Glaukos (NYSE:GKOS) Shares Up 7.6% – Here’s What Happened

Glaukos Corporation (NYSE:GKOS)’s share price rose 7.6% on Wednesday . The company traded as high as $159.80 and last traded at $162.7730. 1,496,133 shares changed hands during trading, an increase of 73% from the average daily volume of 864,024 shares. The stock had previously closed at $151.33.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the company. Piper Sandler reaffirmed an “overweight” rating and issued a $165.00 price objective on shares of Glaukos in a research report on Wednesday, July 1st. BTIG Research reiterated a “buy” rating and set a $164.00 target price on shares of Glaukos in a research report on Monday, July 13th. Needham & Company LLC raised their price target on Glaukos from $136.00 to $150.00 and gave the stock a “buy” rating in a research note on Wednesday, June 17th. William Blair restated an “outperform” rating on shares of Glaukos in a report on Tuesday, May 26th. Finally, UBS Group assumed coverage on shares of Glaukos in a research note on Tuesday. They set a “neutral” rating and a $150.00 price objective for the company. Twelve investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $155.23.

Glaukos Stock Performance

The stock’s fifty day simple moving average is $136.27 and its two-hundred day simple moving average is $124.07. The company has a market cap of $9.67 billion, a price-to-earnings ratio of -50.31 and a beta of 0.75. The company has a debt-to-equity ratio of 0.10, a quick ratio of 4.73 and a current ratio of 5.43.

Glaukos (NYSE:GKOS) last released its quarterly earnings data on Wednesday, April 29th. The medical instruments supplier reported ($0.18) EPS for the quarter, topping analysts’ consensus estimates of ($0.30) by $0.12. The business had revenue of $150.57 million during the quarter, compared to the consensus estimate of $137.00 million. Glaukos had a negative return on equity of 6.92% and a negative net margin of 34.34%.The business’s revenue for the quarter was up 41.2% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.22) EPS. Equities research analysts anticipate that Glaukos Corporation will post -0.57 EPS for the current year.

Insider Transactions at Glaukos

In other news, Director Leana Wen sold 1,700 shares of the firm’s stock in a transaction dated Friday, May 1st. The stock was sold at an average price of $143.35, for a total value of $243,695.00. Following the transaction, the director directly owned 19,739 shares in the company, valued at $2,829,585.65. This trade represents a 7.93% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, COO Joseph E. Gilliam sold 19,573 shares of Glaukos stock in a transaction dated Friday, May 1st. The shares were sold at an average price of $143.54, for a total value of $2,809,508.42. Following the completion of the transaction, the chief operating officer directly owned 73,419 shares in the company, valued at $10,538,563.26. This represents a 21.05% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 71,273 shares of company stock worth $10,482,003 over the last ninety days. 5.90% of the stock is owned by insiders.

Institutional Trading of Glaukos

Institutional investors and hedge funds have recently bought and sold shares of the business. SG Americas Securities LLC lifted its position in Glaukos by 460.8% during the fourth quarter. SG Americas Securities LLC now owns 60,232 shares of the medical instruments supplier’s stock valued at $6,801,000 after buying an additional 49,492 shares in the last quarter. Stephens Inc. AR purchased a new stake in Glaukos during the first quarter worth approximately $363,000. Allspring Global Investments Holdings LLC increased its position in shares of Glaukos by 32.8% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 355,279 shares of the medical instruments supplier’s stock worth $39,336,000 after acquiring an additional 87,781 shares in the last quarter. Capricorn Fund Managers Ltd acquired a new stake in shares of Glaukos in the fourth quarter worth $6,775,000. Finally, DNB Asset Management AS raised its stake in shares of Glaukos by 11.9% in the 4th quarter. DNB Asset Management AS now owns 82,320 shares of the medical instruments supplier’s stock valued at $9,295,000 after acquiring an additional 8,770 shares during the period. Institutional investors and hedge funds own 99.04% of the company’s stock.

Glaukos Company Profile

Glaukos Corporation is a medical technology company specializing in the development, manufacturing and commercialization of innovative therapies for patients with glaucoma and other chronic eye diseases. The company’s core offerings focus on micro-invasive glaucoma surgery (MIGS), designed to reduce intraocular pressure and manage glaucoma more safely and effectively than traditional surgical approaches. Glaukos’s flagship products include the iStent, iStent inject and iStent infinite trabecular micro-bypass stents, which are implanted during cataract surgery to improve aqueous outflow and help control eye pressure.

Beyond its MIGS portfolio, Glaukos has expanded into sustained drug-delivery solutions.