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Truist has initiated coverage of Glaukos (NYSE:GKOS) with a buy rating, citing the company’s glaucoma treatment candidate iDose, which is currently being reviewed by the FDA.
The investment firm said it sees Glaukos on the “precipice of a transformational product launch” with iDose, adding that the product could open up a $4B+ sustained-release implant market opportunity. Truist also sees the company achieving revenue growth of 20%+ in 2025 and accelerating thereafter.
Truist expects the product to receive FDA approval next month, with the agency slated to make a decision by Dec. 23, “after which we should have more visibility within two to three quarters post-approval.”
“We see Glaukos as an attractive way to gain exposure to fast-growing ophtho segments,” Truist said, adding, “interest from strategics could increase with visibility on iDose approval and reimbursement.”
Truist set its price target for the stock at $88.
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