Needham has increased its 12-month price target on Glaukos Corporation to $127 from $125 and maintained a Buy rating, a move the firm says reflects growing commercial momentum for the companys pipeline products. The revised target is 19% above Glaukos's most recently cited share price of $106.64, though InvestingPro data flags the stock as potentially trading above its Fair Value.
The brokerage pointed to several specific operational developments underpinning the adjustment. Glaukos reported fourth-quarter 2025 revenue that matched its earlier preannouncement, and management reiterated its revenue guidance for 2026. Needham highlighted the continued ramp of the companys iDose product, noting that readministration could begin to contribute meaningfully to volumes in the second half of 2026 and is expected to build into 2027 and beyond.
Revenue trends over the trailing year support the narrative of accelerating growth: Glaukos recorded 30.38% revenue growth over the last twelve months, a pace the firm used to frame its expectations for upcoming commercial expansion.
On the Epioxa front, Needham wrote that capital placements are currently active in accounts covering roughly 50% of the U.S. market, with management projecting a path to reach 90% coverage. The company is also in payer discussions with organizations that represent 50% of covered lives in the U.S., a development the analyst said could underpin broader access and uptake.
Liquidity was another factor in Needhams assessment. InvestingPro data cited a current ratio of 5.2 for Glaukos, which the analyst framed as ample short-term liquidity to support the commercialization efforts for both iDose and Epioxa.
Needham emphasized that iDose and Epioxa should become material drivers of revenue and earnings, and suggested that the firms assumptions for growth in iStent may be conservative. The analyst noted potential upside to consensus estimates should commercial execution and readministration dynamics accelerate as expected. That commentary was released Tuesday.
Separately, the U.S. Food and Drug Administration granted approval for a labeling supplement that permits re-administration of iDose TR for glaucoma treatment. The approval allows physicians to perform repeat treatments on patients with a healthy cornea, broadening the therapys application and offering increased flexibility for long-term disease management.
Following the FDA action, other sell-side firms also adjusted their outlooks. BTIG raised its price target to $131 from $123 while maintaining a Buy rating. Stifel reiterated a Buy rating and increased its price target to $160, citing favorable prospects for both iDose and Epioxa. Stifels work on Epioxa showed results the firm characterized as promising, supporting its more bullish target.
Stifel noted a potential headwind in the form of Local Coverage Determination restrictions, but nonetheless concluded that the risk-reward profile for iDose remained attractive. The firms view, along with Needhams and BTIGs adjustments, underscores analyst optimism about Glaukos expanding capabilities in glaucoma treatment and a positive reception to the companys product pipeline.
Investors tracking Glaukos will likely weigh these analyst updates and regulatory developments alongside valuation metrics such as the InvestingPro fair value assessment and the companys reported liquidity and revenue growth rates.