Swayampakula Ramakanth, an analyst from H.C. Wainwright, maintained the Buy rating on Corcept Therapeutics (CORT – Research Report). The associated price target is $28.00.
Swayampakula Ramakanth’s Buy rating for Corcept Therapeutics is influenced by a mix of cautious revenue projections for their Cushing Syndrome treatment, Korlym, and optimism regarding their drug pipeline. Despite a recent court ruling potentially allowing Teva to market a generic version of Korlym, Ramakanth believes Teva may hold off until the appeal process concludes, given the financial risks and resources needed for a successful launch. This assessment, coupled with a conservative adjustment to revenue forecasts reflecting the worst-case scenario of a generic competitor, still supports a favorable outlook for Corcept.
Additionally, the analyst remains optimistic about the company’s future prospects with relacorilant, a cortisol modulator expected to have improved selectivity and fewer adverse effects than Korlym. The anticipated filing of a New Drug Application for relacorilant, along with ongoing clinical trials, could expand treatment options for Cushing’s syndrome and potentially address a broader hypercortisolism market. The positive implications of these developments have been factored into the Buy rating, despite a revised lower price target for Corcept Therapeutics, which underscores a balance between near-term challenges and long-term potential.
Ramakanth covers the Healthcare sector, focusing on stocks such as IN8bio, Corcept Therapeutics, and ImmunoGen. According to TipRanks, Ramakanth has an average return of -15.7% and a 28.86% success rate on recommended stocks.
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Corcept Therapeutics (CORT) Company Description:
Corcept Therapeutics, Inc. is a commercial-stage pharmaceutical company, which engages in the discovery, development and commercialization of medications to treat severe metabolic, oncologic and psychiatric disorders. It focuses on the development of drugs for disorders that are associated with a steroid hormone called cortisol. Its products include korlym and korlym support. The company was founded by David B. Singer and Joseph K. Belanoff on May 13, 1998 and is headquartered in Menlo Park, CA.
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