Inspire Medical downgraded to Peer Perform from Outperform at Wolfe Research

Wolfe Research downgraded Inspire Medical (INSP) to Peer Perform from Outperform without a price target While facility economics remain intact, the transition to Current Procedural Terminology code 64582 with the “-52” modifier is expected to materially reduce physician reimbursement, creating disincentives that could pressure adoption, the analyst tells investors in a research note. Although Inspire Medical may navigate the shift, coding uncertainty through 2028 makes guidance visibility challenging and limits confidence in upside, leaving the stock potentially vulnerable, including to takeout speculation, the firm says.