IRTC - iRhythm Glaukos surge after updates on Medicare reimbursement rates

iRhythm Technologies (NASDAQ:IRTC) and Glaukos Corporation (NYSE:GKOS) have added ~21.0% and ~23.3%, respectively, in the pre-market as investors cheer the final physician payment rates and final outpatient facility fees issued by the Centers for Medicare & Medicaid Services (CMS) for 2022. Wells Fargo analyst Larry Biegelsen with an Underweight rating on Glaukos (GKOS), argued that “both the final physician and facility fees are slightly better than we expected.” Biegelsen has a $41 per share price target on the stock to imply a downside of ~9.0% to the last close. However, after the CMS published the Final Rule, Stephens has upgraded Glaukos (GKOS) to Overweight from Equal Weight, noting a favorable reimbursement outlook for devices used for micro-invasive glaucoma surgery. The price target raised to $68 from $60 implies a premium of ~50.9% to the last close. Glaukos (GKOS) disclosed the update in an 8-K filing submitted on Wednesday. Meanwhile, iRhythm (IRTC) laments

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iRhythm, Glaukos surge after updates on Medicare reimbursement rates