On Monday, Truist Securities confirmed a positive stance on Glaukos Corporation (NYSE:GKOS), maintaining a Buy rating and a price target of $152.00. The endorsement follows insights gathered from the American Academy of Ophthalmology (AAO) conference regarding Glaukos' iDose product.
The analyst from Truist Securities highlighted that there is a learning curve associated with the J-Code for iDose, suggesting that a more significant quarter-over-quarter increase in its adoption is expected in the fourth quarter, compared to the third quarter's growth against the second quarter. The feedback from the AAO conference, coupled with previous discussions about iDose, has reinforced the analyst's confidence in the near-term (NT) and long-term (LT) potential for estimate increases for the product.
According to the analyst, the launch of iDose is anticipated to be a transformative event for Glaukos' growth and profitability trajectory, especially from the year 2025 onwards. The product is expected to provide the company with one of the most promising revenue and profit estimate upside profiles among the firms covered by Truist Securities.
Glaukos Corporation specializes in developing and commercializing products and procedures designed to treat glaucoma, one of the leading causes of blindness. The iDose device, in particular, is an implant designed to provide a sustained release of medication to lower intraocular pressure in glaucoma patients.
The analyst's report indicates strong market potential for iDose, reflecting optimism about Glaukos' future performance. The maintained price target of $152.00 underscores the belief that the company's stock has the potential to reach this valuation based on the expected success of the iDose product in the market.
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