Canaccord cuts Corcept target, sees buying opportunity on selloff

Canaccord analyst Edward Nash lowered the firm’s price target on Corcept Therapeutics (CORT) to $99 from $140 and keeps a Buy rating on the shares after the FDA issued a complete response letter for relacorilant as a treatment for patients with hypertension secondary to hypercortisolism. While a setback, the Korlym business “is still strong, and we do not expect genetics to make any additional in roads,” the analyst tells investors in a research note. The firm views Wednesday’s selloff in the shares as a buying opportunity. Canaccord still believes in the growth potential of Korlym as well as the potential approval of relacorilant in platinum-resistant ovarian cancer, which has an FDA action date of July 11, 2026. The firm sees the Korlym generating over $2B in peak revenue.