Jefferies analyst Michael Sarcone maintained a Buy rating on Inspire Medical Systems (INSP – Research Report) today and set a price target of $205.00.
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Michael Sarcone has given his Buy rating due to a combination of factors that highlight Inspire Medical Systems’ potential for growth. The company is expected to benefit from the increased efficiency of the Inspire 5 procedure, which is anticipated to drive sales and volume growth in the second half of the year. This growth is supported by the ongoing conversion of U.S. accounts to the Inspire 5 system, with full conversion expected by the end of 2025.
Moreover, the adoption of the SleepSync software, which is necessary for using the Inspire 5 programmer, is progressing, albeit at varying rates across different institutions. Inspire Medical Systems also stands out due to its competitive advantage in closed-loop stimulation technology and improvements in patient comfort. Additionally, the company is poised to capitalize on growth opportunities by deepening penetration in existing accounts and expanding into new ones, particularly among surgeons who have been hesitant to adopt the technology previously.
In another report released on June 9, Bank of America Securities also maintained a Buy rating on the stock with a $255.00 price target.
Based on the recent corporate insider activity of 67 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of INSP in relation to earlier this year.