On Tuesday, HC Wainwright raised its price target on shares of Corcept Therapeutics (NASDAQ: CORT ) to $115 from a previous $80, but maintained a Buy rating on the stock. The company's analyst cited the potential approval of Corcept's Relacorilant, a selective cortisol modulator, as a key factor for the company's future sales growth. The stock has already shown a remarkable performance, with a return of 193.52% over the past year, and is currently trading near its 52-week high of $71.29. According to InvestingPro's analysis, the company remains financially strong with a rating of 3.43 out of 5.
Corcept Therapeutics submitted a New Drug Application (NDA) to the FDA for Relacorilant for the treatment of hypercortisolism on December 30, 2024. The analyst expects the drug to receive FDA approval at the end of 2025 after a standard review period of approximately 10 months and to be launched in the first quarter of 2026. The company's strong fundamentals are reflected in its impressive gross profit margin of 98.44% and its sales growth of 39.67% over the last twelve months.
The increased price target reflects a new 90% probability for the drug's launch, a significant increase from the previous estimate of 48.5%. The analyst forecasts that if Relacorilant is successfully launched, revenues from the treatment of Cushing's syndrome could rise to nearly $824 million by 2030, up from an estimated $175 million in 2026.
In addition, the analyst pointed out that if Relacorilant is also used to treat patients with difficult-to-control diabetes, this could lead to significant growth beyond current revenue projections. This optimistic outlook underpins the company's decision to maintain a Buy rating and raise the 12-month price target for Corcept Therapeutics.
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