Corcept Therapeutics price target raised to $131 from $128 at Piper Sandler

Piper Sandler analyst David Amsellem raised the firm’s price target on Corcept Therapeutics (CORT) to $131 from $128 and keeps an Overweight rating on the shares after catching up with senior management in the wake of the positive results from the Phase III ROSELLA study evaluating relacorilant in platinum-resistant ovarian cancer. Key discussion topics included the underlying PROC opportunity, Corcept’s broader solid tumor strategy for relacorilant, and the cost structure. Beyond that, Piper is revising its model to reflect contribution from relacorilant in PROC. The firm believes that PROC represents a $1B-plus sales opportunity for relacorilant, and could readily drive a transformative longer-term top-line/EBITDA CAGR.