Corcept Therapeutics price target lowered to $90 from $145 at H.C. Wainwright

H.C. Wainwright analyst Swayampakula Ramakanth lowered the firm’s price target on Corcept Therapeutics (CORT) to $90 from $145 and keeps a Buy rating on the shares after the company received a complete response letter from the FDA regarding the new drug application for relacorilant as a therapy for hypercortisolism in Cushing’s syndrome. The FDA appears to want additional confirmatory evidence to assess the benefit-risk of relacorilant and to justify an approval, the analyst tells investors in a research note. This suggests the agency could be seeking a placebo-controlled trial, which is surprising, contends H.C. Wainwright. It cites the delayed launch of relacorilant for the treatment of Cushing’s syndrome for the target cut.