Long Position on CORT @ $11.20 on 6/28/2017 (Momentum)

Corcept Therapeutics Incorporated (CORT) discovers, develops, and commercializes drugs for the treatment of severe metabolic, oncologic, and psychiatric disorders in the United States.

It offers Korlym (mifepristone) tablets as a once-daily oral medication for the treatment of hyperglycemia secondary to hypercortisolism in adult patients with endogenous Cushing syndrome, who have type 2 diabetes mellitus or glucose intolerance, and have failed surgery or are not candidates for surgery.

The company is also developing Korlym in combination with eribulin, which is in Phase I/II clinical trial to treat patients with metastatic triple-negative breast cancer; Korlym in combination with drug Abraxane that is in Phase II clinical trial to treat patients with triple-negative breast cancer; and Korlym combined with the androgen deprivation agent enzalutamide, which is in Phase II clinical trial to treat patients with metastatic castration-resistant prostate cancer.

In addition, it develops CORT125134 for the treatment of patients with Cushing’s syndrome and solid-tumor cancers; and CLIA-validated assay to measure expression of the gene FKBP5, which is stimulated by cortisol activity at glucocorticoid receptor.

Shares are heading higher in an upward trading channel. The formation is supported by the stock's 50-day moving average (shown in brown). We expect shares to see a pullback before heading higher. Use the weakness to establish a position.

52-Weeks Trading Range: $5.24 - $12.74

Entry Point: $11.20

Stop Loss: $10.60

Target Price: $12.35

Updates

7/5/2017 11:32:17 AM

CORT closed at $12.10

Position closed on 7/5/2017 at price of $12.10 with a 8.04% gain in 7 days.

Back to Portfolio