Corcept Therapeutics Incorporated (CORT) Message Board

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Biotech / Medical : Corcept Therapeutics Incorporated (CORT)

CORT 73.50

+1.7%

Oct 31 3:59 PM EST

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From: mopgcw	2/1/2006 6:55:31 AM
	of 32

CORT :Updating Price Target Methodology 2006-01-18 04:45 (New York) Piper Jaffray & Co (CORT - $4.05) Market Perform Volatility: Medium Updating Price Target Methodology Thomas Wei, Senior Research Analyst thomas.a.wei@pjc.com Gur A. Roshwalb, M.D., 212-284-9314, gur.a.roshwalb@pjc.com KEY POINTS: Updating Price Target Methodology. With the new year, we are rolling over our price target to reflect an updated methodology and adjusting our model prior to the year-end call. Our estimated EPS goes from ($1.54) to ($1.10) in 2006 and from ($1.94) to ($1.72) in 2007. We are adjusting our price target from $6 (previously 25x 2010E EPS, discounted at 45% for 3.5 periods) to $5 (now 25x 2011E EPS, discounted at 45% for three periods). From To Price: $4.05 Changes (Previous) (Current) 52 Week High: $7.00 Rating -- MarketPerform 52 Week Low: $3.41 Price Tgt $6.00 $5.00 Price Target: $5.00 FY06E Rev -- $0.0 (mil) Shares Out (mil): 22.6(mil) Market Cap. (mil): $91.5 FY06E EPS ($1.54) ($1.10) Avg Daily Vol (000): 21 FY07E EPS ($1.94) ($1.72) Book Value/Share: $1.47 Cash Per Share: $1.40 Debt to Total Capital: 0% Div (ann): $0.00 Est LT EPS Growth: NM P/E to LT EPS Growth (FY06): NA Est Next Rep Date: 03/15/2006 Fiscal Year End: Dec INVESTMENT RECOMMENDATION: We believe that the Phase III program for Corlux is high-risk, high-reward and that we will likely need to wait for positive Phase III data prior to significant share appreciation. RISKS TO ACHIEVEMENT OF TARGET PRICE: Risks include but are not limited to: 1) negative data from Phase III trials of Corlux in psychotic major depression; and 2) financing risk prior to profitability. COMPANY DESCRIPTION: Corcept Therapeutics Incorporated is developing Corlux for psychotic major depression and other psychiatric disorders. Important Research Disclosures ---------------------------------------------------------------------------- Analyst Certification - Thomas Wei, Senior Research Analyst The views expressed in this report accurately ..

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