Glaukos price target raised to $180 from $140 at Piper Sandler

Piper Sandler analyst Matt O’Brien raised the firm’s price target on Glaukos (GKOS) to $180 from $140 and keeps an Overweight rating on the shares. The firm 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, the 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. Piper continues to believe a more modest ramp is the best way to think about it but comes away even more confident in its 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.