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Corcept Stock: Major Upcoming Catalysts


  • Corcept effectively resolved its patent problems with Korlym by winning a ruling against Teva.
  • That paves the way for relacorilant, a next generation drug.
  • The company has cash and Phase 3 data readouts in the next few months.
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Corcept Therapeutics (NASDAQ:CORT) is a commercial-stage company engaged in the discovery and development of drugs to treat severe metabolic, oncologic and psychiatric disorders by modulating the effects of the steroid hormone cortisol.

According to the company, cortisol has a number of effects on the body:


Thus Corcept’s cortisol modulators have therapeutic applications in a large number of disease areas, including in the following:


That is a vast pipeline for a small company like Corcept with $2.86bn in market cap and $440mn in cash.

Corcept’s first approved cortisol modulator was Korlym (mifestrone), approved in 2012 in the US to treat a form of hypercortisolism known as endogenous Cushing’s syndrome. Both cortisol and Korlym bind to the glucocorticoid receptor (“GR”), so Korlym can modulate how much cortisol can bind to GR. This can modulate the effects of abnormal levels and release patterns of cortisol without compromising cortisol’s healthy functions and rhythms. However, Korlym was not selective enough, and it also bound to the progesterone receptor (“PR”), thereby terminating pregnancy and causing other adverse effects, including endometrial thickening and vaginal bleeding, a debilitating condition suffered by a significant portion of women who take Korlym.

Corcept’s next generation selective cortisol modulator is relacorilant, and it's also in 2 phase 3 trials targeting Endogenous Cushing syndrome. The same molecule is in a phase 3 trial in pancreatic cancer in combination with nab paclitaxel, which will be completed by January 2022. The company has two other selective cortisol modulators in various late stage trials. These molecules all bind to the GR but do not bind to the PR, thus avoiding many of Korlym’s problems. Relacorilant also does not appear to cause hypokalemia (low potassium), a potentially serious adverse event that is the leading cause of patients stopping treatment with Korlym.

In phase 1 and

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Comments (17)

WolfpackCapital profile picture
This sell off is sort of representative of how strict fundamental analysis can miss on nuance and complicated future cash flow discounting..
The company sells ~$400mm annually of its one marketable drug.. it also has ~$450mm of cash on balance sheet. Assuming an in-line multiple of sales, accounting for the patent defense likelihood (very very unlikely they lose there over next several years).. you pretty much arrive at a valuation of today’s price if you DO NOT ASSIGN A VALUE to the pipeline whatsoever..

Essentially, the market is pricing CORT as if each and every one of its shots on goal will flop and never reach market. I don’t find that to be a fair assessment, and at this price, CORT is extremely compelling.

Anyone with a different view, please comment and explain.
WolfpackCapital profile picture
This is a fantastic company. With the overall market as inflated as it is currently.. nice to find a company that has:
1) limited market correlation
2) no debt
3) high cash reserves
4) robust pipeline
5) fantastic management
6) IP protection strength
7) small enough starting valuation to allow for material market cap expansion

I recently purchased a large position and I’m excited for the journey.
pro8 profile picture
Would be nice if they did something with all that cash sitting on their balance sheet, a buyback perhaps..
WolfpackCapital profile picture
@pro8 they need it for future pipeline development. As the possibility of higher debt costs exist in the future, CORT being able to avoid levering will give it a major competitive advantage against similar companies
WolfpackCapital profile picture
@pro8 the overreaction sell off from CFO selling shares is bizarre. Nothing fundamental has changed with the company and yet the price keeps going downhill. Anyone have thoughts on earnings next week?
“Unlike other drugs, Korlym/relacorilant simply modulates cortisol, it does not stop its production.”

ACTH in itself is a cortisol modulator (CM) one of its main MOAs being to stimulate cortisol synthesis, thus assisting its breakdown and utilization throughout other biological systems. I’m sure there are other CMs out there besides ACTH, I just happen to have a lot of personal experience with it. Agreed that completely halting cortisol production would have a catastrophic impact, however, Korlym is by no means exclusive.

Thanks for the article.
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