Aug. 18 at 10:52 AM
Truist assumed coverage on
$CORT and said -- We assume coverage of CORT with a Buy rating (unchanged vs prior) & a
$164/sh PT (vs
$50).
$ABBV $MRK RHHBY AZN DSNKY GILD LLY JNJ GSK
CRNX HLUBF HLBBF VOGX CYCC
Truist added—Our thesis centers around -
1) Opportunity in Cushing's which continues to be a backbone of CORT's valuation. We anticipate relacorilant (rela) approval and broader adoption given differentiated profile (and model Korlym losing share) & expect CORT's continued investment to expand the market. We model peak adj sales of
$1.6B vs.
$1.2B consensus;
2) Lifyorli, with early approval & strong early launch in ovarian cancer (PROC) presents a blockbuster opportunity, in our view. We model peak sales in line with consensus and see potential for expansion to other solid tumors with data by YE2027.
