Market Overview

UPDATE: Piper Jaffray Downgrades Corcept Therapeutics to Underweight on Competitive Concerns

Related CORT
Mid-Day Market Update: Conatus Jumps Following Announcement of Licensing Deal With Novartis; Sucampo Shares Slide
Mid-Morning Market Update: Markets Edge Lower; Cal-Maine Misses Q2 Expectations

Piper Jaffray reduced its rating on Corcept Therapeutics (NASDAQ: CORT) from Neutral to Underweight and lowered its price target from $3 to $1.10.

Piper Jaffray commented, "We are downgrading Corcept to Underweight from Neutral and cutting our price target from $3 to $1.10 following a positive FDA panel vote for Novartis's Signifor (pasireotide) a direct competitor to Korlym. As a reminder, we downgraded shares from Overweight to Neutral on September 13 based on physician feedback indicating that Korlym's launch would likely disappoint. We believe Signifor represents a viable alternative to Korlym, and believe the expected launch of a once monthly formulation could lead to further reduction of peak sales estimates."

Corcept Therapeutics closed at $1.60 on Wednesday.

Latest Ratings for CORT

Dec 2015Janney CapitalInitiates Coverage onBuy
Apr 2015FBR CapitalInitiates Coverage onOutperform
Mar 2015PiperJaffrayUpgradesNeutralOverweight

View More Analyst Ratings for CORT
View the Latest Analyst Ratings

Posted-In: Piper JaffrayAnalyst Color Downgrades Pre-Market Outlook Analyst Ratings


Related Articles (CORT)

View Comments and Join the Discussion!