Shares of Corcept Therapeutics (CORT) plummeted 7.59% in pre-market trading on October 31, 2024, despite reporting strong third-quarter results that beat expectations on both earnings and revenue. The biopharmaceutical company's stock took a hit due to concerns raised during its earnings call and in analyst reports.
While CORT reported a 48% increase in revenue and raised its full-year guidance, investors were rattled by the company's comments on its ongoing litigation with Teva Pharmaceuticals and the lack of statistical significance in the blood pressure endpoint of its Gradient study.
The Gradient study, which evaluated CORT's proprietary selective cortisol modulator relacorilant in patients with Cushing's syndrome, failed to achieve its primary endpoint of blood pressure improvement compared to placebo. Although the company emphasized the overall positive results and consistent safety profile, this raised concerns among analysts about the drug's potential efficacy and regulatory approval.
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