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What Happened?
Shares of biopharma company Corcept Therapeutics (NASDAQ:CORT) jumped 94.9% in the afternoon session after the company announced that its Phase 3 trial (ROSELLA) met its goal of improving progression-free survival and overall survival in treating resistant ovarian cancer with a new therapy (a combination of Relacorilant and Nab-paclitaxel).
In a press release, CORT said the mix worked better than chemotherapy alone using Nab-paclitaxel and didn't cause more side effects. The results pointed to Relacorilant as a strong choice for people with few treatment paths. Corcept planned to file for approval in the U.S. and Europe by the end of the year, which is a key move towards commercializing the drug.
Overall, the data validated Corcept's cancer treatment result and showed that Relacorilant could stand out as a new cancer therapy.
The shares closed the day at $114.28, up 109% from previous close.
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What The Market Is Telling Us
Corcept’s shares are very volatile and have had 21 moves greater than 5% over the last year. But moves this big are rare even for Corcept and indicate this news significantly impacted the market’s perception of the business.
Corcept is up 128% since the beginning of the year, and at $114.05 per share, has set a new 52-week high. Investors who bought $1,000 worth of Corcept’s shares 5 years ago would now be looking at an investment worth $9,592.
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