Inspire Medical Systems Inc (INSP)

Inspire Medical Systems Inc (INSP) stock dropped by 7.66% due to reports of a downgrade in the outlook for Inspire Medical Systems by Stifel on January 2, 2024, from Buy to Hold.

• Analyst Price Forecast: As of December 16, 2023, the average one-year price target for Inspire Medical Systems was $214.54, with price forecasts ranging from a low of $151.50 to a high of $262.50. On average, this represented an increase of 5.46% from the company's latest reported closing price of $203.43.
• Projected Annual Revenue and EPS: The projected annual revenue for Inspire Medical Systems was estimated at $526 million, reflecting a decrease of 7.83%. Additionally, the projected annual non-GAAP EPS stood at -2.54. The stock's decline may be attributed to the downgrade in outlook by Stifel, which could have influenced investor sentiment and led to the downward movement in the stock price. Investors may be monitoring the company's performance and outlook in light of these developments.

Shares of Inspire Medical Systems (INSP) dropped by 19.66% from $161.74 to $129.95 in the trading on Wednesday, Novemeber 8, 2023. The reason why INSP down include:

• Q3 Earnings and Sales: Inspire Medical Systems released its Q3 earnings, reporting sales of $153.3 million, which marked a 40% year-over-year increase. While the company's sales growth was impressive, it slightly missed the consensus estimate of $154.45 million. This could have disappointed investors who were expecting even higher sales figures.
• Temporary Revenue Shortfall: Mizuho Securities noted that Inspire Medical Systems experienced a temporary shortfall in revenue during the quarter. This was attributed to a decline in prior authorizations due to a pilot program initiated in Q3 2023. However, this program was discontinued, leading to a normalization of trends by the end of the quarter. Investors may have reacted negatively to this temporary setback.

Shares of Inspire Medical Systems (INSP) dropped by 11.10% from $165.36 to $164.79 in the trading on Wednesday, October 11, 2023. The reason why INSP stock down is due to a competitor's successful kidney disease prevention drug. However, the stock drop was not exclusive to Inspire Medical Systems, as some other dialysis companies like DaVita and Baxter International also suffered losses. This market turbulence was triggered by Novo Nordisk's early termination of a phase 3 trial for Ozempic (semaglutide), which showed remarkable effectiveness in slowing kidney disease progression in type 2 diabetes and chronic kidney disease patients, potentially disrupting the need for dialysis. This setback compounded Inspire Medical Systems's existing struggles, now that the announcement by Novo Nordisk hurts kidney dialysis provider.