On Friday, Canaccord Genuity revised the price target for Corcept Therapeutics (NASDAQ:CORT) upward to $100.00, a slight increase from its previous $99.00 target, while continuing to endorse the stock with a Buy rating. This updated valuation implies a considerable upside potential compared to Corcept's current trading price of $41.30, although it remains beneath the stock's 52-week peak of $117.33. Analysis presented by InvestingPro indicates the shares may currently be modestly undervalued relative to their assessed Fair Value.
The upgrade stems largely from compelling clinical evidence surrounding relacorilant, Corcept's candidate drug for treating platinum-resistant ovarian cancer (PROC). Canaccord highlighted that relacorilant has delivered strong and persistent efficacy outcomes, accompanied by a beneficial safety profile and the convenience of oral administration, which enhances patient compliance.
Significantly, the U.S. Food and Drug Administration (FDA) has accepted Corcept's New Drug Application (NDA) for relacorilant in this indication, setting a Prescription Drug User Fee Act (PDUFA) decision deadline for July 11, 2026. Canaccord's analysts conveyed optimism regarding relacorilant's prospects to become the preferred therapeutic option for PROC patients. Moreover, the firm emphasized broader potential for relacorilant across other oncology indications, especially within gynecologic oncology, suggesting an expanded market opportunity ahead.
Supporting this optimistic outlook is Corcept Therapeutics' sound financial footing. InvestingPro data reveal the company currently holds more cash than debt, offering a solid liquidity cushion. Additionally, Corcept is slated to report its fiscal fourth quarter and full-year 2025 earnings on February 18. The company has realized notable revenue growth of 17.92% over the past twelve months. Analysts appraise Corcept's financial condition as "GREAT," despite its elevated earnings multiple, underscoring confidence in the firm's operational performance and growth trajectory.
Further bolstering the company's profile are recent clinical trial accomplishments. Corcept announced that its Phase 3 ROSELLA trial evaluating relacorilant in combination with nab-paclitaxel for PROC successfully met the primary endpoint of overall survival (OS). Patients receiving the combination therapy experienced a 35% reduction in death risk compared to those treated solely with nab-paclitaxel, extending median survival to 16.0 months versus 11.9 months. Additionally, the trial had earlier met progression-free survival (PFS) benchmarks by demonstrating a 30% decreased risk of disease progression.
Nevertheless, regulatory challenges remain. Corcept Therapeutics received a Complete Response Letter (CRL) from the FDA concerning its NDA for relacorilant as a treatment for hypercortisolism in Cushing’s syndrome, representing a setback. In response to the FDA's request for further evidence of effectiveness in Cushing's syndrome, various analyst firms have adjusted their price targets downward while retaining Buy ratings. These include H.C. Wainwright (target reduced from $145 to $90), Canaccord Genuity (from $140 to $99), and Truist Securities (which notably lowered its target from $135 to $50). Such developments have tempered expectations within this therapeutic segment, impacting Corcept's overall outlook.
Despite the regulatory hurdles in Cushing’s syndrome, the advances in oncology indications and a strong financial position suggest Corcept Therapeutics remains well-positioned as it progresses toward pivotal regulatory milestones and earnings disclosures.