Glaukos Corporation (GKOS) PT Raised to $162 at BTIG

BTIG analyst Ryan Zimmerman raised the price target on Glaukos Corporation (NYSE: GKOS) to $162.00 while maintaining a Buy rating.

The analyst comments "Year-to-date, GKOS has outperformed the IHI by ~55% and is up ~26.4% on an absolute basis. We think for good reason. GKOS' product pipeline is among the best in MedTech this year. iDose is scaling and Epioxa is off to a fast start (as evidenced by 1Q26 results (here)). Our surveys and physician checks have all been encouraging, adding to our conviction. One of the most common questions we get is how we think about the Epioxa launch at a deeper level than just assumed growth. Similar to how we've ramped up our iDose estimates, we created a top-down model. From total keratoconus patients > keratoconus eyes > treatable eyes > penetration all with a focus on whether penetration (and its growth) is reasonable under current estimates. Based on current Cons., GKOS can lose up to ~94% of its Photrexa patient volume (~1,182 eyes divided by ~20,409 eyes assumed under Photrexa) in FY26 and still hit Cons. Of course there are other variables, but, importantly, penetration does not materially step up from FY26 to FY27. At current Cons. the step-up is only ~50bps despite GKOS being in a position where they have a J-code in place, the field force is larger, and they are in the midst of conducting market development activities in FY27. All in all, we do not see this as a heavy lift. Of course GKOS will want to avoid the same mistakes from early in the iDose ramp when buyside expectations got too far ahead, but we think mgmt. is being mindful of this early in the launch."

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