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Canaccord Genuity stated Tuesday that it regards the sell-off in Corcept Therapeutics (NASDAQ:CORT) shares as a shopping for alternative, on condition that the corporate intends to attraction a latest courtroom determination on its drug Korlym and upcoming Section 3 information for its drug candidate relacorilant.
The funding agency stated it was dissatisfied by Friday’s courtroom determination that Teva (TEVA) had not infringed on Corcept’s patents for Korlym, also referred to as mifepristone, with its generic product. Canaccord added, nevertheless, that it didn’t see the choice as a last consequence.
“We view this as a really perfect shopping for alternative given the energy we’ve got seen in Korlym top-line income over the previous few quarters and what we anticipate to be a optimistic consequence from the Section 3 GRACE trial.”
Canaccord famous that the appeals course of might take 12-18 months, “would land us at proper concerning the time relacorilant might launch, if clinically profitable.” It added that it believed it was “extremely unlikely” that Teva would launch a generic product in danger.
If Teva does prevail in bringing a generic model of the product to market, Corcept might additionally compete on value till relacorilant is accepted, Canaccord added.
Canaccord’s value goal for Corcept is $38.