Corcept Therapeutics (CORT) announced after the close Friday that it received FDA approval for Korlym. The drug is a once-daily oral medicine to control hyperglycemia secondary to hypercortisolism in adult patients with endogenous Cushing's syndrome who have diabetes mellitus type 2 or glucose intolerance and have failed surgery or are not candidates for surgery.
Corcept Therapeutics gapped open sharply higher Tuesday, but traded in a narrow range throughout the session. The stock closed up by 1.42 at $4.45 on the highest volume of the year and set nearly an 8-month high.
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