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On Tuesday, H.C. Wainwright maintained a Buy rating on Corcept Therapeutics (NASDAQ:CORT) and increased the price target to $150 from $115. The stock has already surged nearly 96% in the past week, trading near its 52-week high of $117.33. According to InvestingPro analysis, the stock appears overvalued at current levels. The adjustment follows Corcept’s announcement on the previous day that its Phase 3 ROSELLA study for relacorilant in combination with nab-paclitaxel met its primary endpoint in treating platinum-resistant, recurrent ovarian cancer.
The study demonstrated that patients treated with the combination therapy had a median progression-free survival (mPFS) of 6.5 months compared to 5.5 months for those receiving nab-paclitaxel alone. Additionally, an interim analysis showed a median overall survival (mOS) of 16.0 months with relacorilant, versus 11.5 months for the monotherapy group.
These results are consistent with the Phase 2 study outcomes, which also showed benefits of relacorilant in combination with nab-paclitaxel over nab-paclitaxel alone. The Phase 2 data revealed a mPFS of 5.6 months and mOS of 13.9 months for the combination therapy, compared to a mPFS of 3.8 months and mOS of 12.2 months for the monotherapy. With impressive revenue growth of 40% over the last twelve months and a P/E ratio of 81, InvestingPro subscribers can access 16 additional key insights about Corcept’s valuation and growth prospects.
The analysts highlighted the favorable comparison of relacorilant’s performance against AbbVie (NYSE:ABBV)’s Elahere, which is currently approved for FRα-positive platinum-resistant ovarian cancer. Corcept’s treatment could potentially receive a broader label, as the ROSELLA study was not limited to FRα-positive patients.
Corcept plans to submit a New Drug Application (NDA) in the third quarter of 2025 and will present the complete ROSELLA study results at a medical conference within the same year. The company reported that relacorilant was well-tolerated in the study, with no new safety concerns emerging. Notably, Corcept maintains a strong financial position with an InvestingPro Financial Health Score of "GREAT" and a current ratio of 3.35, indicating robust operational stability.
In other recent news, Corcept Therapeutics reported a notable shortfall in its fourth-quarter earnings for 2024, with earnings per share (EPS) at $0.26, missing the projected $0.38. Revenue for the quarter was $181.89 million, falling short of the expected $198.05 million. Despite this, the company experienced a 40% year-over-year increase in annual revenue, reaching $675 million for the year. In a significant development, the company announced positive results from its Phase 3 ROSELLA trial, which evaluated relacorilant in combination with nab-paclitaxel for platinum-resistant ovarian cancer, meeting its primary endpoints. These findings are anticipated to support New Drug Application submissions in the United States and Europe. Additionally, the U.S. Food and Drug Administration has accepted Corcept’s New Drug Application for relacorilant for treating endogenous hypercortisolism, with a decision expected by December 30, 2025. The company is also expanding its research into other serious conditions, including Cushing’s syndrome and prostate cancer. Analyst coverage from firms like Piper Sandler and H.C. Wainwright reflects ongoing interest in Corcept’s strategic developments and potential market impact.
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