Shares of Inspire Medical Systems (INSP) tumbled 6.14% in pre-market trading on Tuesday, as several Wall Street analysts lowered their price targets for the medical device company. The downward revisions have sparked concerns among investors about the company's near-term prospects.
Multiple research firms adjusted their outlook on Inspire Medical Systems. Jefferies reduced its target price to $205 from $230, while Leerink Partners lowered its target to $176 from $194. Wells Fargo also joined the bearish sentiment, cutting its price target to $174 from $195. Additionally, Morgan Stanley trimmed its target to $200 from $220, although it maintained an overweight rating on the stock.
Despite the reduced price targets, the consensus among analysts remains relatively positive. According to FactSet, Inspire Medical Systems still holds an average rating of overweight, with a mean price target of $218.13. However, the series of downgrades appears to have shaken investor confidence, leading to the significant pre-market decline. As the trading day progresses, investors will be closely watching for any further analyst comments or company updates that might influence the stock's performance.
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