Corcept Therapeutics Incorporated (CORT) shares fell 50.50%, trading at $34.74, down $35.45, after the company announced it received a Complete Response Letter (CRL) from the U.S. Food and Drug Administration regarding its relacorilant application.
The sharp sell-off followed news that the FDA did not approve relacorilant for its intended indication and outlined additional requirements before potential future approval, prompting investor concern about the drug's regulatory path and commercial prospects.
On the day of the announcement, CORT opened near $70.00, dropped to an intraday low of $33.80, and saw a high near $71.25, compared with a previous close of $70.19. The stock trades on the Nasdaq.
Trading volume was coming in well above the stock's average daily volume, reflecting significant market reaction to the regulatory setback.
Corcept's 52-week range is approximately $39.50 - $103.25, underscoring volatility tied to clinical and regulatory developments.
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