RBC Capital Markets initiated coverage of Inspire Medical Systems (NYSE:INSP) with an outperform rating, citing its first-mover advantage in the obstructive sleep apnea, or OSA, market.
RBC noted that Inspire has “rapidly growing sales, 22% 3-year CAGR, led by higher market penetration and utilization, while improving profitability.”
The investment firm added that while the stock had been affected by concerns about GLP-1 drugs, OSA drugs and neurostimulation device competition, “the recent GLP-1 clearing event will now shift focus on fundamentals and INSP’s execution in a vastly untapped market.”
RBC set its price target for the stock at $285.
RBC Capital starts Inspire Medical at outperform, cites first-mover status
