Recent News
On September 15, 2025 a U.S. District Judge allowed key antitrust claims in Teva’s lawsuit against Corcept to proceed, alleging exclusionary conduct related to the Korlym distribution arrangement. On October 6–10, 2025 Corcept disclosed the resignation of board member Gillian Cannon, who will continue as a consultant under a monthly fee arrangement. On October 10, 2025 the company delivered notice terminating its Distribution Services Agreement with Optime Care, effective January 8, 2026, after previously removing Optime’s exclusivity on September 15, 2025.
Technical Analysis
Directional indicators (ADX/DI+/DI-): ADX at 21.78 denotes an emerging trend; DI+ registered a dip & reversal, which reads bullish, while DI- stands at 24.78 with a decreasing trend, which also reads bullish. Together these directional moves imply buyers have regained short-term control within an emerging trend context, increasing the chance that short-term price action responds to corporate news and distribution updates.
MACD: MACD sits at -0.70 and shows a dip & reversal with the MACD line crossing above the signal line (-1.03), signaling a bullish momentum shift. That momentum flip supports the recent uptick in price relative to the short-term averages and aligns with the DI+ reversal for a cohesive near-term momentum picture.
MRO (Momentum/Regression Oscillator): MRO at 18.08 registers positive, indicating the current price sits above the model target and therefore carries moderate downside pressure despite the recent momentum improvement. The MRO’s dip & reversal points to a recent shift toward momentum, but the positive MRO warns of mean-reversion risk if catalysts fail to sustain the move.
RSI: RSI at 50.45 with a dip & reversal places momentum near neutral-to-positive territory and confirms the MACD-driven shift; neither overbought nor oversold conditions predominate, so follow-through requires confirmation from volume and news flow.
Price Versus Moving Averages and Bands: Closing price $79.01 sits above the 200-day average ($71.15) and near the 50-day average ($77.09), with the 12-day EMA ($74.95) and 26-day EMA ($75.63) recently showing dip-and-reverse behavior. Bollinger band midpoint sits around the 20-day average ($73.61); the current price trades toward the upper 1x band ($76.02) but remains inside the 2x upper band ($78.43), indicating an extended but not extreme intraday position. Short-term indicators therefore favor continuation of recent strength while exposing the stock to pullbacks if news flow disappoints.
Fundamental Analysis
Profitability & margins: Operating (EBIT) margin stands at 4.92%. Quarter-over-quarter the margin contracted by 64.13% and year-over-year by 80.72%, reflecting recent margin compression versus prior periods. The EBIT margin sits above the industry peer mean but below the peer median, indicating profitability that outperforms the average peer level while trailing the sector’s mid-point performance.
Revenue and growth: Trailing revenue totaled $207,638,000 with YoY revenue growth of 6.79% and QoQ growth down 71.30%. Revenue growth outpaced the peer mean modestly on a trailing basis, but sequential declines signal near-term reconsolidation after prior expansion.
Cash, liquidity, and leverage: Cash and short-term investments total $421,683,000, generating a cash ratio of 244.79% and a current ratio of 314.13%, underscoring strong liquidity. Total debt equals $6,358,000 and debt-to-assets measures 0.77%, indicating negligible leverage and ample runway to manage operational shifts or litigation expenses.
Returns & efficiency: Return on equity registers 3.11% and return on assets 2.42%, both down QoQ and YoY. Asset turnover at 0.2555 lags the peer mean but showed a small QoQ increase. Cash conversion cycle sits deeply negative at -413.69 days, driven by long payables, which supports working capital flexibility.
Valuation multiples: Price-to-earnings stands at 472.26x, far above the peer mean and median; price-to-book sits at 12.57x, above peer averages. Forward P/E at 168.00x and EV/Revenue and PS multiples also indicate elevated market pricing relative to fundamentals. EPS came in at $0.16 versus an estimate of $0.14, a 14.29% surprise, but valuation metrics already price in substantial growth and successful commercialization of pipeline assets.
R&D and pipeline: Research and development expense totals $68,846,000, supporting late-stage relacorilant programs in Cushing’s syndrome and oncology as well as multiple earlier-stage programs; pipeline progress remains a central fundamental driver of long-term value.
