What Happened?
Shares of biopharma company Corcept Therapeutics (NASDAQ:CORT) fell 9.3% in the pre-market session after the company reported weak fourth quarter results: its revenue missed significantly, and its EPS fell short of Wall Street's estimates. Despite this, revenue grew 34% year-on-year, driven by increased adoption of Korlym, but higher operating expenses weighed on profitability. On the other hand, Corcept provided optimistic full-year revenue guidance, which blew past analysts' expectations. Still, this quarter could have been better.
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What The Market Is Telling Us
Corcept’s shares are quite volatile and have had 19 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful but not something that would fundamentally change its perception of the business.
Corcept is up 19.4% since the beginning of the year, but at $59.67 per share, it is still trading 18.9% below its 52-week high of $73.61 from February 2025. Investors who bought $1,000 worth of Corcept’s shares 5 years ago would now be looking at an investment worth $4,473.
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