H.C. Wainwright says buy Corcept on weakness after Optime exit

H.C. Wainwright analyst Swayampakula Ramakanth notes that specialty pharmacy Curant Rare announced on October 1 that it had been selected by Corcept Therapeutics (CORT) to be a distributor for Korlym, but then the current exclusive pharmacy, Optime Care, which had been distributing Korlym since the launch of the drug 10 years ago, announced on October 9 that they would cease to distribute Korlym after losing their exclusivity. While these events delay management’s plan to have at least two pharmacies operational by year-end, leading the firm to lower sales projections for Korlym in the second half of this year and 2026, it views this as “a fleeting wrinkle” and recommends buying the stock on any weakness. The firm reiterates a $145 price target and Buy rating on Corcept shares.