Behind The Success - Research Report on Corcept Therapeutics Inc. and Dyax Corp.
Biotech firms Corcept and Dyax have each risen to the occasion with their innovative solutions for unmet medical needs, both having gained substantial momentum as of late
NEW YORK, January 23, 2013 /PRNewswire/ --
After a less than satisfying launch of its flagship product Korlym - a treatment for Cushing's syndrome - resulting in a sharp drop in the stock price, drug developer Corcept Therapeutics Inc. (NASDAQ:CORT) [Full Research Report] has bounced back with an influx of buyers and renewed sentiment from analysts.
The company's stock price fell more than half in November last year from $2.50 to just $1.32 as sales of Korlym underperformed due to subpar marketing. Losses reached up to a whopping $8.3 million and only turned sales at less than $2 million. This year, the price rallied back up to $2 with a price target of $3 and was given a "buy" rating from Janney Capital.
Korlym is so far the only available drug for Cushing's syndrome patients in the market, and is granted orphan drug status by the FDA - giving it an additional two years of exclusivity on the market. This mainly triggered the interest of investors, who helped raise Corcept's stock price to as high as $4.90 in early 2012.
Dyax Corp. (NASDAQ:DYAX) [Free Research Report], a developer of Kalbitor - a drug that treat patients with hereditary angioedema (HAE) - has been downgraded by Zacks to a "neutral" rating from "outperform." The stock price is up by close to 2 percent at $3.65, and has a target price of $3.90.
The company recently updated Kalbitor (aka ecallantide) data from both HAE patients and HAE patients with abdominal attacks. The drug is indicated for the treatment of acute attacks of HAE in patients 16 years of age and older. Its approval is based on the results of two placebo-controlled Phase 3 clinical studies, known as EDEMA3 and EDEMA4. Patients having an HAE attack at any part of the body, with at least one moderate or severe symptom, are treated with 30 mg subcutaneous KALBITOR or placebo.
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