Piper Sandler lifts Corcept stock target to $131 post-study

On Thursday, Piper Sandler adjusted its outlook on Corcept Therapeutics (NASDAQ:CORT), increasing the price target to $131.00 from $128.00, while maintaining an Overweight rating on the company’s shares. The revision follows recent interactions with Corcept’s senior management after the announcement of successful Phase III ROSELLA study results. The study evaluated relacorilant’s effectiveness in treating platinum-resistant ovarian cancer (PROC). The market has responded positively to these developments, with InvestingPro data showing a remarkable 47.87% return over the past week, pushing the company’s market capitalization to $8.84 billion.

The discussions with management covered the potential market opportunity for PROC treatments, Corcept’s strategy for relacorilant across various solid tumors, and the company’s cost structure. Piper Sandler’s updated assessment takes into account the expected contributions from relacorilant in the PROC market. Corcept has indicated plans to submit a New Drug Application (NDA) in the third quarter of 2025 and to file for approval in the European Union shortly after. The company’s strong financial position is evident in its impressive 98.39% gross profit margin and 39.94% revenue growth over the last twelve months, according to InvestingPro, which offers 14 additional valuable insights about the company’s performance and prospects.

According to Piper Sandler, PROC could represent a sales opportunity exceeding $1 billion for relacorilant. This prospect is anticipated to significantly contribute to Corcept’s long-term revenue and EBITDA growth. The positive outlook is also supported by the expansion of Corcept’s existing Cushing’s syndrome and hypercortisolism franchise.

The analyst’s statement highlighted the transformative potential of relacorilant for Corcept’s financial performance. With the updated model reflecting the drug’s contribution to treating PROC, Piper Sandler reaffirmed its confidence in the company’s growth trajectory by reiterating the Overweight rating and raising the price target.

In other recent news, Corcept Therapeutics has announced significant developments related to its Phase 3 ROSELLA trial, which evaluated relacorilant in combination with nab-paclitaxel for treating platinum-resistant ovarian cancer. The trial successfully met its primary endpoints, demonstrating improved progression-free survival (PFS) and overall survival (OS) for patients, with a median PFS of 6.5 months compared to 5.5 months for those receiving nab-paclitaxel alone. The interim results also showed a median OS of 16.0 months versus 11.5 months in the control group. Following these positive results, Corcept plans to submit a New Drug Application (NDA) in the third quarter of 2025, with a potential market launch anticipated around 2026/27.

Analyst firms have responded favorably to these developments, with Truist Securities raising its price target for Corcept Therapeutics to $150 and maintaining a Buy rating. H.C. Wainwright also increased its price target to $150, highlighting the favorable outcomes of the ROSELLA trial. The trial’s success is further underscored by its broad applicability, as it did not require biomarker selection for patient enrollment, potentially allowing for a wider treatment label.

Additionally, the U.S. Food and Drug Administration (FDA) has accepted Corcept’s NDA for relacorilant for treating endogenous hypercortisolism, with a decision expected by December 30, 2025. This acceptance is based on positive results from the GRACE and GRADIENT trials, which showed improvements in symptoms of hypercortisolism. Corcept’s CEO, Joseph Belanoff, expressed optimism about relacorilant’s potential to become the new standard of care for Cushing’s syndrome. These recent developments reflect Corcept’s ongoing efforts to expand the therapeutic potential of relacorilant across various serious conditions.

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