technical Analysis Corcept Therapeutics has a market capitalization of $9.98 billion and 107.35 million shares outstanding.

The stock has traded between a 52-week high of $97.63 and a 52-week low of $28.66.

The Relative Strength Index (RSI) of CORT stands at 57.07.

The biotech stock has gained 32.96% over the past 12 months.

Currently, CORT is positioned at 93.21% of its 52-week range, trading close to its annual high.

The stock’s long-term trend and strong market position suggest that it may continue to have upside potential.

Price Action: The stock closed the regular session on Wednesday at $92.95, down 1.32%, according to Pro.

With a strong Momentum in the 97th percentile, Edge Stock Rankings indicate that CORT has a positive price trend across all time frames.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published editors.

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