Corcept Therapeutics gains 10% on share buyback program
Mar. 06, 2023 9:28 AM ETCorcept Therapeutics Incorporated (CORT)By: Dulan Lokuwithana, SA News Editor
Melpomenem
- Corcept Therapeutics (NASDAQ:CORT), the maker of Cushing’s syndrome therapy Korlym added 10% pre-market Monday after the company announced a tender offer to buy back up to 7.5M shares of its common stock.
- The company said the share repurchases would be conducted as a modified Dutch Auction tender offer at a price not greater than $22.00 nor less than $19.25 per share.
- The offer is subject to at least 3,000,000 shares being tendered and it is valid until Mar. 31 unless extended or terminated.
- Corcept (CORT) shares have lost 20% over the past 12 months underperforming the broader market, as indicated in this graph.
- “Does the selloff represent a value proposition, and do current valuations make sense,” Seeking Alpha contributor Zach Bristow questioned in January, issuing a Hold rating on the stock.