Corcept Therapeutics NasdaqCM:CORT Stock Report

Corcept cut to Hold at Truist on balanced risk-reward setup

Citing a more balanced risk-reward profile following the recent outperformance of company shares, Truist downgraded commercial-stage pharma Corcept Therapeutics (NASDAQ:CORT) to Hold from Buy on Monday. The analyst Gregory Fraser highlights Corcept (CORT) shares registered over 45% gain this year compared to the ~13% decline in the S&P 500 and ~28% selloff in the S&P SPDR Biotech ETF (XBI). The analyst attributes the upsurge mainly to the growth potential of the company’s Cushing’s franchise and the longer-term prospects of its pipeline. Given the modest upside indicated in its $30 per share target, Fraser downgrades the stock as he sees a more balanced risk-reward set up for the stock. Truist’s view on Corcept (CORT) contrasts with that of Jefferies, which launched its coverage on the stock last week with a Buy recommendation citing the profitability of the company's Cushing Syndrome drug Korlym. Wall Street has remained bullish on Corcept (CORT) stock, with an average rating of Buy from analysts, while Seeking Alpha's quant system, which consistently beats the market, rated CORT as a Hold.