Piper Sandler's KOL Calls iDose a 'Game-Changer'; Glaukos Corporation (GKOS) PT Raised to $180

Piper Sandler analyst Matt O\'Brien raised the price target on Glaukos Corporation (NYSE: GKOS) to $180.00 (from $140.00) while maintaining a Overweight rating.

The analyst commented: "We recently had the chance to talk with a busy glaucoma surgeon on a number of MIGS topics, including his experience using iDose. From a high level, our clinician believes the device is a game-changer in the space and should help make more doctors comfortable with interventional glaucoma. At the moment, he is really only treating patients with Medicare fee-for-service, but expects the additional buckets to open in April. His practice expects to aggressively use the product this year (he alone will do ~250 cases). We continue to believe a more modest ramp is the best way to think about it but come away even more confident in our current estimate of $113M this year. Finally, while he uses all types of MIGS technology depending on the patient, he was slightly more complimentary on stents as they spare the anatomy. Reiterate OW; price target to $180."

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