UPDATE: Piper Jaffray Raises PT on Corcept Therapeutics to $7

Piper Jaffray is out with its report today on Corcept Therapeutics (NASDAQ: CORT), raising its PT from $6 to $7.

In a note to clients, Piper Jaffray writes, "Corcept presented Phase III data for Corlux, the company's lead drug for Cushing's Syndrome, at the ENDO meeting on Saturday. We expect confirmation of benefit on more rigorous clinical endpoints, such as HbA1C and weight loss, to ease regulatory concerns related to Corlux approval on a single Phase III trial, thus supporting a higher multiple that should enable CORT to continue to trade higher. We are therefore raising our price target to $7 from $6 and reiterating our Overweight rating."

At the time of posting, shares of CORT were trading pre-market at $4.75, down 4.81% from Friday's close.