H.C. Wainwright has cut its price target on Corcept Therapeutics (NASDAQ:CORT) to $60, down from $67, while keeping a Buy recommendation on the stock.
The analyst note accompanies results and commentary from the company that highlighted operational headwinds during the pharmacy transition and capacity constraints that limited product shipments. On February 24, Corcept reported fourth-quarter 2025 revenue of $202.1 million, below the consensus projection of $254.9 million. For the full year 2025 the company posted $761.4 million in revenue, which came in under its own revised guidance range of $800 million to $850 million.
Market performance has reflected the missed expectations and operational challenges. Over the last six months the shares have fallen roughly 47%, trading at $36.48 and well below the 52-week high of $117.33.
Drivers of the shortfall
Corcept said new prescriptions rose 61% year over year in 2025, but that growth did not fully translate into unit shipments. Volume improvements resulted in only a 37% increase in tablets sold, a gap the company attributed to capacity constraints at its previous specialty pharmacy. The transition to a new specialty pharmacy, Curant Rare, began in November 2025 and concluded in January 2026. Management indicated Korlym sales were negatively affected during that changeover.
For 2026 the company provided revenue guidance in a range of $900 million to $1 billion, which implies year-over-year growth of about 25% at the midpoint compared with 2025. H.C. Wainwright said its revised price target reflects a more conservative pricing assumption for the Korlym franchise and models 2026 revenue near the low end of Corcept's guidance, at $910 million.
Quarterly financial details
Corcept reported fourth-quarter revenue of $202.1 million, which was below the analyst consensus cited in company disclosures. The fourth-quarter figure represented an 11% increase from the prior year fourth-quarter revenue of $181.9 million. Adjusted earnings per share for the quarter were $0.20, missing the $0.25 per-share estimate tracked by analysts. For the full year, revenue rose to $761.4 million from $675.0 million in 2024, but the company noted the results were affected by operational disruptions.
Valuation and market view
Despite the recent setbacks and the lowered price target, third-party financial analysis indicates the stock may be attractively valued at current levels, with a cited financial health score of "GOOD." H.C. Wainwright's maintained Buy rating suggests the firm still sees upside under its revised assumptions, although it has shifted to a more guarded pricing trajectory for Korlym.
Investors considering Corcept will need to monitor the post-transition recovery in shipments from Curant Rare, the conversion of new prescriptions into actual tablets dispensed, and any additional updates to pricing assumptions from analysts.
Bottom line
H.C. Wainwright lowered its price objective to $60 while keeping a Buy stance as Corcept works through specialty pharmacy capacity issues that constrained tablet shipments and contributed to quarterly and full-year 2025 results that missed expectations. The company is projecting substantial revenue growth in 2026, but the firm models revenue near the low end of that guidance as it takes a more conservative view on pricing for the Korlym franchise.