A month has gone by since the last earnings report for Corcept Therapeutics (CORT). Shares have added about 19.7% in that time frame, outperforming the S&P 500.

Will the recent positive trend continue leading up to its next earnings release, or is Corcept due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important catalysts.

Corcept Beats Q3 Earnings & Sales Estimates, Ups '24 Revenue View

Corcept reported third-quarter 2024 earnings of 41 cents per share, which significantly beat the Zacks Consensus Estimate of 27 cents. The company had reported earnings of 28 cents per share in the year-ago quarter.

Revenues in the third quarter increased 48% year over year to $182.5 million. The figure also beat the Zacks Consensus Estimate of $172 million. The top line solely comprises product sales of Cushing’s syndrome drug, Korlym.

Quarter in Detail

Revenues from Korlym beat our model estimate of $170.3 million.

Research and development expenses surged 30.3% year over year to $59.3 million.

Selling, general and administrative expenses increased 62.7% year over year to $73.7 million.

Consequently, operating expenses increased 47.1% year over year to $135.9 million in the third quarter.

Cash and investments, as of Sept. 30, 2024, totaled $547.6 million compared with $492.5 million as of June 30, 2024.

2024 Guidance

Corcept increased its revenue guidance for 2024.

The company now expects total revenues in the range of $675-$700 million compared with the earlier projection of $640-$670 million. The Zacks Consensus Estimate for revenues is pegged at $662.4 million.

How Have Estimates Been Moving Since Then?

In the past month, investors have witnessed an upward trend in estimates review.

The consensus estimate has shifted 25.42% due to these changes.

VGM Scores

At this time, Corcept has a strong Growth Score of A, though it is lagging a bit on the Momentum Score front with a B. Charting a somewhat similar path, the stock was allocated a grade of C on the value side, putting it in the middle 20% for this investment strategy.

Overall, the stock has an aggregate VGM Score of B. 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 these revisions looks promising. It comes with little surprise Corcept has a Zacks Rank #2 (Buy). We expect an above average return from the stock in the next few months.

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