Placeholder canvas
9.3 C
Thursday, February 29, 2024
HomeBusinessCorcept Therapeutics' Shares Plummet Amid Patent Trial Against Teva (NASDAQ:CORT)

Corcept Therapeutics’ Shares Plummet Amid Patent Trial Against Teva (NASDAQ:CORT)


Related stories

Who will assume top Republican role in Senate after Mitch McConnell?

Mitch McConnell announced his intention to step down as...

Comparison of Chase Freedom Unlimited, Sapphire Preferred, and Sapphire Reserve credit cards.

Fortune Recommends has collaborated with CardRatings to present a...

Rockstar Games ends remote work, blames leaks ahead of Grand Theft Auto VI release.

Rockstar Games, a division of Take-Two Interactive Software Inc.,...

Confusion Stirs as Labor Department Sends Email on Consumer Prices.

The US Labor Department's statistical agency sent out a...

House to vote on deal to end government shutdown and extend deadlines.

Lawmakers are pushing to pass a short-term government spending...

Corcept Therapeutics, a pharmaceutical company, experienced a significant drop in its stock price as it faced a patent trial with Teva Pharmaceuticals. Court observers predict that Corcept is likely to lose the trial, causing concern among traders. The patent dispute revolves around Korlym, a drug used for treating Cushing’s syndrome. Teva had previously attempted to invalidate the patent but was unsuccessful. According to Michael D. Cohen, director of research at MDC Financial Research, Teva has a higher chance of winning the trial (65%) compared to Corcept (35%).

The trial was initially scheduled to begin on Wednesday, with Corcept suing Teva in federal court in 2018 to prevent them from marketing a generic version of Korlym. Throughout the trial, the judge has been encouraging the two parties to reach a settlement. Despite the looming legal battle, Corcept’s Chief Business Officer, Charlie Robb, expressed confidence in the company’s case and emphasized that they believe the law and facts are on their side. However, the market responded negatively to the uncertainty surrounding the trial, resulting in a drop in Corcept’s stock price.

Additionally, it is worth noting that Corcept Therapeutics has a significant short interest of 17%. This suggests that there are investors who are betting against the company’s success, which further adds to the volatility and potential risks surrounding the ongoing patent trial.

Source link


- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

Latest stories


Please enter your comment!
Please enter your name here