FDA-Issued CRL for Relacorilant NDA Leads to Bullish Views Around Corcept Therapeutics (CORT)

CORT -0.85%

Corcept Therapeutics (NASDAQ:CORT) is one of the 17 biotechnology stocks with more than 50% upside.

On February 2, Edward Nash from Canaccord Genuity reaffirmed his Buy rating for Corcept Therapeutics (NASDAQ:CORT). He forecasted a price target of $100, which leads to almost 161% upside potential on the stock.

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Nash noted that the CRL issued by the U.S. FDA for the relacorilant NDA confirms their prior expectations. Their model already accounted for the need to conduct an additional trial, leading them to factor in a three-year delay for relacorilant to enter the Cushing’s market.

On January 22, the price target on Corcept Therapeutics (NASDAQ:CORT) was raised from $90 to $105 by H.C. Wainwright analyst Swayampakula Ramakanth. He maintained his Buy rating on the stock, which he expects has an upside potential of almost 174%.

Based on impressive survival data, Ramakanth raised his market penetration forecast for relacorilant in ovarian cancer, moving it from 20% to 25%. The company recently shared successful median results for survival data from its major Phase 3 ROSELLA study, which focuses on platinum-resistant ovarian cancer.

Corcept Therapeutics (NASDAQ:CORT) is a commercial-stage pharmaceutical company developing therapies for severe conditions. These include endocrinologic, oncologic, metabolic, and neurologic disorders. It is developing medicines that target hyperglycemia, hypercortisolism, prostate cancer, and amyotrophic lateral sclerosis.

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