Corcept Therapeutics price target lowered to $23 from $27 at Leerink

Leerink lowered the firm’s price target on Corcept Therapeutics (CORT) to $23 from $27 and keeps a Market Perform rating on the shares. The firm has revised its Corcept financial model to account for recent news that drove volatility in the stock, including the disappointing court ruling on litigation with Teva (TEVA) for Korlym, which Leerink thinks enables generic entry that would cut into Corcept’s overall commercial Cushing’s syndrome franchise, which was somewhat offset by management’s pre-announced FY23 financials and FY24 total revenue guidance, that came in higher than its/consensus estimates.