Corcept Therapeutics weakness a buying opportunity, says Canaccord

Canaccord said the weakness in shares of Corcept Therapeutics was potentially related to a reporter’s article stating that, the trial looked to be going in Teva’s favor with regard to the lawsuit between the two companies. Management said the trial is still ongoing and final documents are being submitted by the parties so that the judge can then start deliberating. The judge has already stated that a decision would likely come out in 1Q24. Canaccord believes it is too soon at this point for a conclusion on the potential outcome of the lawsuit, and they believe the shares are being oversold. Canaccord maintains its Buy rating and $35 price target on Corcept Therapeutics shares.