In a report released yesterday, Edward Nash from Canaccord Genuity maintained a Buy rating on Corcept Therapeutics (CORT – Research Report), with a price target of $130.00.
Edward Nash has given his Buy rating due to a combination of factors related to Corcept Therapeutics’ promising clinical trial results and strategic positioning in the oncology market. The Phase II trial results for relacorilant in platinum-resistant ovarian cancer (PROC) demonstrated a significant improvement in progression-free survival (PFS), aligning closely with the data from AbbVie’s Elahere, which has already received FDA approval. This suggests a strong potential for relacorilant to achieve similar success in its ongoing Phase III ROSELLA trial.
Moreover, Corcept is poised to release top-line Phase III results soon, which could further validate relacorilant’s efficacy. The flexibility in filing a New Drug Application (NDA) based on either PFS or overall survival (OS) adds to the strategic advantage, as both metrics are not required for submission. Additionally, relacorilant’s applicability across a broader patient population, not limited to specific genetic sub-groups, enhances its market potential compared to Elahere. These factors collectively underpin Nash’s optimistic outlook and Buy rating for Corcept Therapeutics.