Corcept Therapeutics price target lowered to $145 from $150 at H.C. Wainwright

H.C. Wainwright analyst Swayampakula Ramakanth lowered the firm’s price target on Corcept Therapeutics (CORT) to $145 from $150 and keeps a Buy rating on the shares following the Q1 report. The revenue miss was attributed in part to insufficient capacity at the company’s pharmacy vendor, which was overwhelmed by stronger than expected increase in Korlym demand, the analyst tells investors in a research note. The firm says management emphasized its belief that the pharmacy operations have been improved since March. H.C. Wainwright remains bullish on Corcept’s Cushing’s franchise.