Glaukos' Newly Approved Glaucoma Treatment Is The 'Biggest Driver To Watch': Analyst

Shares of Glaukos Corp GKOS continued to climb in early trading on Thursday, after the company’s iDose TR (travoprost intracameral implant) received U.S. Food and Drug Administration (FDA) approval for glaucoma patients.

The Glaukos Analyst: JPMorgan Chase's Allen Gong upgraded the rating for Glaukos from Neutral to Overweight, while raising the price target from $66 to $91. 

Gong also cited iDose as the “biggest driver to watch,” with more benefits coming in the back half of 2024 and significant upside to numbers in 2025 and beyond.

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The Glaukos Thesis: The San Clemente, California-based company is poised to benefit from the initial uptake of iDose at a much higher selling price than was previously anticipated, Gong said in the upgrade note.

Glaukos is also likely to benefit from the growing adoption of Infinite “as coverage wins bear fruit,” while LCDs being unfavorable to competitor technologies could “ultimately begin benefitting iStent,” the analyst added.

“We see this bullish outlook driving a compelling beat-and-raise story in 2024 that should support estimate revisions in 2025+ as well, all with the potential for significant leverage as new products are added to an existing sales force,” he further wrote.

GKOS Price Action: Shares of Glaukos had risen by 3.1% to $82.05 at the time of publication on Thursday.

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