CORT - Corcept Therapeutics gains 10% on share buyback program

2023-03-06 09:28:28 ET

• 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.

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