Investment firm H.C. Wainwright has revised its price target on Corcept Therapeutics (NASDAQ:CORT) upward to $105 from its previous $90, while reaffirming a Buy recommendation on the stock. This adjustment follows the announcement on January 22 of promising median overall survival data emerging from Corcept's Phase 3 ROSELLA trial assessing relacorilant in combination with nab-paclitaxel for patients with platinum-resistant ovarian cancer.
The ROSELLA study revealed that participants treated with relacorilant plus nab-paclitaxel achieved a median overall survival of 16.0 months, surpassing the 11.9 months observed in the control group receiving only nab-paclitaxel. This corresponds to a 35% reduction in the risk of death from any cause, supported by a hazard ratio of 0.65 and a statistically significant p-value of 0.0004. Importantly, the safety profile of relacorilant was consistent with that of the control arm, exhibiting no additional chemotherapy-related toxicities, underscoring the treatment's tolerability.
H.C. Wainwright emphasized that, unlike many competitor therapies, the ROSELLA trial enrolled patients irrespective of biomarker expressions, with positive survival outcomes evident across various subpopulations. The firm views these results as encouraging indicators ahead of Corcept’s Prescription Drug User Fee Act (PDUFA) target date slated for July 11, 2026.
In anticipation of commercial launch, should relacorilant gain approval, Corcept intends to deploy a focused sales force comprising 50 oncology-dedicated representatives. Projected revenues are forecasted to escalate from $190 million in 2026 to approximately $2.1 billion by 2031, according to H.C. Wainwright’s analysis.
While the recent clinical progress offers strong momentum, Corcept has previously encountered regulatory headwinds. The U.S. Food and Drug Administration (FDA) issued a Complete Response Letter concerning relacorilant’s application for the treatment of hypercortisolism in Cushing’s syndrome, resulting in prior downward revisions of price targets by both H.C. Wainwright and Canaccord Genuity. Nonetheless, based on robust clinical efficacy and safety data from the ovarian cancer indication, both investment firms have maintained their Buy ratings, with Canaccord slightly raising its target to $100 after an earlier cut.