Piper Jaffray Reduces Corcept Therapeutics PT From $7.40 (CORT)

Piper Jaffray reduced its Corcept Therapeutics CORT price target from $7.40 to $6 in a research report published today. Piper Jaffray made no change to its Corcept Therapeutics Overweight rating.

In the report, Piper Jaffray states, "Corcept ended 2010 with $24.6mn and, with the recent 1Q11 $41mn
financing, we believe the company should have enough capital to fund operations into 3Q12. We expect an increase in cash burn (to ~$8-$9 mn/q vs YE10's ~$7mn/q) related to the development of REMS and continued R&D and commercialization costs for Corlux. Thus, we expect the company to raise an additional $40mn post approval (likely in 4Q11) to fund operations through Corlux launch."

Shares of Corcept Therapeutics closed Wednesday at $3.89, reflecting no change from Tuesday's market close.