Corcept selloff today ‘ideal buying opportunity,’ says Canaccord

Canaccord recommends buying shares of Corcept Therapeutics (CORT) on weakness after Chief United States District Judge Renee Marie Bumb on Friday ruled in Teva‘s (TEVA) favor with regard to the Hatch-Waxman Act case for patent infringement. While the firm did not anticipate this outcome and it disappointed by the decision, it does not see the outcome as final. The selloff today in Corcept shares is an “ideal buying opportunity” given the strength seen in Korlym sales revenue over the past several quarters and a potentially positive outcome from the Phase III GRACE trial, the analyst tells investors in a research note. Canaccord remains bullish going into the first half of 2024 Phase III GRACE readout as well as the prevalence data read-out from the CATALYST trial with Korlym. It keeps a Buy rating on the shares with a $38 price target, saying the litigation outcome is a “small hiccup” in Corcept’s overall Cushing’s disease strategy.