Shares of Corcept Therapeutics (CORT) took a significant hit in pre-market trading on Friday, plummeting 5.42% following a series of price target cuts by prominent Wall Street analysts. The biotech company, known for its focus on the discovery and development of drugs that modulate the effects of cortisol, faced downward pressure as investors reacted to the revised outlooks.
Leading the bearish sentiment, Piper Sandler analyst David Amsellem lowered the firm's price target on Corcept Therapeutics to $121 from $131. The reduction was attributed to slightly lowered expectations, although specific details were not provided. Adding to the negative outlook, Canaccord Genuity also trimmed its target price for Corcept, adjusting it to $137 from the previous $142.
The series of downward revisions from multiple analysts suggests a shift in market perception regarding Corcept's near-term growth prospects. While the long-term potential of the company's cortisol-modulating drug pipeline remains a point of interest, the immediate reaction in the stock price reflects investor concerns about potential headwinds facing the company. As the market digests these new price targets, investors will be closely watching for any updates from Corcept Therapeutics that could provide clarity on its financial outlook and drug development progress.
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