Corcept Therapeutics should be bought amid weakness, says Canaccord

Canaccord analyst Edward Nash notes that Corcept Therapeutics (CORT) shares “have taken a hard hit today,” which the firm thinks may be attributable to a reporter’s article expressing the opinion that a trial looked to be going in Teva‘s (TEVA) favor in a lawsuit between the two companies in a New Jersey district court. However, Corcept management tells the firm that the trial is still ongoing and final documents are being submitted so that the judge can start deliberating, the analyst tells investors. Even if Teva were to win the trial, Corcept can appeal and that process would take 12 to 18 months, so its likely Teva wouldn’t be willing to or able to launch a generic drug “until mid-2025 at the earliest,” the analyst contends. Canaccord, which would be buyers amid today’s weakness, keeps a Buy rating and $35 price target on Corcept shares.