By Sam Boughedda
Investing.com — Glaukos Corp (NYSE:GKOS) has seen its shares rally Wednesday, up around 27% after Stephens upgraded the stock following the publication of the final Medicare and Medicaid reimbursement rules for 2022.
Analysts at Stephens upgraded the stock in response to the Centers for Medicare and Medicaid Services (CMS) publication of the Final Physician Fee, Hospital Outpatient, and Ambulatory Surgery Center Rules for 2022.
Stephens analyst Chris Cooley upgraded Glaukos to overweight from equal weight, increasing the price target to $68 from $60 on his opinion that the reimbursement outlook is more favorable following the publication of the fees and rules.
Cooley noted that the rules published show that the professional fee was reduced to around $135 to $200 below current levels, but procedure reimbursement in acute care and ambulatory surgery centers settings has improved compared to the initial proposed.
In addition, Piper Sandler analyst Matt O'Brien said Glaukos "appears to be the big beneficiary" of the rules for 2022, stating that the company's facility cut has been mostly reversed and its physician cut reduced.
Glaukos shares hit a high of $58.29 shortly after the opening bell.