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 decline in share price, dropping 50% after receiving a complete response letter from the FDA regarding its treatment relacorilant for hypercortisolism, leading to a loss of over $3.6 billion in market capitalization [1][3]. Company Overview - Corcept Therapeutics has previously promoted relacorilant's efficacy and commercial potential, claiming that clinical trial patients showed meaningful improvements in hypercortisolism symptoms [3]. - The company expressed confidence in achieving annual revenues of $3 billion to $5 billion from its hypercortisolism business within three to five years [3]. FDA Response - The FDA's complete response letter indicated that additional evidence of relacorilant's effectiveness was required for a favorable benefit-risk assessment [3]. - A reported finding indicated that loss of blood pressure control was 83% less likely in the relacorilant group compared to placebo [3]. Market Reaction - Following the FDA's announcement, Corcept's share price fell over $35, resulting in a 50% decrease in value on December 31, 2025 [1][3].