Truist Financial Downgrades Inspire Medical Systems (NYSE:INSP) to Hold

Inspire Medical Systems (NYSE:INSP) was downgraded by Truist Financial from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Thursday, MarketBeat.com reports. They presently have a $96.00 price objective on the stock. Truist Financial’s price target points to a potential upside of 21.00% from the stock’s previous close.

A number of other research analysts have also recently issued reports on the stock. Robert W. Baird boosted their price objective on shares of Inspire Medical Systems from $125.00 to $180.00 and gave the company an “outperform” rating in a report on Thursday, December 4th. Evercore ISI decreased their price target on shares of Inspire Medical Systems from $150.00 to $125.00 and set an “outperform” rating for the company in a report on Tuesday, October 7th. Wolfe Research raised Inspire Medical Systems from a “peer perform” rating to an “outperform” rating and set a $180.00 price objective on the stock in a research note on Tuesday, November 25th. Royal Bank Of Canada boosted their target price on Inspire Medical Systems from $125.00 to $175.00 and gave the company an “outperform” rating in a research note on Wednesday, December 17th. Finally, Morgan Stanley reaffirmed an “equal weight” rating and set a $130.00 price target (up previously from $105.00) on shares of Inspire Medical Systems in a research report on Tuesday, December 2nd. Nine investment analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $138.47.

Inspire Medical Systems Stock Down 1.8%

NYSE:INSP opened at $79.34 on Thursday. Inspire Medical Systems has a 12-month low of $70.77 and a 12-month high of $203.12. The stock’s fifty day simple moving average is $106.07 and its 200-day simple moving average is $97.14. The firm has a market capitalization of $2.31 billion, a P/E ratio of 53.97, a P/E/G ratio of 8.10 and a beta of 0.72.

Inspire Medical Systems (NYSE:INSP) last released its earnings results on Monday, November 3rd. The company reported $0.38 earnings per share for the quarter, beating the consensus estimate of ($0.15) by $0.53. Inspire Medical Systems had a return on equity of 9.41% and a net margin of 5.05%.The firm had revenue of $224.50 million for the quarter, compared to analyst estimates of $220.39 million. During the same quarter in the prior year, the firm posted $0.60 earnings per share. The company’s quarterly revenue was up 10.5% on a year-over-year basis. As a group, equities research analysts expect that Inspire Medical Systems will post 2.16 earnings per share for the current year.

Insider Buying and Selling at Inspire Medical Systems

In related news, Director Shawn Mccormick sold 2,000 shares of the stock in a transaction dated Friday, November 28th. The stock was sold at an average price of $127.48, for a total transaction of $254,960.00. Following the completion of the transaction, the director directly owned 26,046 shares in the company, valued at approximately $3,320,344.08. This trade represents a 7.13% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 4.10% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Inspire Medical Systems

Several hedge funds have recently made changes to their positions in the business. Manning & Napier Advisors LLC acquired a new position in Inspire Medical Systems during the third quarter worth $32,000. V Square Quantitative Management LLC acquired a new position in shares of Inspire Medical Systems during the 4th quarter worth about $40,000. Larson Financial Group LLC raised its holdings in shares of Inspire Medical Systems by 21,266.7% in the 3rd quarter. Larson Financial Group LLC now owns 641 shares of the company’s stock valued at $48,000 after purchasing an additional 638 shares during the period. Pilgrim Partners Asia Pte Ltd acquired a new stake in Inspire Medical Systems in the 3rd quarter valued at about $49,000. Finally, Daiwa Securities Group Inc. grew its holdings in Inspire Medical Systems by 38.7% during the second quarter. Daiwa Securities Group Inc. now owns 466 shares of the company’s stock worth $60,000 after purchasing an additional 130 shares during the period. 94.91% of the stock is owned by institutional investors.

Key Headlines Impacting Inspire Medical Systems

Here are the key news stories impacting Inspire Medical Systems this week:

• Positive Sentiment: Wells Fargo remains constructive, saying the company has long-term upside despite short-term reimbursement headwinds; the note provides some support that institutional investors view the issues as near-term. Read More.
• Positive Sentiment: Zacks argues investors should retain INSP, citing traction for the Inspire V device and management’s focus on balancing growth and near-term pressures — a counterpoint to the negative headlines. Read More.
• Neutral Sentiment: Truist downgraded INSP from Buy to Hold with a $96 price target, which still implies upside but signals reduced near-term conviction from that analyst. Read More.
• Neutral Sentiment: Oppenheimer lowered its rating from Outperform to Market Perform after the reimbursement concerns surfaced — another sign of cooling analyst enthusiasm even if not a full negative thesis. Read More.
• Negative Sentiment: CMS removed coverage for certain sleep-apnea therapy related to Inspire’s offering, a direct hit to expected reimbursement that materially increases near-term revenue risk and drove heavy selling pressure. Read More.
• Negative Sentiment: The Law Offices of Frank R. Cruz has opened an investigation into the company and board over disclosures and delays tied to the Inspire V launch, raising the possibility of shareholder litigation and related distraction/costs. Read More.
• Negative Sentiment: Mainstream coverage summarizes the sell-off and links it to the CMS decision, analyst downgrades, and litigation risk — broadening negative sentiment among retail and institutional holders. Read More.

Inspire Medical Systems Company Profile

Inspire Medical Systems, Inc is a medical technology company specializing in implantable neurostimulation devices for the treatment of obstructive sleep apnea (OSA). The company’s flagship offering, the Inspire® system, delivers targeted stimulation of the hypoglossal nerve to maintain airway patency during sleep, providing an alternative therapy for patients who are intolerant of or inadequately managed by continuous positive airway pressure (CPAP) devices.

The Inspire system comprises an implantable pulse generator, a sensing lead that monitors breathing patterns, and a stimulation lead that activates the hypoglossal nerve.