On July 31, Corcept Therapeutics declined 5.04% in regular trading, trading at $112.445/share, with turnover of $44.99 million. The pullback follows the stock's approximately 16% surge in the prior session after delivering a blowout Q2 earnings report.
The company reported Q2 EPS of $0.36, vastly exceeding the consensus estimate of $0.02, while revenue of $256.1 million surpassed expectations of $221.1 million by approximately 16%. The company also raised full-year revenue guidance to $1.1-$1.2 billion from its prior range of $950 million to $1.05 billion, well above the FactSet estimate of $999.5 million. The strong results were driven by core product Korlym and newly approved drug Lifyorli commercialization progress. Additionally, Canaccord Genuity raised its target price from $135 to $150.
Despite the strong fundamental backdrop, broader pharma sector weakness weighed on sentiment, with Novo-Nordisk falling 8.91%, Eli Lilly declining 2.01%, and Bristol-Myers Squibb down 1.43%.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)
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