Piper still constructive on Corcept despite patent case ‘disappointing’ outcome

Piper Sandler says that with Corcept (CORT) losing its patent case on Korlym to Teva (TEVA) in federal district court, it certainly is clear that leadership’s high degree of confidence in the outcome of the trial was grossly misplaced. That said, it is not yet clear to the firm if Teva will launch its generic of Korlym at-risk or wait out what will be a lengthy appellate process. Though the legal outcome and specter of a near-term loss of exclusivity is “undoubtedly disappointing,” Piper nonetheless is remaining constructive on Corcept’s shares given its view that next-generation selective cortisol modulator relacorilant, irrespective of whether Korlym has exclusivity, will over time widen the company’s Cushing’s syndrome franchise patient/sales footprint. The firm reiterates an Overweight rating on Corcept’s stock with a price target of $35.