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It’s time to buy Glaukos ahead of some “exciting” product launches, Piper Sandler said. Analyst Matt O’Brien upgraded Glaukos to overweight, saying investors are overlooking the potential in its treatments for glaucoma, corneal disorders and retinal diseases, namely iDose and iStent. “While the name has run in recent weeks following iDose NDA submission, we believe the Street is underestimating the ramp of both iStent Infinite (2H’23 into FY’24) and, more critically, iDose (1H’24 into FY’25),” O’Brien wrote Wednesday. GKOS 1D mountain Glaukos shares 1-day Glaukos shares are outstripping the major benchmarks this year, climbing 52% in 2023, while the S & P 500 is up 11%. Regardless, the analyst’s $80 price target suggests shares have further to climb, more than 23% from Tuesday’s closing price of $64.82. On Wednesday, the stock popped 3% during midday trading. The analyst conservatively forecasts iDose and iStent will add about $10 million in top-line upside potential in 2024, and roughly $80 million in 2025, according to the note. In particular, he called iDose the “most exciting” launch in midcap medtech, as he expects the treatment will be quickly adopted. “Additionally, iDose’s renewal cycle is perhaps underappreciated by the Street as it leads to a waterfall effect in the outer years, and we see a pathway to $1B in sales by 2030,” O’Brien said. “Add on the other exciting pipeline projects, and we expect further upside even from these elevated levels.” — CNBC’s Michael Bloom contributed to this report.
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