H.C. Wainwright lifts Corcept stock target to $115 on drug outlook

On Tuesday, H.C. Wainwright increased its price target on Corcept Therapeutics (NASDAQ:CORT) shares to $115 from the previous $80, while maintaining a Buy rating on the stock. The firm’s analyst cited the potential approval of Corcept’s relacorilant, a selective cortisol modulator, as a key driver for the company’s future revenue growth. The stock has already demonstrated remarkable performance, with a 193.52% return over the past year and currently trades near its 52-week high of $71.29. According to InvestingPro analysis, the company maintains excellent financial health with a score of 3.43 out of 5.

Corcept Therapeutics submitted a New Drug Application (NDA) to the FDA for relacorilant as a treatment for hypercortisolism on December 30, 2024. The analyst anticipates that, following a standard review period of about 10 months, the drug is likely to receive FDA approval in late 2025 and hit the market in the first quarter of 2026. The company’s strong foundation is evident in its impressive 98.44% gross profit margin and 39.67% revenue growth over the last twelve months. For deeper insights into CORT’s growth potential and 15+ additional ProTips, consider accessing the comprehensive Pro Research Report available on InvestingPro.

The raised price target reflects a new 90% probability of the drug’s launch, a significant increase from the previous estimate of 48.5%. The analyst projects that, if relacorilant is successfully launched, revenues related to Cushing’s syndrome treatments could surge to nearly $824 million by 2030, up from an estimated $175 million in 2026.

Furthermore, the analyst pointed out that if relacorilant is also adopted for use in patients with difficult-to-control diabetes, it could lead to substantial growth beyond the current revenue forecasts. This optimistic outlook underpins the firm’s decision to uphold a Buy rating and raise the 12-month price target for Corcept Therapeutics.

In other recent news, Corcept Therapeutics has been the subject of several important developments. H.C. Wainwright maintained an $80 target on the company’s stock, attributing this to consistent growth in Korlym sales and the potential of the CATALYST study results to drive further growth. Meanwhile, Canaccord Genuity increased their price target on Corcept Therapeutics to $130, reflecting confidence in the company’s clinical and financial progress.

Corcept Therapeutics also announced the submission of a new drug application for relacorilant, a treatment for patients with Cushing’s syndrome. This follows positive outcomes from the GRACE trial and other studies, showing improvements in symptoms associated with hypercortisolism.

Moreover, the company reported promising results from a Phase 3 long-term extension study of relacorilant for the treatment of hypercortisolism. The study noted clinically meaningful improvements in cardiometabolic health and tolerability of the medication.

Finally, the company’s Phase 4 study, CATALYST, achieved its primary endpoint in treating patients with hypercortisolism and difficult-to-control type 2 diabetes. The study found that the drug Korlym significantly improved blood sugar levels in affected patients. These are all recent developments that highlight the ongoing progress of Corcept Therapeutics.

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