Valuation Summary: The current valuation as determined by WMDST: over-valued. Strong cash resources and low leverage reduce short-term solvency risk, but elevated multiples and compressed margins require clear operational or pipeline catalysts to justify market pricing.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-09-30 |
| REPORT DATE: | 2025-11-04 |
| NEXT REPORT DATE: | 2026-02-03 |
| CASH FLOW | Begin Period Cash Flow | $ 102.7 M |
| Operating Cash Flow | $ 25.9 M | |
| Capital Expenditures | — | |
| Change In Working Capital | $ 3.3 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ 22.4 M | |
| End Period Cash Flow | $ 125.1 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 207.6 M | |
| Forward Revenue | $ 121.4 M | |
| COSTS | ||
| Cost Of Revenue | $ 4.6 M | |
| Depreciation | $ 477.0 K | |
| Depreciation and Amortization | $ 477.0 K | |
| Research and Development | $ 68.8 M | |
| Total Operating Expenses | $ 197.4 M | |
| PROFITABILITY | ||
| Gross Profit | $ 203.0 M | |
| EBITDA | $ 10.7 M | |
| EBIT | $ 10.2 M | |
| Operating Income | $ 10.2 M | |
| Interest Income | $ 5.0 M | |
| Interest Expense | — | |
| Net Interest Income | $ 5.0 M | |
| Income Before Tax | $ 15.2 M | |
| Tax Provision | $ -4.42 M | |
| Tax Rate | 21.0 % | |
| Net Income | $ 19.7 M | |
| Net Income From Continuing Operations | $ 19.7 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.14 | |
| EPS Actual | $ 0.16 | |
| EPS Difference | $ 0.02 | |
| EPS Surprise | 14.286 % | |
| Forward EPS | $ 0.44 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 823.6 M | |
| Intangible Assets | — | |
| Net Tangible Assets | $ 631.9 M | |
| Total Current Assets | $ 541.1 M | |
| Cash and Short-Term Investments | $ 421.7 M | |
| Cash | $ 125.1 M | |
| Net Receivables | $ 69.6 M | |
| Inventory | $ 12.3 M | |
| Long-Term Investments | $ 20.1 M | |
| LIABILITIES | ||
| Accounts Payable | $ 34.4 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 172.3 M | |
| Net Debt | — | |
| Total Debt | $ 6.4 M | |
| Total Liabilities | $ 191.7 M | |
| EQUITY | ||
| Total Equity | $ 631.9 M | |
| Retained Earnings | $ 619.1 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 6.01 | |
| Shares Outstanding | 105.124 M | |
| Revenue Per-Share | $ 1.98 | |
| VALUATION | Market Capitalization | $ 7.9 B |
| Enterprise Value | $ 7.5 B | |
| Enterprise Multiple | 703.809 | |
| Enterprise Multiple QoQ | 167.113 % | |
| Enterprise Multiple YoY | 737.158 % | |
| Enterprise Multiple IPRWA | CORT: 703.809 high: 136.347 median: 28.451 mean: 12.013 low: -131.459 |
|
| EV/R | 36.255 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.303 | |
| Asset To Liability | 4.296 | |
| Debt To Capital | 0.01 | |
| Debt To Assets | 0.008 | |
| Debt To Assets QoQ | -6.311 % | |
| Debt To Assets YoY | 601.818 % | |
| Debt To Assets IPRWA | high: 0.843 mean: 0.248 median: 0.189 CORT: 0.008 low: 0.0 |
|
| Debt To Equity | 0.01 | |
| Debt To Equity QoQ | -3.176 % | |
| Debt To Equity YoY | 645.185 % | |
| Debt To Equity IPRWA | high: 1.395 mean: 0.241 median: 0.106 CORT: 0.01 low: -0.73 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 12.57 | |
| Price To Book QoQ | 6.737 % | |
| Price To Book YoY | 85.076 % | |
| Price To Book IPRWA | high: 16.86 CORT: 12.57 mean: 7.36 median: 6.057 low: -8.555 |
|
| Price To Earnings (P/E) | 472.256 | |
| Price To Earnings QoQ | 94.228 % | |
| Price To Earnings YoY | 367.233 % | |
| Price To Earnings IPRWA | CORT: 472.256 high: 167.986 median: 47.207 mean: 23.451 low: -171.025 |
|
| PE/G Ratio | -10.535 | |
| Price To Sales (P/S) | 38.255 | |
| Price To Sales QoQ | -0.664 % | |
| Price To Sales YoY | 60.945 % | |
| Price To Sales IPRWA | high: 482.275 mean: 52.86 CORT: 38.255 median: 22.394 low: 1.17 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 168.004 | |
| Forward PE/G | -3.748 | |
| Forward P/S | 65.438 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | -9.081 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.256 | |
| Asset Turnover Ratio QoQ | 8.295 % | |
| Asset Turnover Ratio YoY | 4.889 % | |
| Asset Turnover Ratio IPRWA | high: 0.488 CORT: 0.256 mean: 0.121 median: 0.107 low: 0.0 |
|
| Receivables Turnover | 3.095 | |
| Receivables Turnover Ratio QoQ | 0.578 % | |
| Receivables Turnover Ratio YoY | -3.751 % | |
