Corcept Therapeutics (CORT -5.8%) slumps on modestly higher volume in apparent reaction to a bearish report from Southern Investigative Reporting Foundation (SIRF). Shares have dropped over 13% since Wednesday.
Author Roddy Boyd says the company’s lone drug, Korlym (mifepristone), is merely a repurposed abortion pill (known as RU-486) that the company failed to market as a treatment for depression. He questions the robustness of the data supporting U.S. approval for a pituitary gland disorder called Cushing’s syndrome, characterized by excess cortisol in the body, adding that the European Medicines Agency declined to approve it for this use due to, among other things, “limited” evidence of effectiveness despite an annual cost of more than $300K.
Yesterday morning, ValueEngine cut its rating to Sell. According to MarketBeat, five of six sell-siders have Buy ratings with price targets of $20 – 32.
Consensus Q4 view is EPS of $0.17 on revenue of $70.4M.
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