Seeking Alpha

Corcept Therapeutics slides on weak Q2 earnings; multiple downgrades

  • Corcept Therapeutics (CORT -5.3%) slips after posting a mixed Q2, reporting an EPS loss that came in better than estimates but missing on its top line revenue number.
  • Continues to enroll patients in its Phase 3 study of of mifepristone, Korlym's active ingredient, for the treatment of psychotic depression. Results are expected to be released in Q314.
  • Cash balance as of June 30 was $72.2M, as compared to $93M at December 31, 2012, reflecting approximately $20.8M spent on operations during H113.
  • Janney Montgomery, Credit Suisse and Ladenbug Thalmann all downgraded the shares to Neutral on the back of the results.
  • Ladenburg cites a slow Korlym commercial launch and the lack of strong confidence about future commercial prospects as reasons for the downgrade.

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