Why Corcept Therapeutics Incorporated Stock Surged Higher Today

Shares of the rare-disease specialist Corcept Therapeutics Incorporated (NASDAQ: CORT) rose by 8.78% on heavy volume today, due to a stronger-than-expected second-quarter earnings report. Specifically, the drugmaker easily beat consensus for both revenue and earnings per share for the three-month period, thanks to the rapidly growing sales of its Cushing's syndrome drug Korlym.

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Based on Korlym's blistering commercial uptake, Corcept also decided to raise its 2017 revenue guidance for a second time this year today, from a range between $125 million and $135 million to between $145 million and $155 million for the full year. Put simply, the company's top line is now on track to grow by a healthy 79% to 91% this year, making it one of the fastest-growing mid-cap biotechs.

Source: Fool.com