Corcept Therapeutics Inc. - CORT STOCK NEWS

Corcept Therapeutics Incorporated (NASDAQ: CORT) reported its Q1 2023 results, with revenue of $105.7 million, a raised 2023 revenue guidance of $435 - $455 million, and net income per common share of $0.14. The company also purchased 6.6 million shares of its common stock for $145.4 million in April 2023. Clinical development updates include upcoming data releases and enrollment progress in various trials.

Corcept Therapeutics (NASDAQ: CORT) announced it will report its first quarter financial results and corporate update on May 3, 2023, at 5:00 p.m. Eastern Time. A conference call will provide insights into the company's current financial standing and future plans. Participants must register in advance for the call to receive a unique access PIN. Additionally, a listen-only webcast will be available for those unable to attend the call. Corcept is known for its proprietary cortisol modulators aimed at treating serious health disorders like Cushing's syndrome, cancer, and PTSD. Its drug Korlym® was the first approved treatment for Cushing’s syndrome in the U.S.

Corcept Therapeutics, based in Menlo Park, California, announced the completion of its tender offer to purchase up to 7,500,000 shares of its common stock. The offer concluded on March 31, 2023, with a final count revealing that 6,610,369 shares were validly tendered. Corcept has accepted all those shares at a price of $22.00 each, resulting in an aggregate cost of approximately $145.4 million. This buyback accounts for about 6% of the company's total shares outstanding, which were 101,545,296 after the transaction. The tender offer involved Piper Sandler & Co. as the dealer manager and D.F. King & Co., Inc. as the information agent.

Corcept is known for developing medications that modulate cortisol effects, addressing serious conditions like Cushing’s syndrome and various cancers. The company continues to advance its clinical trials for additional treatments.

Corcept Therapeutics (Nasdaq: CORT) announced the preliminary results of its tender offer to repurchase up to 7,500,000 shares of its common stock, which expired on March 31, 2023. The company received valid tenders for 6,630,151 shares at a maximum purchase price of $22.00 per share, totaling approximately $145.9 million. This repurchase represents about 6% of its outstanding shares as of March 30. Corcept anticipates having around 101,435,180 shares outstanding after the transaction. Actual purchase numbers may vary pending confirmation by the Depositary.

Corcept Therapeutics (NASDAQ: CORT) has launched the CATALYST trial, a significant 1,000-patient Phase 4 study focusing on hypercortisolism in type 2 diabetes patients. This trial, featuring a randomized, double-blind, placebo-controlled design, aims to assess the prevalence of hypercortisolism and offer eligible patients treatment with Korlym. Corcept anticipates completing enrollment by year-end. Hypercortisolism, or Cushing's syndrome, affects around 20,000 individuals in the U.S. annually, leading to severe health complications. The CATALYST trial, backed by leading U.S. diabetologists, is expected to enhance patient care and outcomes.

Corcept Therapeutics has initiated a modified Dutch Auction tender offer to purchase up to 7.5 million shares of its common stock at prices ranging from $19.25 to $22.00. The offer, which is contingent upon at least 3 million shares being tendered, aims to maximize stockholder value and provide shareholders with an opportunity to liquidate some or all of their shares.

The offer will expire on March 31, 2023, unless extended. As of March 3, 2023, Corcept's shares closed at $19.20. The tender offer follows the company's strategy to enhance stockholder returns.

Corcept Therapeutics reported strong financial results for Q4 and FY 2022, with Q4 revenue of $103.1 million, up from $98.8 million in Q4 2021, and total FY revenue of $401.9 million, compared to $366.0 million in 2021. Q4 diluted net income per share was $0.14, down from $0.26 year-over-year. The company forecasts 2023 revenue between $430 million and $450 million. Corcept is advancing clinical trials for multiple cortisol modulators, with significant progress anticipated in treatments for Cushing's syndrome, ALS, and NASH. The NDA submission for relacorilant is expected in Q1 2024.

Corcept Therapeutics (NASDAQ: CORT) is set to release its fourth quarter and full-year 2022 financial results on February 28, 2023. The announcement will be accompanied by a corporate update and a conference call at 5:00 p.m. ET (2:00 p.m. PT). To participate, dial 877-407-8029 from the U.S. or +1-201-689-8029 internationally. A replay of the call will be accessible on the company’s website.

Corcept is known for its proprietary cortisol modulators, including its FDA-approved drug Korlym®, used to treat Cushing’s syndrome.

Corcept Therapeutics (NASDAQ: CORT) announced a settlement with Hikma Pharmaceuticals regarding patent litigation for its medication, Korlym^®, used for treating Cushing's syndrome. The agreement allows Hikma to market a generic version of Korlym starting October 1, 2034, facilitating Corcept's focus on business growth and development of new cortisol modulators. The settlement awaits court approval and is subject to review by the FTC and DOJ. Corcept continues its clinical trials for various conditions linked to cortisol modulation, maintaining a strong intellectual property portfolio.