UPDATE: Stifel Nicolaus Increases Target to $9 on Concept Therepeutics
Stifel Nicolaus raises its target price on buy-rated Concept Therapeutics (NASDAQ: CORT) to $9 from $7 following FDA's approval of Korlym.
Stifel Nicolaus says, "Last Friday, FDA approved Korlym (mifepristone) to control high blood sugar levels (hyperglycemia) in adult patients with endogenous Cushing's syndrome who have type 2 diabetes or glucose intolerance and have failed surgery or are not candidates for surgery. Korlym, a once-daily oral medication, will be available commercially by May 1 with Corcept as the sole marketer to the relatively small number of endocrinologists who treat Cushing's."
CORT closed at $3.03 a share on Friday.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.