Cantor Fitzgerald analyst Charles Duncan upgraded Corcept Therapeutics Inc (CORT) to Buy today. The company’s shares closed yesterday at $17.17.
Duncan commented:
“. We are upgrading and increasing our 12-month PT to $29 from $17. CORT shares appreciated on Tuesday, 12/11 (~32%), as a result of the USPTO granting a new utility patent for Korlym. The claims of this patent (app #15/627359) appear broad to us, including treatment of Cushing’s and hormone-sensitive cancers by concomitant administration of Korlym (mifepristone) and CYP3A inhibitors such as ketoconazole and others. The key impact of this extended IP is that it creates an additional hurdle for attempts to genericize Korlym.”
According to TipRanks.com, Duncan is a 1-star analyst with an average return of -1.2% and a 42.0% success rate. Duncan covers the Healthcare sector, focusing on stocks such as Biohaven Pharmaceutical Holding Co Ltd, KalVista Pharmaceuticals Inc, and ACADIA Pharmaceuticals Inc.
The the analyst consensus on Corcept Therapeutics Inc is currently a Moderate Buy rating.
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The company has a one-year high of $25.96 and a one-year low of $11.21. Currently, Corcept Therapeutics Inc has an average volume of 1.21M.
Based on the recent corporate insider activity of 22 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of CORT in relation to earlier this year.
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Corcept Therapeutics, Inc. engages in the development of drugs for the treatment of severe psychiatric, neurological, and metabolic disorders. It focuses on the development of drugs for disorders that are associated with a steroid hormone called cortisol. Its products include korlym and korlym support. The company was founded by David B. Singer and Joseph K.
