Corcept downgraded to Hold at Jefferies ahead of 2023 guidance

As previously reported, Jefferies analyst Dennis Ding downgraded Corcept Therapeutics to Hold from Buy with a price target of $22, down from $35. The setup into Q4 EPS and 2023 guidance "could be tricky," said the firm, which believes there is a lack of visibility in sustainably growing revenue by double digits, sees mixed organic demand in the underlying Cushing’s business sees risk to a possible pushout of the Phase 3 relacorilant data that could delay its expansion thesis for the Cushing’s franchise. The firm, which lowered its 2023-24 revenue estimates, notes that it remains below consensus in its forecasts.