Price Targets Lowered on Corcept Therapeutics (CORT) After FDA Letter

Corcept Therapeutics Incorporated (NASDAQ:CORT) is one of the 12 Stocks that Will Bounce Back According to Wall Street Analysts. On January 2, Canaccord Genuity cut its price target on Corcept Therapeutics Incorporated (NASDAQ:CORT) from $140 to $99 but kept its Buy rating on the stock. This adjustment comes after the company reported that the FDA issued a Complete Response Letter regarding the New Drug Application for relacorilant as a treatment for patients with hypertension secondary to hypercortisolism.

Despite this, Canaccord Genuity pointed out that Corcept Therapeutics Incorporated’s (NASDAQ:CORT) Korlym business continues to perform well. The research firm noted that it does not expect genetics to make further inroads in this market segment. Canaccord Genuity sees the recent sell-off in Corcept Therapeutics Incorporated (NASDAQ:CORT) shares after the FDA decision as a buying opportunity for investors, pointing to continued growth prospects for Korlym and its authorized generic version.

On January 2, H.C. Wainwright also lowered its price target on Corcept Therapeutics Incorporated (NASDAQ:CORT) from $145 to $90 and kept its Buy rating. The firm believes that the FDA’s response is now expected to delay the launch of relacorilant for Cushing’s syndrome by about three years, with a new expected launch in the first quarter of 2029.

H.C. Wainwright also noted that the Complete Response Letter does not affect the ongoing FDA review of relacorilant for platinum-resistant ovarian cancer, for which the FDA has assigned a Prescription Drug User Fee Act (PDUFA) date of July 11, 2026.

Corcept Therapeutics Incorporated (NASDAQ:CORT) is a commercial-stage pharmaceutical company focused on developing treatments for a wide range of serious disorders through cortisol modulation.

While we acknowledge the potential of CORT as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you’re looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.