Why Corcept Therapeutics Incorporated Shares Roared Higher

Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of Corcept Therapeutics (NASDAQ: CORT  ) , a biopharmaceutical company focused on developing therapies to treat metabolic and psychiatric disorders, advanced as much as 18% after announcing a new oncology pipeline development program and the filing of its first investigational new drug application for phase 1 studies.

So what: Corcept is apparently planning to broaden its treatment horizon, as the company announced today that it filed for an IND application with the Food and Drug Administration for mifepristone as a treatment for triple-negative breast cancer. According to Corcept's press release, five out of eight relapsed metastatic triple-negative breast cancer patients demonstrated a partial or complete clinical response when treated with mifepristone in combination with Celgene's Abraxane in a recent study. Mifepristone is also approved under the brand name Korlym to treat hyperglycemia secondary to hypercortisolism in adults with endogenous Cushing's syndrome.

Now what: Obviously the results above are extremely encouraging but quite limited given the eight-patient subset. However, what appears to have Wall Street and investors really excited today, beyond just the fact that Corcept is introducing an oncology drug development program, is the fact that there are no triple-negative breast cancer targeted therapies approved by the FDA -- just global chemotherapy treatments. If Corcept were to somehow develop this drug and beat everyone else to market, it would be in great shape with little to no competition. Clearly we're a long ways off from that point in time, but investors certainly deserve their moment of elation today.

This stock has growth potential you won't have to wait for!
Opportunities to get wealthy from a single investment don't come around often, but they do exist, and our chief technology officer believes he's found one. In this free report, Jeremy Phillips shares the single company that he believes could transform not only your portfolio, but your entire life. To learn the identity of this stock for free and see why Jeremy is putting more than $100,000 of his own money into it, all you have to do is click here now.

Read/Post Comments (0) | Recommend This Article (0)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

DocumentId: 2763065, ~/Articles/ArticleHandler.aspx, 4/21/2014 12:59:22 AM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...