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Weakness In Corcept Shares Is ‘Overdone,’ According To Analyst

Courtesy of Benzinga.

Corcept Therapeurtics Incorporated (NASDAQ: CORT) shares are down more than 7 percent Tuesday after the company seemingly reported a steep decline in Korlym prescriptions. However, the stock is bouncing off its lows on what Stifel analyst Adam Walsh says is a simple misunderstanding.

According to Walsh, the sell-off was triggered due to confusion over a transition in specialty pharmacy distribution partners from Dohmen Life Science Services to Optime Care, Inc. In a new note Tuesday, Walsh said Dohmen had been providing prescription tracking information to Symphony prior to the transition but stopped doing so after the change was made. As a result, the Symphony tracking information indicated a steep decline in prescriptions due to the lack of information.

“We spoke with Corcept management today and they continue to reiterate their previous public statements regarding Korlym acceleration,” Walsh wrote.

In fact, not only is Tuesday’s sell-off overdone, Walsh said Corcept is a great buy considering its rapidly expanding Cushing’s syndrome franchise. Walsh said he expects this growth trend to continue for several more years driven by increasing physician awareness, improvements in patient identification and targeted sales initiatives.

Prior to Tuesday’s sell-off, Corcept stock was trading above $20 per share, in line with Stifel’s $20 price target. However, the stock dipped as low as $16.05 on the day before rebounding to around $18.50.

Stifel first initiated coverage of Corcept back in August when the stock was trading at around $16.67 per share. As of Monday’s close, Corcept stock was up 170 percent so far in 2017.

Related Link: DexCom’s Quiet Consolidation After Huge Decline

Latest Ratings for CORT

Date Firm Action From To
Aug 2017 Stifel Nicolaus Initiates Coverage On Buy
Feb 2017 Ladenburg Thalmann Initiates Coverage On Buy
Dec 2015 Janney Capital Initiates Coverage on Buy

View More Analyst Ratings for CORT


View the Latest Analyst Ratings

Posted-In: Adam Walsh StifelAnalyst Color Biotech News Price Target Analyst Ratings General


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