Here's Why Corcept Therapeutics Stock Hit the Bricks Today
Shares of Corcept Therapeutics (NASDAQ: CORT), a biopharmaceutical company, plunged today after investors learned the U.S. Patent and Trademark Office (USPTO) will consider arguments from Teva Pharmaceuticals (NYSE: TEVA). Investors worried about the threat this poses to Korlym, Corcept's only revenue stream, hammered the stock 22.1% lower on Wednesday.
Korlym is a tablet the Food and Drug Administration approved in 2012 for the treatment of hyperglycemia caused by Cushing's syndrome. Previously, the FDA approved Korlym's active ingredient, mifepristone, for the termination of early stage pregnancies in 2000. In other words, Korlym's a lot older than it looks.
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Source Fool.com
