Corcept: 2Q Earnings Snapshot
MENLO PARK, Calif. (AP) _ Corcept Therapeutics Inc. (CORT) on Thursday reported second-quarter net income of $18.2 million.
The Menlo Park, California-based company said it had profit of 14 cents per share. Earnings, adjusted for stock option expense and non-recurring costs, came to 20 cents per share.
The results fell short of Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 24 cents per share.
The drug developer posted revenue of $62.3 million in the period, which also fell short of Street forecasts. Three analysts surveyed by Zacks expected $68.5 million.
Corcept expects full-year revenue in the range of $250 million to $270 million.
Corcept shares have decreased 23 percent since the beginning of the year. In the final minutes of trading on Thursday, shares hit $13.98, a drop of 2 percent in the last 12 months.