Sales of Corcept Therapeutics' commercial drug Korlym impress despite increasing competition, analyst raises price forecast

Truist Securities increased the price target for Corcept Therapeutics Registered (NASDAQ:CORT) and points to the continued momentum of Korlym sales more than a decade after launch in the face of increasing competition, saying it is “impressive and hard to ignore.”

Korlym (mifepristone) is a prescription medicine used to treat high blood sugar (hyperglycemia) caused by high levels of cortisol in the blood (hypercortisolism) in adults with endogenous Cushing's syndrome who have type 2 diabetes mellitus or glucose intolerance and who are undergoing surgery is not possible or where the operation failed.

Cushing's syndrome is a hormonal disorder that occurs when the body has too much cortisol, a hormone that helps the body respond to stress.

The Truist analyst notes that there are approximately 20,000 patients with Cushing's disease (pituitary adenoma) in the United States, of which approximately 10,000 can be adequately treated with surgical resection of the pituitary adenoma.

Medical treatment is recommended for the remaining 10 km. Therefore, there is still significant room for growth, with only about 2,000 patients with hypercortisolism currently taking Korlym.

In June, Teva Pharmaceuticals Inc. (NYSE:TEVA) has reportedly sued Corcept Therapeutics, accusing it of a monopoly on Korlym.

The lawsuit, filed in federal court in San Francisco, accuses Corcept and its exclusive distributor, Optime Care, of engaging in anticompetitive practices to stifle competition.

In May, Corcept Therapeutics announced that the Phase 3 GRACE trial of relacorilant in patients with hypercortisolism (Cushing's syndrome) met its primary endpoint.

The company is conducting a Phase 3 GRADIENT study for relacorilant in patients with adrenal adenoma to strengthen the case for treating patients whose hypercortisolism is caused by adrenal adenoma.

Data from GRACE and GRADIENT studies will be part of the FDA application submission. The analyst says: “GRADIENT has good prerequisites for success.”

Truist points out that Corcept Therapeutics can achieve total sales of around $3 billion within five years.

The analyst points out that management has emphasized that once Relacorilant is approved, almost all existing patients on Korlym will be switched to Relacorilant.

With Cushing's Relacorilant penetration increasing from 16% to 25% in 2033, Truist increased its price target from $65 to $76 with a Buy rating.

Price action: CORT shares were up 5.19% at $46.21 at last check on Monday.

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