Shares of Glaukos Corporation (GKOS) plummeted 11.62% in Thursday's pre-market trading session following a series of price target cuts by prominent Wall Street analysts and a downgrade from Wells Fargo. The ophthalmic medical technology and pharmaceutical company faced significant downward revisions, signaling growing concerns about its near-term prospects.
JP Morgan delivered the most severe blow, slashing its price target for Glaukos from $160 to $100, a staggering 37.5% reduction. This was followed by Needham, which cut its target from $176 to $115, and Truist Securities, lowering its target from $140 to $135. Stifel and Mizuho also joined the bearish chorus, reducing their price targets to $115 from $140 and to $150 from $175, respectively.
Adding to the negative sentiment, Wells Fargo downgraded Glaukos to Equal Weight from Overweight, drastically reducing its price target to $86 from $160. The firm cited that the growth runway for iDose, one of Glaukos's key products, is already priced into the stock. This collective action by analysts suggests a significant reassessment of the company's future performance and growth potential, leading investors to reconsider their positions and triggering a substantial sell-off in pre-market trading.
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