On Tuesday, Piper Sandler adjusted its outlook on Corcept Therapeutics (NASDAQ:CORT) stock, increasing the price target to $38.00, up from the previous target of $35.00. The firm maintained its Overweight rating.
This move followed Corcept's second-quarter earnings report, which showed earnings per share (EPS) of $0.32 and revenue of $163.8 million, surpassing the anticipated $0.23 EPS and $155.1 million revenue projected by analysts.
Corcept's management has revised its sales forecast for Korlym in 2024, now expecting $640 million to $670 million, an increase from the previous range of $620 million to $650 million. This adjustment indicates a projected growth of 36% at the midpoint compared to 2023.
The company attributes this optimistic outlook to the expanding market awareness for the treatment of hypercortisolism and Cushing's syndrome, as well as minimal competition from Teva's generic product due to Corcept's recent launch of an authorized generic.
Additionally, Corcept has updated the timeline for the submission of the New Drug Application (NDA) for relacorilant, which is now anticipated in the fourth quarter of 2024, a slight delay from the initial third-quarter expectation. The company remains confident in the Phase III GRACE study data, which is believed to support the drug's approval.
The analyst from Piper Sandler expressed a positive stance on Corcept's prospects, citing the potential for significant long-term EBITDA growth. The revised price target reflects an increase in sales estimates for the company's Cushing's syndrome franchise.
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