Piper Jaffray cut shares of Corcept Therapeutics Incorporated (NASDAQ: CORT) from an overweight rating to a neutral rating in a research report sent to investors on Monday morning, TheFlyOnTheWall.com reports. The firm currently has $2.00 price target on the stock, down from their previous price target of $4.00.

“Corcept reported 1Q13 earnings yesterday, with Korlym revenues of $1.7MM significantly missing our ($3.6MM) and consensus ($2.5MM) estimates. In addition, we are attending the AACE meeting and have had an opportunity to speak with Cushing’s treating experts. We believe that Korlym’s differentiated mechanism is only slowly driving a paradigm shift in Cushing’s treatment. Although progress may be more tangible by YE13, due to the lack of visibility and tepid results thus far, we are revising our expectations for Korlym lower. Thus we are reducing our ramp for Korlym in Cushing’s as well as reducing our peak penetration expectations by 50% in both the U.S. and Europe (Exhibits 2 and 3).,” Piper Jaffray’s analyst commented.

Shares of Corcept Therapeutics Incorporated (NASDAQ: CORT) traded up 3.05% during mid-day trading on Monday, hitting $1.69. Corcept Therapeutics Incorporated has a one year low of $1.27 and a one year high of $4.55. The stock’s 50-day moving average is currently $1.90. The company’s market cap is $168.7 million.

Corcept Therapeutics Incorporated (NASDAQ: CORT) is a pharmaceutical company engaged in the discovery and development of drugs for the treatment of severe metabolic and psychiatric disorders.

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