Good news for CORT

Corcept received good news from the FDA yesterday. Its drug Korlym ( Mifepristone) was approved to the treatment of Cushing’s Syndrome. This makes it the first drug approved for this indication. I was a bit surprised by the approval. I held CORT for 8 days – from Jan 31st until Feb 2nd. It traded sideways during that time and after I exited it dropped to the mid $2’s (I sold at $3.40). When trading resumed yesterday after hours the market responded very favourably to the news of the approval with CORT trading as high as $4.80.

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