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On Friday, H.C. Wainwright reiterated its Buy rating and $80.00 price target for Corcept Therapeutics (NASDAQ:CORT), highlighting the company’s consistent growth in Korlym sales over the past eight quarters since the fourth quarter of 2022. The firm attributes this success primarily to the increased recognition and use of the drug among patients with Cushing’s syndrome. This growth is reflected in the company’s impressive 39.67% revenue growth and 205.66% stock return over the past year. According to InvestingPro data, analyst targets range from $67 to $130, with the next earnings report due on February 12.
Corcept’s management has developed a commercial strategy based on the positive outcomes of the Phase 4 CATALYST study, which revealed a significant incidence of hypercortisolism in patients with challenging type 2 diabetes cases. The study also demonstrated a meaningful improvement in hemoglobin A1c levels among those treated with Korlym compared to a placebo. The company’s strong financial position is evident in its healthy current ratio of 3.7 and minimal debt levels, as revealed by InvestingPro’s comprehensive analysis.
H.C. Wainwright’s research, including a survey of endocrinologists, indicates a gap in the identification of hypercortisolism in type 2 diabetes patients. The survey revealed that most endocrinologists underestimate the prevalence of hypercortisolism and that less than a quarter are aware of its potential co-morbidity with hyperglycemia. Despite these challenges, those who prescribe Korlym are likely to continue doing so.
The firm believes that by addressing commercial barriers such as drug cost, awareness, and data availability through scientific presentations of CATALYST study results throughout 2025, Corcept could significantly enhance the Cushing’s franchise as a sustainable growth driver. While CATALYST-related revenues are not currently included in H.C. Wainwright’s model, the firm estimates that successful penetration into the underdiagnosed market could add an additional $400 million to $500 million in annual revenue to the company’s current revenue base of $628.55 million. For deeper insights into CORT’s growth potential and financial health metrics, access the full Pro Research Report available on InvestingPro.
In other recent news, Corcept Therapeutics has been the subject of numerous developments. Canaccord Genuity analysts raised their price target on the company to $130, reflecting confidence in the company’s clinical progress and revenue growth. This adjustment followed an upbeat meeting with Corcept’s management and anticipation of the company’s fourth quarter and full-year 2024 earnings release.
Additionally, Corcept has submitted a new drug application (NDA) to the U.S. Food and Drug Administration (FDA) for relacorilant, a potential treatment for Cushing’s syndrome. This follows positive outcomes from multiple studies, with patients showing improvements in symptoms without experiencing serious adverse events common with current treatments.
The company also reported promising results from a Phase 3 long-term extension study of relacorilant for the treatment of hypercortisolism. Over a treatment duration of up to six years, relacorilant demonstrated significant improvements in cardiometabolic health.
In other developments, Corcept’s drug Korlym showed significant improvement in blood sugar levels in patients with hypercortisolism and type 2 diabetes in a Phase 4 study. Lastly, despite missing its primary endpoint in a Phase 2 study for patients with ALS, Corcept noted a survival difference favoring dazucorilant, prompting the company to continue with an open-label extension study.
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