Market Overview

UPDATE: Piper Jaffray Downgrades Corcept Therapeutics to Neutral Following 1Q13 Earnings Report

Related CORT
Jim Cramer Gives His Opinion On First Solar, Apache And More
18 Biggest Mid-Day Gainers For Wednesday
Stocks To Watch: Neurocrine Biosciences Sees Relative Strength Rating Jump To 91 (Investor's Business Daily)

In a report published Monday, Piper Jaffray analyst Charles C. Duncan downgraded the rating on Corcept Therapeutics (NASDAQ: CORT) from Overweight to Neutral, and lowered the price target from $4.00 to $2.00.

In the report, Duncan noted, “Corcept reported 1Q13 earnings yesterday, with Korlym revenues of $1.7MM significantly missing our ($3.6MM) and consensus ($2.5MM) estimates. In addition, we are attending the AACE meeting and have had an opportunity to speak with Cushing's treating experts. We believe that Korlym's differentiated mechanism is only slowly driving a paradigm shift in Cushing's treatment. Although progress may be more tangible by YE13, due to the lack of visibility and tepid results thus far, we are revising our expectations for Korlym lower. Thus we are reducing our ramp for Korlym in Cushing's as well as reducing our peak penetration expectations by 50% in both the U.S. and Europe (Exhibits 2 and 3).”

Corcept Therapeutics closed on Friday at $1.77.

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 Analyst Ratings


Related Articles (CORT)

View Comments and Join the Discussion!