Truist Securities lifts Corcept Therapeutics target to $150

Tuesday, Truist Securities increased the price target for Corcept Therapeutics (NASDAQ:CORT) shares to $150 from the previous target of $76, while maintaining a Buy rating on the stock. The revision follows the announcement of positive Phase 3 ROSELLA trial results for the treatment of ovarian cancer. The stock has already shown remarkable momentum, surging nearly 96% in the past week to $114.22, though InvestingPro analysis suggests the stock is currently trading above its Fair Value.

The ROSELLA trial data, which was toplined in the morning, showed favorable progression-free survival (PFS) and overall survival (OS) outcomes, with hazard ratios (HR) of 0.70 and 0.69 respectively, and statistically significant p-values. The results are seen as competitive compared to recent data from a similar drug, Elahere, presented at the Society of Gynecologic Oncology (SGO) conference. The market has responded positively to this development, with Corcept’s market capitalization now reaching $12.05 billion.

Based on these findings, Corcept Therapeutics is preparing to submit a New Drug Application (NDA) in the third quarter of 2025, with potential approval and market launch anticipated around 2026/27. Truist Securities forecasts that the drug could achieve peak sales of approximately $800 million by 2035. Additional opportunities for the drug in treating other solid tumors have been identified, which are not yet reflected in the current financial model. The company’s strong financial health, rated as GREAT by InvestingPro, supports its ability to execute on these opportunities, with revenue already growing at 39.94% over the last twelve months.

The long-term durability of the intellectual property, extending into the 2040s, was also cited as a reason for the positive outlook on Corcept Therapeutics. The firm reiterates its Buy rating, signaling confidence in the stock’s future performance. With a P/E ratio of 80.79, investors seeking deeper insights into Corcept’s valuation and growth prospects can access comprehensive analysis through InvestingPro’s detailed research reports.

In other recent news, Corcept Therapeutics has reported a notable shortfall in its Q4 2024 earnings, with an EPS of $0.26, missing the projected $0.38, and revenue of $181.89 million, below the expected $198.05 million. Despite this, Corcept achieved a 40% year-over-year increase in 2024 revenue, totaling $675 million. The company is actively expanding its market for hypercortisolism treatments, supported by strong cash reserves and ongoing innovation efforts. H.C. Wainwright recently upgraded Corcept’s stock target to $150 following the announcement of successful results from its Phase 3 ROSELLA trial. This trial evaluated relacorilant in combination with nab-paclitaxel for ovarian cancer, meeting its primary endpoint and showing improved progression-free survival and overall survival rates. The FDA has accepted Corcept’s New Drug Application for relacorilant, setting a PDUFA date of December 30, 2025, for Cushing’s syndrome treatment. Corcept plans to submit a New Drug Application for relacorilant in the third quarter of 2025, with expectations to present the complete ROSELLA study results at a medical conference the same year.

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