Tuesday, Piper Sandler affirmed its Overweight rating on shares of Glaukos Corporation (NYSE:NYSE:GKOS) with a steady price target of $110.00. The firm's analyst expects minimal impact on Glaukos from the upcoming Medicare coverage decisions on Micro-Invasive Glaucoma Surgery (MIGS).
On Tuesday, the analyst from Piper Sandler commented on the recent developments regarding Medicare Administrative Contractors (MACs) and their consideration of MIGS in their June Open Meetings. The analyst anticipates that the first proposed Local Coverage Determinations (LCDs) will be published either this Thursday or next Thursday, May 30th.
The expectation is that the draft LCDs issued by the MACs will mirror those of the past year and will be released in tandem across all seven MACs. This would provide a clear indication of the Medicare coverage policy for MIGS for the entire country. The analyst has engaged with key stakeholders in the healthcare sector to gauge the potential outcomes of these LCDs.
The analyst's discussions have led to the conclusion that the forthcoming LCDs are likely to be approved without causing significant disruption to Glaukos Corporation or its operations. The focus remains on the expected release of the proposed LCDs, which will offer insights into the likely actions of all the MACs regarding MIGS coverage.
Glaukos Corporation, a medical technology company, continues to be monitored by Piper Sandler as it navigates the regulatory landscape. The firm maintains its positive outlook on the company's stock, with the anticipated Medicare decisions being a key factor in the near term.
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