JPMorgan places ‘Positive Catalyst Watch’ on Inspire Medical

JPMorgan placed Inspire Medical (INSP) on “Positive Catalyst Watch” ahead of the SURMOUNT-OSA readout this spring. While GLP-1 noise has largely subsided across medical technology, the pending readout of SURMOUNT-OSA this spring has kept an overhang on Inspire shares, creating a “unique buying opportunity,” the analyst tells investors in a research note. The firm does not anticipate GLP-1s having a meaningful impact on Inspire adoption and thinks more patients are likely to fall into rather than out of the company’s funnel. JPMorgan fully expects SURMOUNT-OSA to show a statistically significant reduction in Apnea-Hypopnea Index and body mass index compared to placebo and be a positive trial for Eli Lilly (LLY), but does not see the primary endpoint and likely outcomes matching the efficacy of CPAP or Inspire.