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Corcept Therapeutics (CORT)

Corcept 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 hormone cortisol. Korlym® was the first drug approved by the U.S. Food and Drug Administration for patients with Cushing's syndrome. Corcept has discovered a large portfolio of proprietary compounds that selectively modulate the effects of cortisol. The company owns extensive United States and foreign intellectual property covering the composition of its selective cortisol modulators and the use of cortisol modulators to treat a variety of serious disorders.

CORT stock data

Analyst ratings and price targets

Last 3 months
Current price
Average target
$31.50
Low target
$30.00
High target
$33.00
HC Wainwright & Co.
Maintains
Buy
$33.00
4 Aug 22
Truist Securities
Downgraded
Hold
$30.00
1 Aug 22

Investment data

Data from SEC filings
Securities sold
Number of investors

Calendar

3 Aug 22
28 Sep 22
31 Dec 22
Quarter (USD) Jun 22 Mar 22 Dec 21 Sep 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 35.35M 35.35M 35.35M 35.35M 35.35M 35.35M
Cash burn (monthly) 8.84M 5.01M (no burn) (no burn) (no burn) (no burn)
Cash used (since last report) 26.11M 14.79M n/a n/a n/a n/a
Cash remaining 9.23M 20.55M n/a n/a n/a n/a
Runway (months of cash) 1.0 4.1 n/a n/a n/a n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
7 Sep 22 Gary Charles Robb Common Stock Sell Dispose S No No 26.06 50,000 1.3M 49,544
1 Sep 22 Maduck Sean Common Stock Grant Acquire A No No 0 922 0 56,462
1 Sep 22 Maduck Sean Common Stock Grant Acquire A No No 25.98 922 23.95K 55,540
1 Sep 22 Maduck Sean Common Stock Sell Dispose S No Yes 25.84 25,000 646K 54,618
1 Sep 22 Maduck Sean Common Stock Option exercise Acquire M No No 3.29 25,000 82.25K 79,618
1 Sep 22 Maduck Sean Stock option Common Stock Option exercise Dispose M No No 3.29 25,000 82.25K 82,602
1 Sep 22 Mokari Atabak Common Stock Grant Acquire A No No 0 793 0 1,586
1 Sep 22 Mokari Atabak Common Stock Grant Acquire A No No 25.98 793 20.6K 793
1 Sep 22 William Guyer Common Stock Grant Acquire A No No 0 922 0 1,844
1 Sep 22 William Guyer Common Stock Grant Acquire A No No 25.98 922 23.95K 922
77.7% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 222 225 -1.3%
Opened positions 25 38 -34.2%
Closed positions 28 25 +12.0%
Increased positions 75 71 +5.6%
Reduced positions 87 82 +6.1%
13F shares Current Prev Q Change
Total value 1.98B 1.82B +8.9%
Total shares 83.22M 80.54M +3.3%
Total puts 68.6K 174.6K -60.7%
Total calls 145.3K 447.8K -67.6%
Total put/call ratio 0.5 0.4 +21.1%
Largest owners Shares Value Change
BLK Blackrock 15.47M $367.82M +0.3%
Vanguard 9.87M $234.8M -5.4%
Renaissance Technologies 7.83M $186.29M +0.8%
Ingalls & Snyder 6.99M $166.28M +1.2%
FHI Federated Hermes 5.54M $131.67M +16.8%
STT State Street 3.5M $83.22M +2.6%
Parallel Advisors 2.72M $64.64M +39.8%
Novo Holdings A/S 2.53M $60.08M NEW
Dimensional Fund Advisors 2.09M $49.65M +7.6%
Geode Capital Management 1.63M $38.75M -2.2%
Largest transactions Shares Bought/sold Change
Novo Holdings A/S 2.53M +2.53M NEW
Millennium Management 614.01K -1.15M -65.3%
FHI Federated Hermes 5.54M +796.58K +16.8%
Parallel Advisors 2.72M +774.01K +39.8%
SG Americas Securities 36.51K -679.67K -94.9%
Vanguard 9.87M -565.09K -5.4%
D. E. Shaw & Co. 1.61M +492.71K +44.0%
MNGPF Man 0 -445.74K EXIT
BEN Franklin Resources 254.3K +254.3K NEW
Parametric Portfolio Associates 0 -251.74K EXIT

