Glaukos weakness attributed to lower Palmetto rate
Shares of Glaukos have fallen in afternoon trading, with the weakness attributed to Palmetto Health lowering its physician payment rate for the company's iStent treatment, according to contacts. The Fly notes that on November 21, Piper Jaffray analyst Matt O'Brien said he'd spoke to Glaukos management and learned that the company heard that Palmetto, which covers North Carolina, South Carolina, Virginia, and West Virginia, had proposed to lower its physician payment rate for iStent. While the impact from a patient perspective would be fairly modest, any cut is "clearly a negative" and would "damper utilization rates and new physician starts" in the Southeastern U.S. territory, O'Brien told investors at that time. In afternoon trading, Glaukos shares are down about $1.83, or 7.05%, to $24.13.