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Corcept down big on halt of Phase 3 trial

  • Shares of Corcept Therapeutics (CORT -50%) crater on heavy volume in response to its earnings report today that included a disclosure that it was discontinuing Study 14, a Phase 3 clinical trial to assess the efficacy of mifepristone for psychotic depression. The DMC advised the company that continuing the study to its full enrollment would not likely produce a statistically significant result regarding its primary endpoint.
  • Net product revenues: $4.4M (+158.8%); operating loss: ($12.9M) (-18.3%); net loss: ($13.9M) (-14.9%); loss/share: ($0.14) (-16.7%).
  • 2014 guidance: revenues: $25M - 289M, up from $24M - 28M.
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