Piper Jaffray analyst Charles Duncan defended the fundamentals for Corcept Therapeutics (CORT) after it was disclosed that Teva (TEVA) has submitted a filing for a generic version of Korlym, arguing that the earliest a generic could enter is late 2020 and that he sees the company having significant room for growth, via scripts and pricing, before that time. Even if a generic reaches market, he sees significant commercial barriers and believes Corcept's second-gen '134 could reach market in-line with a generic entry's timeframe and offer a more-than-competitive profile. Duncan maintains his Overweight rating and $30 price target on Corcept, which is down 26% to $17.34 in late morning trading.

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