Financial report summary

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Risks
  • Summary of Principal Risks
  • Risk Factors - Discussion
  • Failure to generate sufficient revenue from the sale of Korlym would harm our financial results and would likely cause our stock price to decline.
  • The COVID-19 pandemic has adversely affected and is continuing to adversely affect our business.
  • Natural disasters, some possibly related to the increasing effects of climate change, could damage or destroy clinical trial sites, our office spaces, the residences of our employees or the facilities or residences of our vendors, contractors or consultants, which could significantly harm our operations.
  • If generic versions of Korlym are approved and successfully commercialized, our business, results of operations and financial position would be adversely affected.
  • Other companies offer or are attempting to develop different medications to treat patients with Cushing’s syndrome. The availability of competing treatments could limit our revenue from Korlym.
  • New laws, government regulations, or changes to existing laws and regulations could make it difficult or impossible for us to obtain acceptable prices or adequate insurance coverage and reimbursement for Korlym, which would adversely affect our results of operations and financial position.
  • We depend on vendors to manufacture Korlym’s active ingredient, form it into tablets, package it and dispense it to patients. We also depend on vendors to manufacture the API and capsules or tablets for our product candidates. If our suppliers become unable or unwilling to perform these functions and we cannot transfer these activities to replacement vendors in a timely manner, our business will be harmed.
  • The unfavorable public perception of mifepristone may limit our ability to sell Korlym.
  • We may not have adequate insurance to cover our exposure to product liability claims.
  • If we are unable to maintain regulatory approval of Korlym or if we fail to comply with other requirements, we will be unable to generate revenue and may be subject to penalties.
  • We may be subject to civil or criminal penalties if our marketing of Korlym violates FDA regulations or health care fraud and abuse laws.
  • Risks Related to our Research and Development Activities
  • Our efforts to discover, develop and commercialize our product candidates may not succeed. Clinical drug development is lengthy, expensive and often unsuccessful. Results of early studies and trials are often not predictive of later trial results. Failure can occur at any time.
  • The COVID-19 pandemic has lengthened the time it takes to initiate and advance some of our clinical trials.
  • Vendors perform many of the activities necessary to carry out our clinical trials, including drug product distribution, trial management and oversight and data collection and analysis. Failure of these vendors to perform their duties or meet expected timelines may prevent or delay approval of our product candidates.
  • We may be unable to obtain or maintain regulatory approvals for our product candidates, which would prevent us from commercializing our product candidates.
  • Our products and product candidates may cause undesirable side effects that halt their clinical development, prevent their regulatory approval, limit their commercial potential or cause us significant liability.
  • Risks Related to our Capital Needs and Financial Results
  • We may need additional capital to fund our operations or for strategic reasons. Such capital may not be available on acceptable terms or at all.
  • Risks Relating to our Intellectual Property
  • To succeed, we must secure, maintain and effectively assert adequate patent protection for the composition and methods of use of our proprietary, selective cortisol modulators and for the use of Korlym to treat Cushing’s syndrome.
  • Risks Related to our Stock
  • The price of our common stock fluctuates widely and is likely to continue to do so. Opportunities for investors to sell shares may be limited.
  • Our stock price may decline if our financial performance does not meet the guidance we have provided to the public, estimates published by research analysts or other investor expectations.
  • We need to increase the size of our organization and may experience difficulties in managing growth.
  • If we lose key personnel or are unable to attract more skilled personnel, we may be unable to pursue our product development and commercialization goals.
  • We are subject to government regulation and other legal obligations relating to privacy and data protection. Compliance with these requirements is complex and costly. Failure to comply could materially harm our business.
  • We rely on information technology to conduct our business. A breakdown or breach of our information technology systems or our failure to protect confidential information concerning our business, patients or employees could interrupt the operation of our business and subject us to liability.
  • We are dependent on the continued functioning of the FDA and other federal instrumentalities. Their partial or complete closure, whether due to public health concerns or a budgetary dispute, or their diversion of significant resources to advance pandemic-related issues could materially harm our business.
  • Changes in federal, state and local tax laws may reduce our net earnings.
  • We may face competition from companies with greater financial, technical and marketing resources than our own.
  • Research analysts may not continue to provide or initiate coverage of our common stock or may issue negative reports.
  • Sale of a substantial number of shares of our common stock may cause its price to decline.
  • Changes in laws and regulations may significantly increase our costs or reduce our revenue, which could harm our financial results.
  • If we acquire products or product candidates, we will incur significant costs and may not realize the benefits we anticipate.
  • We may fail to comply with our public company obligations, including securities laws and regulations. Such compliance is costly and requires significant management attention.
  • Anti-takeover provisions in our charter and bylaws and under Delaware law may make an acquisition of us or a change in our management more expensive or difficult, even if an acquisition or a management change would be beneficial to our stockholders.
  • Our officers, directors and principal stockholders, acting as a group, could significantly influence corporate actions.
Management Discussion
  • Net Product Revenue – Net product revenue is gross product revenue from sales to our customers less deductions for estimated government rebates and chargebacks.
  • Net product revenue was $103.4 million and $197.1 million for the three and six months ended June 30, 2022, respectively, compared to $91.6 million and $171.0 million for the comparable periods in 2021. Higher sales volume accounted for 76.0 percent and 63.7 percent of the increases, respectively. Increases in the average price of Korlym accounted for the remaining growth due to price increases effective January 1, 2022 and March 1, 2021.
  • Cost of sales – Cost of sales includes the cost of API, tableting, packaging, personnel, overhead, stability testing and distribution.

Content analysis

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Readability
H.S. freshman Good
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