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Corcept Therapeutics Incorporated (NASDAQ: CORT) was downgraded by analysts at Piper Jaffray from an “overweight” rating to a “neutral” rating in a research report issued to clients and investors on Monday, reports.

The analysts wrote, “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).”

Shares of Corcept Therapeutics Incorporated (NASDAQ: CORT) traded down 3.95% during mid-day trading on Monday, hitting $1.70. 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 $169.7 million.

Corcept Therapeutics Incorporated (NASDAQ: CORT) last posted its quarterly earnings results on Thursday, May 2nd. The company reported ($0.10) earnings per share for the quarter, missing the analysts’ consensus estimate of ($0.09) by $0.01. The company had revenue of $1.72 million for the quarter, compared to the consensus estimate of $2.48 million. Analysts expect that Corcept Therapeutics Incorporated will post $-0.34 EPS for the current fiscal year.

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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