Inspire Medical Price Target Cut At Piper Sandler After Updated CMS Rates

Piper Sandler has lowered Inspire Medical Systems Inc's INSP price target to $235 (still an upside of around 30%) from $255 and keeps an Overweight rating.
The cut comes after the Centers for Medicare and Medicaid Services (CMS) issued its calendar year 2022 proposed physician fee schedule.
The document included proposed rates of physician reimbursement for the new Hypoglossal Nerve Stimulation (HGNS) codes, analyst Adam Maeder tells investors in a research note.
He says the primary HGNS code appears to reimburse physicians $870 for performing an Inspire procedure on a Medicare patient, which comes in well below expectations of around $1,500.
The final rule will be announced in November after a 60-day public comment period closing on September 13.
Price Action: INSP shares are down 5.37% at $177.62 during the market session on the last check Wednesday.

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