Leerink Swann Upgrades Corcept Therapeutics (CORT) to Outperform; mproved Confidence in Commercial Outlook
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Price: $114.47 +3.58%
Rating Summary:
7 Buy, 9 Hold, 3 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 6 | Down: 4 | New: 7
Rating Summary:
7 Buy, 9 Hold, 3 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 6 | Down: 4 | New: 7
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Leerink Swann upgraded Corcept Therapeutics (NASDAQ: CORT) from Market Perform to Outperform with a price target raised from $3 to $5.
Leerink analyst says, "Discussions with MEDACorp specialists suggest Korlym use could reach 2-3x that of Ipsen's Somatuline or PFE's (MP) Somavert for acromegaly, other pituitary conditions. Adjusting for est. annual revenue by IMS ($22M for Somatuline and $36M for Somavert), a higher est. price point for Korlym (3.5x vs Somatuline, 2.3x vs Somavert), we believe peak US revenue could reach $150-200M. Our 2013E-2015E Korlym US revenue moves from $37/49/69M to $49/105/130M and EPS moves from ($0.05)/($0.27)/ ($0.08) to ($0.03)/$0.05/$0.20. Consensus revenues for 2013E -2015E are $27M/$75M/$145M which may be hard to move up unless Korlym is ultra-premium priced. If we don't see numbers going higher as we transition to the launch setting, our upgrade may prove short-lived."
For an analyst ratings summary and ratings history on Corcept Therapeutics click here. For more ratings news on Corcept Therapeutics click here.
Shares of Corcept Therapeutics closed at $3.12 yesterday.
Leerink analyst says, "Discussions with MEDACorp specialists suggest Korlym use could reach 2-3x that of Ipsen's Somatuline or PFE's (MP) Somavert for acromegaly, other pituitary conditions. Adjusting for est. annual revenue by IMS ($22M for Somatuline and $36M for Somavert), a higher est. price point for Korlym (3.5x vs Somatuline, 2.3x vs Somavert), we believe peak US revenue could reach $150-200M. Our 2013E-2015E Korlym US revenue moves from $37/49/69M to $49/105/130M and EPS moves from ($0.05)/($0.27)/ ($0.08) to ($0.03)/$0.05/$0.20. Consensus revenues for 2013E -2015E are $27M/$75M/$145M which may be hard to move up unless Korlym is ultra-premium priced. If we don't see numbers going higher as we transition to the launch setting, our upgrade may prove short-lived."
For an analyst ratings summary and ratings history on Corcept Therapeutics click here. For more ratings news on Corcept Therapeutics click here.
Shares of Corcept Therapeutics closed at $3.12 yesterday.
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