Corcept Therapeutics Incorporated (NASDAQ: CORT) shares rose by over 100 per cent on Monday due to the successful results from its Phase 3 trial of its treatment for platinum-resistant ovarian cancer.
The primary catalyst for today’s stock price jump is the successful outcome of the ROSELLA trial, which evaluated the combination of relacorilant and nab-paclitaxel in patients with platinum-resistant ovarian cancer.
According to the company’s announcement, the trial met its primary endpoint of improved progression-free survival (PFS). Furthermore, this is a critical measure of how long patients can live without their disease worsening. This is also a significant milestone for Corcept, as platinum-resistant ovarian cancer represents a challenging condition with limited effective treatment options.
Relacorilant, a selective cortisol modulator, is designed to address disorders linked to the hormone cortisol. Its success in this trial displays its potential as a novel therapeutic. Furthermore, the positive data validates Corcept’s research and development efforts and positions the company closer to a possible regulatory approval. It could also theoretically lead to a lucrative new market.
The market’s response was swift and enthusiastic. In pre-market trading, Corcept’s stock saw gains exceeding 50 per cent, with momentum carrying through into the regular session.
Social media sentiment has reflected this excitement, with users noting the stock “soaring” and “exploding” after the news broke. Trading volume spiked significantly, with reports indicating millions of shares exchanged hands compared to the stock’s typical daily average.
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Trial strengthens Corcept’s position in the market
This surge builds on a successful year for Corcept, with the stock up approximately 280 per cent. Monday’s jump from around USD$54 to over USD$100 per share further displays the market’s belief in the company’s growth trajectory.
“The improvement in survival seen in ROSELLA, without an increased safety burden, brings us closer to delivering a new standard-of-care treatment for patients with platinum-resistant ovarian cancer,” said Bill Guyer, Corcept’s chief development officer.
“We deeply appreciate the patients and investigators who participated in the trial, and we look forward to presenting the trial’s full results in the coming months. We expect to submit our NDA in the third quarter and our MAA shortly thereafter.”
Beyond the immediate stock price impact, the trial success also strengthens Corcept’s position in the biotechnology sector.
The company is located in Redwood City, California. It has built a reputation for developing medications targeting severe endocrinologic, oncologic, metabolic, and neurologic disorders by modulating cortisol effects.
Its flagship product, Korlym (mifepristone), is already used for Cushing’s syndrome. The potential addition of relacorilant for ovarian cancer could diversify its revenue streams.
Analysts and investors are also eyeing Corcept as a potential takeover target for larger pharmaceutical companies.
With a profitable business model, a robust balance sheet, and a deep pipeline of cortisol modulators—including candidates for conditions like amyotrophic lateral sclerosis (ALS) and metabolic dysfunction-associated steatohepatitis (MASH)—Corcept presents an attractive opportunity for acquisition.
A medical conference this year will feature the complete results from Rosella. The Journal of Clinical Oncology published results from Corcept’s Phase 2 trial of relacorilant in patients with platinum-resistant ovarian cancer in June 2023.
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