Wells Fargo upgrades Glaukos on ‘underappreciated’ growth opportunity

Wells Fargo upgraded Glaukos (GKOS) to Overweight from Equal Weight with a price target of $120, up from $92. Investors are focusing on iDose but the company’s Epioxa represents a “significant underappreciated” growth driver, the analyst tells investors in a research note. Wells believes Epioxa gives Glaukos a “sizable, multi-year tailwind” that can move shares materially higher. The firm thinks the company can price Epioxa significantly above its predecessor Photrexa given its broader label and benefits.