Glaukos shares rose roughly 27 % on Wednesday after Stephens upgraded the stock on the release of the final Medicare and Medicaid reimbursement standards for 2022.

Stephens analysts upgraded the stock in response to the announcement of the Final Physician Fee, Hospital Outpatient, and Ambulatory Surgery Center Rules for 2022 by the Centers for Medicare and Medicaid Services (CMS).

Stephens analyst Chris Cooley upgraded Glaukos to overweight from equal weight, raising the price objective to $68 from $60, citing his belief that the reimbursement outlook has improved since the fees and restrictions were published.

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According to Cooley, the published rules show that the professional fee was reduced to about $135 to $200 below current levels, although procedure reimbursement in acute care and ambulatory surgery center settings has improved compared to the first suggested levels.

Furthermore, Glaukos "appears to be the big beneficiary" of the 2022 guidelines, according to analyst Matt O'Brien, saying that the company's facility cut has been mostly reversed and its physician cut has been lowered.

Glaukos stock reached a high of $58.29 immediately after the market opened.