| Receivables Turnover Ratio IPRWA | high: 4.883 CORT: 3.095 mean: 1.43 median: 1.335 low: 0.009 |
|
| Inventory Turnover | 0.373 | |
| Inventory Turnover Ratio QoQ | 44.856 % | |
| Inventory Turnover Ratio YoY | 6.764 % | |
| Inventory Turnover Ratio IPRWA | high: 2.722 mean: 0.613 CORT: 0.373 median: 0.338 low: 0.013 |
|
| Days Sales Outstanding (DSO) | 29.487 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | -413.685 | |
| Cash Conversion Cycle Days QoQ | -6.352 % | |
| Cash Conversion Cycle Days YoY | 13.869 % | |
| Cash Conversion Cycle Days IPRWA | high: 520.898 median: 189.366 mean: 166.152 low: -314.885 CORT: -413.685 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.563 | |
| CapEx To Revenue | — | |
| CapEx To Depreciation | — | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 631.9 M | |
| Net Invested Capital | $ 631.9 M | |
| Invested Capital | $ 631.9 M | |
| Net Tangible Assets | $ 631.9 M | |
| Net Working Capital | $ 368.9 M | |
| LIQUIDITY | ||
| Cash Ratio | 2.448 | |
| Current Ratio | 3.141 | |
| Current Ratio QoQ | 2.554 % | |
| Current Ratio YoY | -15.097 % | |
| Current Ratio IPRWA | high: 28.339 mean: 4.236 CORT: 3.141 median: 2.871 low: 0.704 |
|
| Quick Ratio | 3.07 | |
| Quick Ratio QoQ | 3.069 % | |
| Quick Ratio YoY | -15.579 % | |
| Quick Ratio IPRWA | high: 8.569 CORT: 3.07 mean: 2.545 median: 2.434 low: 0.702 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 0.594 | |
| Cost Of Debt | 43.647 % | |
| Interest Coverage Ratio | 2.854 | |
| Interest Coverage Ratio QoQ | -61.691 % | |
| Interest Coverage Ratio YoY | -78.07 % | |
| Interest Coverage Ratio IPRWA | high: 394.576 mean: 55.993 median: 6.724 CORT: 2.854 low: -725.703 |
|
| Operating Cash Flow Ratio | 0.151 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 770.442 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 2.73 % | |
| Revenue Growth | 6.793 % | |
| Revenue Growth QoQ | -71.304 % | |
| Revenue Growth YoY | -40.657 % | |
| Revenue Growth IPRWA | high: 171.467 % CORT: 6.793 % mean: 6.365 % median: 4.118 % low: -106.305 % |
|
| Earnings Growth | -44.828 % | |
| Earnings Growth QoQ | -163.507 % | |
| Earnings Growth YoY | -259.388 % | |
| Earnings Growth IPRWA | high: 162.5 % median: -6.667 % mean: -7.675 % CORT: -44.828 % low: -198.545 % |
|
| MARGINS | ||
| Gross Margin | 97.787 % | |
| Gross Margin QoQ | -0.455 % | |
| Gross Margin YoY | -0.652 % | |
| Gross Margin IPRWA | high: 100.0 % CORT: 97.787 % median: 83.975 % mean: 79.444 % low: 21.854 % |
|
| EBIT Margin | 4.922 % | |
| EBIT Margin QoQ | -64.125 % | |
| EBIT Margin YoY | -80.718 % | |
| EBIT Margin IPRWA | high: 123.026 % median: 41.508 % CORT: 4.922 % mean: -38.72 % low: -2969.501 % |
|
| Return On Sales (ROS) | 4.922 % | |
| Return On Sales QoQ | -64.125 % | |
| Return On Sales YoY | -80.718 % | |
| Return On Sales IPRWA | high: 70.107 % median: 26.431 % CORT: 4.922 % mean: -30.127 % low: -2915.18 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 54.5 M | |
| Free Cash Flow Yield | 0.686 % | |
| Free Cash Flow Yield QoQ | 17.065 % | |
| Free Cash Flow Yield YoY | -58.774 % | |
| Free Cash Flow Yield IPRWA | high: 7.892 % median: 1.086 % CORT: 0.686 % mean: 0.6 % low: -23.334 % |
|
| Free Cash Growth | 24.153 % | |
| Free Cash Growth QoQ | -96.877 % | |
| Free Cash Growth YoY | -68.671 % | |
| Free Cash Growth IPRWA | high: 204.738 % mean: 49.754 % median: 31.092 % CORT: 24.153 % low: -240.252 % |
|
| Free Cash To Net Income | 2.77 | |
| Cash Flow Margin | 12.489 % | |
| Cash Flow To Earnings | 1.318 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | 2.42 % | |
| Return On Assets QoQ | -43.259 % | |
| Return On Assets YoY | -61.587 % | |
| Return On Assets IPRWA | high: 22.947 % median: 3.613 % CORT: 2.42 % mean: -0.76 % low: -52.808 % |
|
| Return On Capital Employed (ROCE) | 1.569 % | |
| Return On Equity (ROE) | 0.031 | |
| Return On Equity QoQ | -43.687 % | |
| Return On Equity YoY | -57.876 % | |
| Return On Equity IPRWA | high: 0.652 mean: 0.051 median: 0.047 CORT: 0.031 low: -1.05 |
|
| DuPont ROE | 3.103 % | |
| Return On Invested Capital (ROIC) | 1.278 % | |
| Return On Invested Capital QoQ | -61.436 % | |
| Return On Invested Capital YoY | -111.67 % | |
| Return On Invested Capital IPRWA | high: 26.519 % median: 5.759 % mean: 3.79 % CORT: 1.278 % low: -40.636 % |
|