Inspire Medical Systems jumps as CMS moves to add new billing codes that could ease reimbursement uncertainty

Inspire Medical Systems (INSP) is up 14.7% today. Here is some analysis on what might have caused this price movement.

Analysis: The most likely driver is a U.S. reimbursement/coding development: CMS outlined new HCPCS “C-codes” for hypoglossal nerve neurostimulator procedures that are slated for inclusion in the April 2026 outpatient code editor update. Investors appear to be viewing this as a meaningful step toward clearer, more standardized hospital/ASC billing after months of coding confusion that had weighed on sentiment.

Details:

CMS announced it will add six new HCPCS codes for hypoglossal nerve neurostimulators to the April 2026 Integrated Outpatient Code Editor update, with an effective date of January 1, 2026.

The new code set includes procedure descriptors covering implantation (including cases without a separate distal respiratory sensor electrode/array), revision/replacement, and removal—changes intended to address concerns that existing CPT codes don’t accurately describe newer devices.

Market commentary tied the stock’s move to the prospect of more product- and procedure-specific billing pathways, which could reduce reliance on less certain approaches (such as using CPT 64582 with a -52 modifier) and improve payment predictability for facilities.

Inspire previously highlighted coding and reimbursement uncertainty as a key near-term swing factor for procedure economics and growth, so incremental CMS clarity can have an outsized impact on expectations.

Sources:

Centers for Medicare & Medicaid Services (CMS), Investing.com, The Motley Fool

Disclaimer: This price movement analysis was generated with the help of AI. Please double-check the information provided for mistakes.

$INSP Insider Trading Activity

$INSP insiders have traded $INSP stock on the open market 4 times in the past 6 months. Of those trades, 0 have been purchases and 4 have been sales.

Here’s a breakdown of recent trading of $INSP stock by insiders over the last 6 months:

RICHARD BUCHHOLZ (Chief Financial Officer) sold 11,000 shares for an estimated $1,027,290
SHAWN MCCORMICK has made 0 purchases and 2 sales selling 3,200 shares for an estimated $421,760.
JOHN RONDONI (See Remarks) sold 109 shares for an estimated $10,900

To track insider transactions, check out Quiver Quantitative's insider trading dashboard.

$INSP Hedge Fund Activity

We have seen 197 institutional investors add shares of $INSP stock to their portfolio, and 253 decrease their positions in their most recent quarter.

Here are some of the largest recent moves:

UBS AM, A DISTINCT BUSINESS UNIT OF UBS ASSET MANAGEMENT AMERICAS LLC removed 2,871,080 shares (-86.1%) from their portfolio in Q4 2025, for an estimated $264,799,708
DRAGONEER INVESTMENT GROUP, LLC removed 2,354,411 shares (-100.0%) from their portfolio in Q3 2025, for an estimated $174,697,296
WELLINGTON MANAGEMENT GROUP LLP added 2,211,091 shares (+inf%) to their portfolio in Q4 2025, for an estimated $203,928,922
CITADEL ADVISORS LLC removed 1,237,091 shares (-70.8%) from their portfolio in Q4 2025, for an estimated $114,096,902
BAILLIE GIFFORD & CO removed 1,084,350 shares (-100.0%) from their portfolio in Q4 2025, for an estimated $100,009,600
M&T BANK CORP added 931,049 shares (+inf%) to their portfolio in Q4 2025, for an estimated $85,870,649
D. E. SHAW & CO., INC. added 853,305 shares (+237.8%) to their portfolio in Q4 2025, for an estimated $78,700,320

To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.

$INSP Government Contracts

We have seen $3,772,718 of award payments to $INSP over the last year.

Here are some of the awards which we have have seen pay out the most over the last year:

IMPLANTS: $142,010
INSPIRE IMPLANTABLE PULSE GENERATOR V LEAD SLEEP REMOTE: $50,150
IMPLANT: $50,150
SURGICAL IMPLANT: $50,150
IMPLANTABLE PULSE GENERATOR: $50,150

To track government contracts to publicy traded companies, check out Quiver Quantitative's government contracts dashboard.

$INSP Analyst Ratings

Wall Street analysts have issued reports on $INSP in the last several months. We have seen 5 firms issue buy ratings on the stock, and 0 firms issue sell ratings.

Here are some recent analyst ratings:

Mizuho issued a "Outperform" rating on 02/12/2026
RBC Capital issued a "Outperform" rating on 12/17/2025
Stifel issued a "Buy" rating on 11/24/2025
Piper Sandler issued a "Overweight" rating on 11/04/2025
Evercore ISI Group issued a "Outperform" rating on 10/07/2025

To track analyst ratings and price targets for $INSP, check out Quiver Quantitative's $INSP forecast page.

$INSP Price Targets

Multiple analysts have issued price targets for $INSP recently. We have seen 14 analysts offer price targets for $INSP in the last 6 months, with a median target of $88.0.

Here are some recent targets:

Adam Maeder from Piper Sandler set a target price of $85.0 on 02/12/2026
Michael Sarcone from Jefferies set a target price of $66.0 on 02/12/2026
Shagun Singh from RBC Capital set a target price of $68.0 on 02/12/2026
Larry Biegelsen from Wells Fargo set a target price of $70.0 on 02/12/2026
Anthony Petrone from Mizuho set a target price of $85.0 on 02/12/2026
Richard Newitter from Truist Securities set a target price of $70.0 on 02/12/2026
Mike Polark from Baird set a target price of $74.0 on 02/12/2026

This article is not financial advice. See Quiver Quantitative's disclaimers for more information. Note that there may be inaccuracies due to mistakes in ticker-mapping, and other anomalies.