Glaukos (NYSE:GKOS) tumbled as much as 35%,
to its lowest point since August 2018, after issuing soft guidance for
2020 sales and JPMorgan downgraded its shares to Neutral from
Overweight.
Sees 2020 net sales of $290M-$300M vs consensus of $293.7M.
Guidance was disappointing as “competition stifles growth,” JPMorgan analyst Robbie Marcus wrote.
Points to Glaukos’s destocking after promotional
activities in H2 2019 for its U.S. iStent business among the drivers for
the disappointing forecast.
Marcus cuts price target to $55 from $65.
His rating agrees with Quant rating of Neutral and comes in line with the average Sell-Side rating (3 Very Bullish, 1 Bullish, 4 Neutral, 1 Bearish, 1 Very Bearish).https://seekingalpha.com/news/3547153-glaukos-melts-down-after-soft-guidance-rating-cut
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