Zacks Investment Research downgraded shares of Corcept Therapeutics, Inc. (CORT) from OUTPERFORM to NEUTRAL on March 20, 2015, with a target price of $6.25.
Corcept posted a loss of $0.03 per share in the fourth quarter of 2014, narrower than the Zacks Consensus Estimate of a loss of $0.06 and a loss of $0.10 in the year-ago quarter. Corcept generated revenues of $9.0 million, up 119% year over year. Corcept's Korlym is approved as a once-daily oral medication for treatment of hyperglycemia secondary to hypercortisolism in adult patients with endogenous Cushing's syndrome, who have type II diabetes mellitus or glucose intolerance. We are positive on the growth prospects of Korlym and Corcept's efforts on label expansion of the drug. However, we would like to wait and watch how the expansion efforts work out. Hence, we downgrade our recommendation to Neutral.
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