Glaukos Stock Rose 40.3% on August 29

Glaukos’ (GKOS) share price rose ~40.3% and closed at $62.86 on August 29. The increase was a reaction to the news from Novartis’ (NVS) Alcon business unit about the immediate and voluntary withdrawal of its CyPass Micro-Stent across the world on June 29. In July 2016, the CyPass Micro-Stent was approved by the FDA to be used along with cataract surgery for patients suffering from mild-to-moderate primary open-angle glaucoma. The reduced competition for Glaukos’ glaucoma devices caused Robbie Marcus, a JPMorgan Chase analyst, to increase the company’s target price to $75, which implies an upside potential of ~19.3%—compared to the company’s last closing price.