Piper Jaffray analyst Tyler Van Buren says he left a meeting with CEO of Eli Lilly (LLY) David Ricks with increased conviction in the U.S. launch of Olumiant. The analyst believes the launch will be better than investors currently anticipate and reiterates an Overweight rating on shares of Incyte (INCY) with an $85 price target. Van Buren expect payors to be "very receptive" to Olumiant pricing.

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Shares of sleep apnea device makers ResMed (RMD) and Inspire Medical (INSP) are moving in opposite directions after Eli Lilly (LLY) announced topline results of the SURMOUNT-OSA Phase 3 clinical trials, showing tirzepatide injection significantly reduced the apnea-hypopnea index, or AHI, compared to placebo, achieving the primary endpoints of the studies. After initially moving... To see the rest of the story go to thefly.com. See Story Here

Shares of sleep apnea device makers ResMed (RMD) and Inspire Medical (INSP) are slipping in early trading after Eli Lilly (LLY) announced topline results of the SURMOUNT-OSA phase 3 clinical trials that showed tirzepatide injection significantly reduced the apnea-hypopnea index, or AHI, compared to placebo, achieving the primary endpoints of the studies. SURMOUNT-OSA Study 1 evaluated tirzepatide, which Lilly identifies as "the only approved GIP and GLP-1 treatment for chronic weight management, commercialized as Zepbound in the U.S. and Mounjaro in some global markets outside the U.S.," in adults with moderate-to-severe obstructive sleep apnea, or OSA, and obesity who were not on positive airway pressure, or PAP, therapy for 52 weeks. In Wednesday pre-market trading, ResMed shares are down about 3% to $180, while Inspire shares have slipped about 1% to $220.