This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Corcept Therapeutics Crushed

Corcept Therapeutics (CORT - Get Report) shares plummeted Friday after the company announced negative results from a clinical trial on its experimental psychotic depression drug Corlux.

The stock plunged 70% in premarket trading to $1.05. The results, which came from one of three phase III trials involving a condition known as psychotic major depression, showed that 30.5% of patients receiving Corlux and 28.6% of those getting the placebo responded to treatment.

"There was an unusually high placebo response rate in this trial," says Dr. Robert L. Roe, Corcept's president. Roe says that at day 56 of the trial, around 80% of patients receiving the drug and patients taking a placebo saw a 50% improvement in psychopathology measures.

"While we are of course disappointed by these results, we have two other phase III trials under way," Dr. Joseph K. Belanoff, Corcept's CEO, said in a prepared statement. Results from one of the studies are due out next month.

Corcept Chief Financial Officer Fred Kurland says the company's cash position allows it to complete the two remaining phase III trials. Phase III is the stage of trials conducted just before a drug is submitted to the Food and Drug Administration for marketing approval.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG
CORT $6.32 0.00%
AAPL $130.28 0.00%
FB $81.53 0.00%
GOOG $565.06 0.00%
TSLA $218.42 0.00%

Markets

DOW 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs