Oppenheimer analyst Suraj Kalia downgraded ResMed to Perform from Outperform without a price target. The firm envisions an “airpocket” for the shares following the SURMOUNT-OSA dataset. The full dataset “helps paint a clearer picture” of the risk GLP-1s present to the obstructive sleep apnea space, the analyst tells investors in a research note. Opco believes disease remission outcomes in SURMOUNT-OSA have overshadowed mean apnea-hypopnea index reductions, “which were strong in their own right.” It believes the GLP-1 data will necessitate a structural shift in patient preferences and referral patterns, and ultimately choice of therapy, for obstructive sleep apnea.
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