Corcept Therapeutics shares plunge after Genmab reports positive Phase 3 ovarian‑cancer trial
Genmab announced that its Phase 3 RAINFOL‑02 trial of rinatabart sesutecan met both primary and key secondary endpoints in platinum‑resistant ovarian cancer, directly challenging Corcept’s Lifyorli. Corcept’s stock fell sharply, dropping as much as 20% to $85.86 by market close. The decline followed earlier intra‑day moves of 12.9% and a session low of $90.99 after the news.
Why it matters
The price drop signals investor concern that Genmab’s success could erode Corcept’s market share and revenue in its newly approved indication (the company’s press release notes the competitive pressure). The lower share price also reduces the margin of safety for new investors, as the stock now trades above its intrinsic valuation estimate (GuruFocus).
Key facts
- 1Corcept shares fell 12.9% in mid‑day trading after Genmab’s announcement. investing.com
- 2The stock opened near $106.05 and reached a low of $90.99 before partially recovering. investing.com
- 3Corcept closed the day down 20% at $85.86. seekingalpha.com
- 4The decline represented a $21.64 drop from the prior close. gurufocus.com
- 5Insiders sold $101.5 million of Corcept shares over the past 12 months. gurufocus.com
Summary written by AlphAI AI Desk from 3 of 3 sources. Not investment advice. Figures are as stated by the linked sources.