Leerink initiated coverage of Inspire Medical (INSP) with a Market Perform rating and $159 price target. The firm believes tirzepatide is likely to demonstrate highly statistically significant efficacy in Eli Lilly’s (LLY) pivotal Phase 3 SURMOUNTOSA study in obstructive sleep apnea, with topline results expected in the first half of 2024. Leerink would expect this to create significant headline risk for Inspire Medical that could lead to continued volatility for the stock.
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