By Josh Beckerman
Shares of ResMed, a breathing technology company, fell after Eli Lilly said its weight-loss drug tirzepatide reduced the severity of sleep apnea in Phase 3 trials.
RedMed’s shares dropped the most in 10 months on Monday, retreating 11% to $182.73 in early afternoon trading. The stock has declined 15% in the last 52 weeks.
Citi downgraded breathing technology company ResMed to neutral from buy on Monday.
Needham said in a research note that Lilly’s results were in line with its expectations. “Given the relatively modest near-term headwind we expect through FY27, we view today’s weakness as a buying opportunity” for ResMed shares.
Meanwhile, shares of Inspire Medical Systems, which provides technology for sleep apnea, were down 15% to $138.17. Stifel Financial reduced its target price for Inspire to $170 from $210 and maintained its hold rating.
Write to Josh Beckerman at josh.beckerman@wsj.com
(END) Dow Jones Newswires
06-24-24 1343ET