Corcept Therapeutics (CORT) Faces Investor Scrutiny Amid Receipt of FDA Complete Response Letter For Relacorilant, Shares Tank 50% - Hagens Berman

Core Viewpoint - Corcept Therapeutics experienced a significant drop in share price, falling 50% on December 31, 2025, after receiving a complete response letter (CRL) from the FDA regarding its treatment relacorilant for hypercortisolism, indicating the need for additional evidence of effectiveness [1][2]. Company Summary - Corcept Therapeutics' relacorilant was previously promoted as having strong efficacy and commercial potential, with management expressing confidence in growing its hypercortisolism business to annual revenues between $3 billion and $5 billion within three to five years [2][3]. - The FDA's CRL indicated that the agency could not make a favorable benefit-risk assessment for relacorilant without further evidence, contrasting with Corcept's prior assurances about the drug's approval timeline [2][3]. - Following the announcement of the CRL, Corcept's market capitalization decreased by over $3.6 billion in a single day, reflecting the severe impact of the news on investor sentiment [1][2].