Company

Bank

Analyst

Coverage

Opinion

Wk chg

5/10 cls

Corcept Therapeutics Inc. (NASDAQ:CORT)

Piper Jaffray

Charles Duncan

Downgrade

Neutral (from overweight)

-1%

$1.75

Duncan also lowered his target to $2 from $4 after Corcept reported $1.7M in 1Q13 revenues for Cushing's syndrome drug Korlym mifepristone - the company's only marketed product - missing his $3.6M estimate and the Street's $2.5M estimate. While Duncan said that initiatives such as medical science liaisons and sales force additions are likely to take time, he had anticipated a greater impact from the company's early sales efforts given the limited patient population, about 5,000 in the U.S. He lowered his 2013 revenue estimate to $13M from $26.9M. Korlym is a progesterone and cortisol receptor antagonist.

Dendreon Corp. (NASDAQ:DNDN)

Roth Capital Partners

Joseph Pantginis

Downgrade

Sell (from neutral)

-15%

$3.98

Stifel Nicolaus

Joel Sendek

Downgrade

Sell (from hold)

Pantginis also lowered his target to $3 from $6.30 after Dendreon reported Provenge sipuleucel-T revenues of $67.6M, below the Street's $80.2M estimate and down 18% from $82M in 1Q12 (see "EPS Watch," A18). He believes "investors should exit their positions at this point until we get more evidence that the company's restructuring initiatives, DTC campaign and physician education are showing meaningful results." Provenge is approved in the U.S. for prostate cancer.