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Piper Jaffray Maintains Corcept Therapeutics Incorporated (CORT) at Overweight After Investor Meetings

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The firm believes that the platform is moving toward a potentially transformative period for second generation compounds

Piper Jaffray Analyst, Charles Duncan, reiterated his Overweight rating on Corcept Therapeutics Incorporated (NASDAQ:CORT). The reiteration came after the firm held investor meetings with the management. However, his price target (PT) remained unchanged at $12. Shares rose 3.38% in the market, yesterday.

Mr. Duncan believes that the company is moving toward a likely transformative period for second generation compounds. This would exhibit its clinical value in a wide array of cortisol driven indications. The company has already performed commendably since the beginning of the year, yielding 34.94% year-to-date (YTD) through Wednesday.

From ‘134, the analyst anticipates to note results of Phase 2 Cushing syndrome treatment during the second half of fiscal year 2017, with the absence of progesterone activity. The results are also expected to support the efficacy of the drug. It can potentially open doors to increased penetration in US and EU.

For FY17, Mr. Duncan looks forward to view progress in ongoing oncology trials. He expects the trials to confirm replicable and meaningful efficacy from Mife, also known as Korlym. He also foresees progress in ‘134 in GR-expressing tumor types, such as Castration-Resistant Prostate Cancer (CRPC) and Triple-Negative Breast Cancer (TNBC). The firm expects these results prior to Korlym’s quarterly revenue performance, and expected clinical & commercial progress of its cortisol-modulating compounds portfolio.

Street analysts have given Corcept Therapeutics a consensus PT of $9.25, with upward potential of 37.65% over Wednesday’s closing price. Out of four analysts viewing the stock at FactSet Fundamentals, three recommended Buy whereas one advocated Underweight.

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