NEW YORK, January 1, 2026, 3:46 PM ET \u2014 Market closed.<\/p>\n
Corcept Therapeutics shares closed down 50.4% on Dec. 31 after the FDA issued a complete response letter for relacorilant in hypercortisolism-related hypertension. StockAnalysis<\/a>Wolfe Research downgraded the stock to Underperform with a $30 target after the regulatory decision, while other analysts said more trials may be needed. TipRanks<\/a>Investors are now watching for details from Corcept\u2019s next FDA meeting and a separate mid-2026 decision date for relacorilant in ovarian cancer. Nasdaq<\/a><\/p>\n Corcept Therapeutics (CORT.O) shares ended the last U.S. session down 50.4% at $34.80 after the Food and Drug Administration declined to approve the company\u2019s drug relacorilant for a rare hormonal-disorder-related blood-pressure condition. StockAnalysis<\/a><\/p>\n U.S. stock markets are closed on Thursday for New Year\u2019s Day, leaving investors to digest the regulatory setback before trading resumes on Jan. 2. MarketWatch<\/a><\/p>\n The decision matters because relacorilant was pitched as Corcept\u2019s next growth driver beyond its existing Cushing\u2019s franchise, and the FDA\u2019s action resets expectations for when \u2014 or whether \u2014 the drug can reach the market in this indication. Reuters<\/a><\/p>\n A complete response letter is the FDA\u2019s notice that it cannot approve a marketing application in its current form and lays out what the company must address to move forward. Nasdaq<\/a><\/p>\n Corcept said the FDA concluded it could not reach a favorable benefit-risk assessment for relacorilant without additional evidence of effectiveness, even though the agency acknowledged the pivotal GRACE trial met its primary endpoint and the GRADIENT trial offered confirmatory evidence. Nasdaq<\/a><\/p>\n In an SEC filing, the company said it issued a press release about the FDA letter and attached it as an exhibit. Yahoo Finance<\/a><\/p>\n Trading was briefly halted for \u201cnews pending\u201d early on Dec. 31 and resumed at 8:20 a.m. ET, according to NYSE trade-halt data. New York Stock Exchange<\/a><\/p>\n Corcept traded as low as $32.99 and finished the day with about 20.3 million shares changing hands, far above the prior session\u2019s volume. StockAnalysis<\/a><\/p>\n \u201cFDA\u2019s request for additional data may require additional trials, significantly dimming Corcept\u2019s outlook in Cushings,\u201d Truist analyst Joon Lee said. Reuters<\/a><\/p>\n Wolfe Research downgraded Corcept to Underperform from Peer Perform and set a $30 price target, saying the company would likely need another lengthy trial and that the firm removed potential Cushing\u2019s sales for relacorilant from its model. TipRanks<\/a><\/p>\n Corcept already sells Korlym for certain patients with endogenous Cushing\u2019s syndrome, while other treatments in the market include Recordati\u2019s Isturisa and Xeris Biopharma\u2019s Recorlev. Reuters<\/a><\/p>\n Corcept is also developing relacorilant in oncology, and the company said the FDA has set a July 11, 2026 target action date for relacorilant in platinum-resistant ovarian cancer. Nasdaq<\/a><\/p>\n Before the next session, investors will be looking for any signal on how quickly Corcept can get clarity from the FDA on what \u201cadditional evidence\u201d means \u2014 another clinical trial, a new analysis plan, or other data \u2014 and whether the company updates its regulatory timeline. Nasdaq<\/a><\/p>\n Technically, traders will be watching whether the stock holds above Wednesday\u2019s low near $33, with Wolfe\u2019s $30 target in view, and whether it can reclaim the day\u2019s high near $39 after the steep two-day slide. StockAnalysis<\/a><\/p>\n Macro-wise, U.S. markets head into early-January data that can move risk appetite, including the December employment report and inflation readings that are scheduled for later in the month, according to the Labor Department\u2019s release calendar updates. Bls<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"NEW YORK, January 1, 2026, 3:46 PM ET \u2014 Market closed. 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