H.C. Wainwright has reduced its 12-month price target on Corcept Therapeutics (NASDAQ:CORT) to $67 per diluted share from a prior target of $105, while retaining a Buy rating on the stock. At the time of reporting, the shares were trading at $34.24, down from $39.82 at the previous close and approximately 71% below their 52-week high of $117.33.
The firm said the adjustment follows a February 19, 2026 ruling by the U.S. Court of Appeals for the Federal Circuit that affirmed a District Court decision finding that Teva’s generic version of Korlym does not infringe Corcept’s '214 and '800 patents. That legal determination, H.C. Wainwright noted, effectively confirms Teva’s ability to participate in the U.S. market for Cushing’s syndrome treatment.
Beyond Teva, the ruling also reduces the risk of infringement for other ANDA filers. H.C. Wainwright indicated the decision likely opens the door for secondary ANDA entrants such as Sun and Hikma. Both of these companies have settled their ANDA cases with Corcept, but they still must obtain FDA approval for their generic versions of Korlym before they can launch.
H.C. Wainwright’s downgrade in target reflects an expectation that payors will seek larger discounts once generics are permitted on the market, resulting in a lower net price per patient. The firm incorporated these pricing assumptions into its financial model, driving the reduction from the earlier $105 target to the new $67 target.
Clinical developments and analyst reactions
Separately, Corcept reported a positive clinical outcome from its Phase 3 ROSELLA trial evaluating relacorilant in combination with nab-paclitaxel for platinum-resistant ovarian cancer. The study met its overall survival primary endpoint: the combination arm showed a 35% reduction in the risk of death compared with nab-paclitaxel alone, with median overall survival of 16.0 months versus 11.9 months.
Those efficacy and safety results had previously prompted analyst optimism. The same positive outcome was cited by H.C. Wainwright in an earlier adjustment that raised its price target to $105 and by Canaccord Genuity, which increased its target to $100. However, the subsequent patent ruling has now prompted H.C. Wainwright to lower its target to account for anticipated pricing pressure.
Context and market implications
- The Federal Circuit ruling removes a key patent barrier for Teva, and likely reduces infringement risk for other settled ANDA filers.
- Sun and Hikma remain subject to FDA approval processes before actual market entry despite having settled their legal disputes.
- H.C. Wainwright expects payer behavior to drive steeper discounts and lower net revenue per patient, a factor central to its revised valuation.
Investors and market participants will be watching both the regulatory progress of additional ANDA filers and any shifts in payer contracting or discounting that could affect Corcept’s commercial dynamics in the Cushing’s syndrome market. At the same time, the positive ROSELLA survival data remains a material clinical catalyst for the company’s oncology program.