Stifel Research has reiterated a Buy rating on Glaukos Corporation stock and left its price target unchanged at $160 per share, pointing to product momentum across the company’s iDose and Epioxa franchises. At the time the firm issued its view, the stated price target implied roughly a 38% upside from the referenced stock price of $115.92.
The firm highlighted management’s expectation for sequential growth in iDose unit activity beginning in the first quarter of 2026 and continuing through the year. This guidance follows a period of slower sequential expansion in the fourth quarter of 2025. Stifel noted the company’s 30.38% revenue increase over the last twelve months as a backdrop to that outlook, while also observing that Glaukos has not yet returned to profitability.
On the Epioxa front, Stifel reported that system placements are tracking above the company’s own forecasts. Early payer responses are described as favorable, with initial positive coverage determinations and active engagement from four of the five largest commercial insurers. The firm specifically noted that there has been no reported pricing pushback from these discussions.
Balance-sheet metrics factored into Stifel’s assessment. Glaukos’s reported current ratio of 5.2 and moderate indebtedness were cited as supportive of the company’s ability to fund continued commercial expansion of both iDose and Epioxa.
Management has reaffirmed revenue guidance for 2026 and signaled an upside bias as the company incorporates recent operational updates since its November 2025 guidance. Separately, a market valuation service referenced in coverage identified additional considerations for investors, including a high Price/Book ratio of 8.68 and a strong recent three-month share-price return, both of which could influence near-term investor sentiment.
Looking beyond 2026, Stifel remains constructive on Glaukos based on the potential for Epioxa to drive an acceleration in growth in 2027 and subsequent years. The firm underscored several possible drivers behind that view: a favorable risk-reward profile for LCD (Local Coverage Determination) outcomes, potential benefits from readministration opportunities tied to its therapies, and upside from commercial and Medicare Advantage channels across 2026 and 2027.
Regulatory developments have also bolstered the company’s commercial options. The U.S. Food and Drug Administration has approved a labeling supplement permitting re-administration of iDose TR in patients with healthy corneas, expanding the circumstances under which clinicians may offer repeat treatment. Following that regulatory update, other sell-side firms moved to lift their price targets: BTIG raised its target to $131 from $123 while maintaining a Buy rating, and Needham nudged its target to $127 from $125, also keeping a Buy stance. Both firms cited the growth potential tied to iDose and Epioxa.
Stifel reiterated its $160 price target and Buy recommendation while acknowledging potential headwinds tied to LCD limitations. The firm ran a survey to identify near-term catalysts and concluded that, despite some risks, the overall trajectory remains constructive. These developments have contributed to growing analyst confidence around Glaukos’s commercial prospects, particularly following the expanded label for iDose TR.
Context and implications
The commentary from Stifel and the broader analyst responses emphasize commercial execution and payer engagement as central to Glaukos’s near-term performance. The combination of regulatory flexibility for iDose TR and stronger-than-expected Epioxa placements frames a growth narrative for the company into 2026 and 2027, balanced against valuation metrics and profit challenges.