Market Overview

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

Related CORT
Weakness In Corcept Shares Is 'Overdone,' According To Analyst
Mid-Morning Market Update: Markets Open Higher; Wal-Mart Reports $20B Buyback Plan

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

Aug 2017Stifel NicolausInitiates Coverage OnBuy
Feb 2017Ladenburg ThalmannInitiates Coverage OnBuy
Dec 2015Janney CapitalInitiates Coverage onBuy

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!

Partner Center