NEW YORK, January 1, 2026, 10:45 ET — Market closed.
- Corcept shares last fell about 50% after the FDA said more evidence is needed to back relacorilant in Cushing’s-related hypertension.
- Wall Street moved quickly: Truist cut its target to $50, while Wolfe downgraded the stock to Underperform with a $30 target.
- Traders now watch for the company’s FDA meeting, clarity on any new trial, and the separate ovarian-cancer review clock running into mid-2026.
Corcept Therapeutics Inc (CORT) shares last ended Wednesday down 50.4% at $34.80 after the company said U.S. regulators were not ready to approve its drug relacorilant for a form of high blood pressure linked to hypercortisolism. U.S. stock markets are shut on Thursday for New Year’s Day. 1
The selloff matters because relacorilant was the company’s key near-term bet to broaden its commercial base beyond its current product, and the FDA’s response forces investors to reassess both timing and risk.
It also sharpens focus on Corcept’s oncology program. In the same statement, Corcept said the FDA has set a July 11, 2026 deadline under the Prescription Drug User Fee Act — the agency’s target date to act on an application — for relacorilant in platinum-resistant ovarian cancer.
Corcept said the FDA acknowledged its pivotal GRACE trial met its main goal and that data from the GRADIENT trial provided confirmatory evidence, but the agency still said it could not reach a favorable benefit-risk conclusion without more proof the drug works. A “complete response letter” is the FDA’s notice that an application cannot be approved as filed. 2
“FDA’s request for additional data may require additional trials, significantly dimming Corcept’s outlook in Cushings,” Truist analyst Joon Lee said. Corcept’s already-approved Korlym treats high blood sugar caused by endogenous Cushing’s syndrome, and rival therapies for Cushing’s include Recordati’s Isturisa and Xeris Biopharma’s Recorlev. 3
On the Street, Truist cut its price target on Corcept to $50 from $135 while keeping a Buy rating, according to TheFly. 4
Wolfe Research downgraded the stock to Underperform from Peer Perform and set a $30 price target, also reported by TheFly. 5
For investors, the next question is whether Corcept can satisfy the FDA with additional analyses, or whether the agency is effectively asking for another trial — a step that usually means added cost and a longer runway to a resubmission.
Relacorilant’s mechanism is central to the thesis: it is designed to block cortisol’s effects while avoiding certain off-target hormone interactions. That “selective” profile is part of why the drug has drawn attention across endocrine and oncology indications, and why the FDA’s demand for clearer proof of effectiveness lands hard.
Before Friday’s session, traders will also be watching the broader risk tone. The next U.S. ISM manufacturing PMI is due at 10:00 a.m. ET on January 2, a release that can sway high-beta groups such as biotech when positioning is lopsided. 6
Technically, the stock now sits in the low-$30s after a sharp gap down from the prior close near $70. Short-term trading will likely revolve around whether shares can hold above the session lows and whether any rebound stalls near the opening levels around $40.
The next scheduled company update is expected in late February, when investors will look for fresh color on Korlym demand, spending plans, and any revised regulatory timeline tied to the FDA letter. Zacks’ earnings calendar lists February 25, 2026 as the expected report date. 7
