Corcept Therapeutics price target lowered to $50 from $135 at Truist

Truist lowered the firm’s price target on Corcept Therapeutics (CORT) to $50 from $135 and keeps a Buy rating on the shares after the company received an FDA complete response letter regarding the new drug application for relacorilant as a treatment for patients with hypertension. The FDA asking for additional evidence of relacorilant’s effectiveness is “significantly dimming” Corcept’s outlook in Cushings, says the analyst, who removed relacorilant for hypercortisolism from the firm’s model.