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GKOS

Glaukos

$24.29

-1.67 (-6.43%)

13:51
12/11/17
12/11
13:51
12/11/17
13:51

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.

GKOS Glaukos
$24.29

-1.67 (-6.43%)

09/15/17
WELS
09/15/17
NO CHANGE
Target $42
WELS
Outperform
Wells Fargo cuts Glaukos target, remains bullish on prospects
Wells Fargo analyst Larry Biegelsen lowered his price target for Glaukos to $42 from $53 following the company's first annual investor day. The pipeline updates were "very encouraging," but the near-term outlook appears more challenging as the company lowered its 2017 guidance, Biegelsen tells investors in a research note. He expects the stock to trade sideways until iStent Inject approval in the second half of 2018. The analyst keeps an Outperform rating on Glaukos, saying he remains bullish on its long term prospects and "robust" pipeline.
11/07/17
STFL
11/07/17
NO CHANGE
Target $42
STFL
Buy
Glaukos' iStent losing share to Alcon's CyPass, says Stifel
Stifel analyst Jonathan Block lowered his 2018 revenue estimate for Glaukos to $168M from $176M, which he notes is "well below consensus," after his channel checks suggested that Alcon's CyPass stent has gained momentum over the past 6 months and appears to be picking up share from Glaukos iStent. However, he also notes that some physicians already trained on CyPass said they would shift some of their future volume to Glaukos' next-generation Inject if its clinical trial data is convincing. Block keeps a Buy rating and $42 price target on Glaukos, citing its "robust" product pipeline.
11/13/17
SPHN
11/13/17
NO CHANGE
Target $40
SPHN
Overweight
Glaukos price target lowered to $40 from $47 at Stephens
Stephens analyst Chris Cooley lowered his price target on Glaukos to $40 from $47 after attending the American Academy of Ophthalmology meeting and reevaluating the competitive pressures from the expected commercialization of Ivantis's Hydrus. He still sees the potential for Glaukos' new product pipeline to ultimately expand the company's total addressable market to approximately 4M patients and he maintains an Overweight rating on the shares.
11/21/17
PIPR
11/21/17
NO CHANGE
Target $35
PIPR
Overweight
Glaukos selloff due to potentially lower payment rate, says Piper Jaffray
Piper Jaffray analyst Matt O'Brien spoke to Glaukos management about today's 10% selloff and learned that the company heard that Palmetto, which covers North Carolina, South Carolina, Virginia, and West Virginia, has proposed to lower its physician payment rate from about $500 per case to around $275. 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 tells investors in a research note. He remains "somewhat cautious" on Glaukos shares in the near-term, but believes longer term investors should start building positions at current levels. The analyst keeps an Overweight rating on the stock with a $35 price target.

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