UPDATE: Piper Jaffray Downgrades Corcept Therapeutics to Underweight on Competitive Concerns
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
|Feb 2017||Ladenburg Thalmann||Initiates Coverage On||Buy|
|Dec 2015||Janney Capital||Initiates Coverage on||Buy|
|Apr 2015||FBR Capital||Initiates Coverage on||Outperform|
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.