Cantor Fitzgerald analyst Charles Duncan upgraded Corcept Therapeutics to Overweight from Neutral and raised his price target for the shares to $29 from $17. The stock rallied 32% yesterday to $17.17 as a result of the United States Patent and Trademark Office granting a new utility patent for Korlym, Duncan tells investors in a research note. The analyst says the claims of this patent appear broad, including treatment of Cushing's and hormone-sensitive cancers by concomitant administration of Korlym and CYP3A inhibitors such as ketoconazole and others. The key impact of this extended intellectual property is that it creates an additional hurdle for attempts to genericize Korlym, says Duncan. Further, he believes that by decreasing potential for Korlym genericization at the end of the 30-month stay, execution on Relacorilant's Phase 3 trial may not be "rushed," thereby enhancing probability of success. The analyst thinks the new patent bodes well for the group of Korlym.

These names in the biotech sector are seeing a substantial increase in search activity today, as determined by InvestingChannel. They include: Biohaven Pharmaceutical... To see the rest of the story go to thefly.com. See Story Here