Piper Jaffray analyst Richard Purkiss lowered his price target for shares of Merck (MRK) to $60 from $62 ahead of Eli Lilly's (LLY) data for its SGLT2 inhibitor, Jardiance, in type 2 diabetes patients at the upcoming EASD meeting on September 17. Purkiss expects the cardiovascular benefit in Lilly's trial will encourage physicians to prescribe Jardiance/SGLT2 inhibitors ahead of many other drugs for type 2 diabetes other than metformin, including DPP-4 inhibitors like Merck's Januvia. The analyst reduced his 2019 forecast for the Januvia franchise by $700M to $6.04B. He reiterates a Neutral rating on Merck.

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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.