UPDATE: Stifel Downgrades Corcept Therapeutics to Hold

In a report published Monday, Stifel analyst Annabel Samimy downgraded Corcept Therapeutics Incorporated

to Hold. According to the report, CORT is making gradual progress with its Korlym (mifepristone) launch. However, 1.5 years since launch, Korlym adoption in Cushing's syndrome remains challenging despite clear clinical benefit. “In 3Q, CORT reported revenues of $2.6mn (39% q/q) with a modest pickup in prescription trends,” the report said. “Korlym prescriber base and repeat prescriptions continue to expand, along with average dose per patient (moving towards 750mg/patient). With some progress in hand, the company is expected to provide its first guidance in 2014. CORT continues with clinical development of Korlym in psychotic major depression (PMD) as well as other selective GR-II antagonists. However, given rapid share price appreciation yet continued slow trajectory of launch, we believe shares are now fairly valued and, as a result, we are downgrading CORT to Hold.” CORT closed Friday at $3.75 with shares trading down at 1.83 percent.