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Corcept Therapeutics (CORT) shares rallied 109.1% in the last trading session to close at $114.22. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 9.8% loss over the past four weeks.
The stock surged after company announced data from the phase III ROSELLA study, which evaluated its pipeline candidate, relacorilant, in combination with nab-paclitaxel for treating patients with platinum-resistant ovarian cancer. The ROSELLA study met its primary endpoint of improved progression-free survival, as assessed by blinded independent central review.
This drug developer is expected to post quarterly earnings of $0.17 per share in its upcoming report, which represents a year-over-year change of -32%. Revenues are expected to be $177.97 million, up 21.2% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For Corcept, the consensus EPS estimate for the quarter has been revised 53.1% lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on CORT going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Corcept is a member of the Zacks Medical - Drugs industry. One other stock in the same industry, Ironwood Pharmaceuticals (IRWD), finished the last trading session 4.3% higher at $1.47. IRWD has returned -12.4% over the past month.
Ironwood's consensus EPS estimate for the upcoming report has changed -800% over the past month to -$0.02. Compared to the company's year-ago EPS, this represents no change. Ironwood currently boasts a Zacks Rank of #3 (Hold).
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Corcept Therapeutics Incorporated (CORT) : Free Stock Analysis Report
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This article originally published on Zacks Investment Research (zacks.com).