Stifel analyst Adam Walsh lowered his FY21 and FY22 U.S. Korlym estimates after Corcept (CORT) announced that Teva (TEVA) submitted an ANDA for a generic version of the drug in the U.S. He said he was surprised by the timing of the ANDA, which challenges two Orange Book listed patents. Walsh, who also reduced his U.S. estimates for the second-gen Korlym replacement, relacorilant, lowered his price target on Corcept to $20 from $25, though he keeps a Buy rating on the stock.

Vanda Pharmaceuticals "announced that the Supreme Court denied Vanda's petition for a writ of certiorari in its HETLIOZ(R) Abbreviated New Drug Application litigation against Teva Pharmaceuticals USA, Inc., Apotex Inc. and Apotex Corp." CEO Mihael H. Polymeropoulos stated: "We are disappointed that the Supreme Court has decided not to hear our case and clarify the lower court standard for obviousness in patent law. However, we are pleased that our case has drawn attention to an area of law that has broad and significant implications in life sciences innovation."