Corcept Therapeutics (CORT) stock sank on Wednesday after the pharmaceutical company posted the Complete Response Letter (CRL) it received from the U.S. Food and Drug Administration (FDA). This letter is tied to relacorilant, which is a treatment designed for patients with hypertension secondary to hypercortisolism. This is a condition where excess cortisol results in hypertension.
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The CRL is a blow to Corcept Therapeutics, as the letter noted that the clinical trials of relacorilant met their primary endpoints in treating hypertension secondary to hypercortisolism. Instead, the FDA said it couldn’t reach a favorable benefit-risk assessment for the treatment without additional evidence of effectiveness.
Joseph K. Belanoff, MD, CEO of Corcept Therapeutics, said, “We are surprised and disappointed by this outcome. Our commitment to patients suffering from the effects of hypercortisolism is unwavering. I am confident we will find a way to get relacorilant to the patients it could help. We will meet with the FDA as soon as possible to discuss the best path forward.”
Corcept Therapeutics Stock Movement Today
Corcept Therapeutics stock was down 39.85% in pre-market trading on Wednesday, following a 12.06% drop yesterday. However, the shares have rallied 39.3% over the past 12 months.
Trading activity for Corcept Therapeutics saw some 534,000 shares change hands this morning. For comparison, the company’s three-month daily average trading volume was about 822,000 units.
Is Corcept Therapeutics Stock a Buy, Sell, or Hold?
Turning to Wall Street, the analysts’ consensus rating for Corcept Therapeutics is Moderate Buy, based on four Buy ratings and two Hold ratings over the past three months. With that comes an average CORT stock price target of $125.25, representing a potential 78.43% upside for the shares.
