Corcept surges on FDA approval for ovarian cancer drug
Relacorilant approval for platinum-resistant ovarian cancer comes 3 months ahead of schedule, analysts see 56% upside
Corcept Therapeutics shares jumped more than 21 percent on Wednesday after the US Food and Drug Administration approved relacorilant for the treatment of platinum-resistant ovarian cancer, marking a significant commercial breakthrough for the California biotechnology company.
The FDA granted approval for relacorilant, which will be marketed under the brand name Lifyorli, in combination with nab-paclitaxel for adults with platinum-resistant epithelial ovarian, fallopian tube, or primary peritoneal cancer. The decision comes approximately three months ahead of the July 11, 2026 Prescription Drug User Fee Act target date, surprising investors who had been bracing for a longer regulatory timeline.
The stock surged to $41.10 in afternoon trading, giving Corcept a market capitalization of $3.58 billion. The rally represents a partial recovery for a stock that has traded well below its 52-week high of $117.33, after the company suffered a setback in December 2025 when the FDA issued a Complete Response Letter for relacorilant in Cushing's syndrome.
The approval was based on positive results from the ROSELLA pivotal phase 3 trial, which demonstrated improved progression-free survival and overall survival for patients receiving the combination therapy compared to nab-paclitaxel alone. Progression-free survival reached 6.5 months versus 5.5 months for the single agent, while overall survival was 16 months compared to 11.9 months for nab-paclitaxel alone.
Analysts see significant upside from current levels. The consensus price target stands at $65.40, implying approximately 59 percent upside from Wednesday's trading price. Analyst ratings are predominantly bullish, with four analysts recommending buy and one suggesting hold, according to market data. Some research firms have set even more ambitious targets, with one analysis showing an average target of $105.20 for 2026.
Relacorilant is an oral selective glucocorticoid receptor antagonist that modulates cortisol activity. The recommended dosage is 150 mg taken orally once daily for three consecutive days around each nab-paclitaxel infusion. The drug has also received orphan drug designation from the FDA and European Commission for the treatment of hypercortisolism, and from the European Commission for ovarian cancer.
Corcept has submitted a Marketing Authorization Application to the European Medicines Agency for relacorilant in platinum-resistant ovarian cancer, potentially expanding the drug's commercial reach beyond the US market. The company, headquartered in Menlo Park, California, reported $761 million in trailing twelve-month revenue and holds a strong institutional ownership base at 73 percent.
The approval is particularly significant given the limited treatment options for platinum-resistant ovarian cancer, which affects thousands of women annually. The combination therapy is approved for patients who have received one to three prior systemic treatment regimens, including at least one with bevacizumab.
Despite Wednesday's surge, the stock remains well below its previous highs, reflecting investor caution following last year's regulatory setback. However, the early FDA approval and strong clinical data may help restore confidence in Corcept's development pipeline and its ability to commercialize novel therapies for serious diseases.