Corcept Therapeutics price target lowered to $67 from $105 at H.C. Wainwright

H.C. Wainwright lowered the firm’s price target on Corcept Therapeutics (CORT) to $67 from $105 and keeps a Buy rating on the shares. The U.S. Court of Appeals for the Federal Circuit affirmed the District Court’s ruling that Teva‘s (TEVA) generic Korlym does not infringe Corcept’s patents, the analyst tells investors in a research note. The firm believes the decision “eliminates the bull-case scenario” for Corcept of halting generic erosion from the authorized generic, while confirming that Teva’s generic can participate in the Cushing’s syndrome market.