Corcept Therapeutics (NASDAQ: CORT) stock plunged over 15% in after-hours trading on Tuesday, despite the biopharmaceutical company reporting better-than-expected third-quarter results and raising its full-year revenue guidance.
For the third quarter, Corcept posted revenue of $182.5 million, up 48% year-over-year and beating Wall Street's estimates of $172 million. The company's earnings per share of $0.41 also surpassed analysts' expectations of $0.28.
Additionally, Corcept raised its 2024 revenue guidance to a range of $675 million to $700 million, higher than the previous estimate of $661 million. The company cited strong demand for its lead drug Korlym, which treats Cushing's syndrome, for the upbeat guidance.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.