Piper Jaffray analyst Richard Purkiss views yesterday's cardiovascular outcomes data for Eli Lilly's Jardiance in type 2 diabetics as "nothing short of extraordinary." Highlights are a 32% reduction in all-cause mortality and a lower serious adverse event rate than placebo, Purkiss tells investors in a research note. Since Jardiance is the first anti-diabetic drug to ever show a CV outcomes benefit in a single study, it will likely be used in front of other drug classes in the management of type 2 diabetes, Purkiss contends. He keeps an Overweight rating on Eli Lilly with a $120 price target. Jefferies analyst Jeffrey Holford this morning raised his price target for the stock to $115 from $105. Lilly closed yesterday up $5.46 to $89.91.

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.