Zacks Investment Research upgraded shares of Glaukos Corp. (NYSE:GKOS) from a hold rating to a strong-buy rating in a research note issued to investors on Wednesday morning. Zacks Investment Research currently has $44.00 price objective on the stock.
According to Zacks, “Glaukos Corporation is an ophthalmic medical technology company. The Company develops, manufactures and markets medical devices for the treatment of glaucoma. Its product pipeline consists of iStent Inject, the iStent Supra and iDose. The company operates primarily in United States, Germany, Europe, the Asia Pacific, Canada and internationally. Glaukos Corporation is headquartered in Laguna Hills, California. “
GKOS has been the subject of several other research reports. Piper Jaffray Cos. reissued an overweight rating and issued a $40.00 price target (up previously from $27.00) on shares of Glaukos Corp. in a research note on Monday, August 1st. Roth Capital boosted their price target on Glaukos Corp. from $36.50 to $41.00 and gave the company a buy rating in a research note on Tuesday, August 2nd. Cantor Fitzgerald reissued a buy rating and issued a $41.00 price target on shares of Glaukos Corp. in a research note on Sunday, September 25th. Finally, Stifel Nicolaus reissued a hold rating on shares of Glaukos Corp. in a research note on Tuesday, September 27th. One research analyst has rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company’s stock. Glaukos Corp. has an average rating of Buy and an average target price of $39.20.
Glaukos Corp. (NYSE:GKOS) traded down 0.62% during midday trading on Wednesday, hitting $38.49. 15,757 shares of the company traded hands. Glaukos Corp. has a 12-month low of $14.25 and a 12-month high of $39.82. The company’s market cap is $1.27 billion. The stock has a 50 day moving average price of $34.17 and a 200-day moving average price of $27.66.
Glaukos Corp. (NYSE:GKOS) last announced its quarterly earnings results on Monday, August 1st. The company reported $0.06 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.04) by $0.10. The business earned $28.60 million during the quarter, compared to analysts’ expectations of $24.45 million. Glaukos Corp. had a negative return on equity of 1.14% and a negative net margin of 1.23%. The firm’s quarterly revenue was up 60.7% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($1.30) EPS. Analysts expect that Glaukos Corp. will post $0.10 EPS for the current year.
In other news, CEO Thomas William Burns sold 162,254 shares of the company’s stock in a transaction that occurred on Wednesday, July 13th. The stock was sold at an average price of $30.07, for a total transaction of $4,878,977.78. Following the completion of the transaction, the chief executive officer now directly owns 1,388 shares in the company, valued at $41,737.16. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Jonathan Silverstein sold 292,938 shares of the company’s stock in a transaction that occurred on Friday, August 12th. The stock was sold at an average price of $33.69, for a total value of $9,869,081.22. The disclosure for this sale can be found here. Company insiders own 36.80% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the company. Capital World Investors raised its position in shares of Glaukos Corp. by 32.6% in the second quarter. Capital World Investors now owns 1,706,070 shares of the company’s stock worth $49,749,000 after buying an additional 419,437 shares during the period. Lord Abbett & CO. LLC raised its position in shares of Glaukos Corp. by 126.0% in the second quarter. Lord Abbett & CO. LLC now owns 1,440,111 shares of the company’s stock worth $41,994,000 after buying an additional 802,763 shares during the period. Gilder Gagnon Howe & Co. LLC raised its position in shares of Glaukos Corp. by 129.3% in the second quarter. Gilder Gagnon Howe & Co. LLC now owns 1,141,840 shares of the company’s stock worth $33,296,000 after buying an additional 643,966 shares during the period. Deerfield Management Co. acquired a new position in shares of Glaukos Corp. during the second quarter worth approximately $28,697,000. Finally, Vanguard Group Inc. raised its position in shares of Glaukos Corp. by 10.6% in the second quarter. Vanguard Group Inc. now owns 882,975 shares of the company’s stock worth $25,748,000 after buying an additional 84,300 shares during the period. Institutional investors own 71.91% of the company’s stock.
About Glaukos Corp.
Glaukos Corporation (Glaukos) is an ophthalmic medical technology company. The Company focuses on the development and commercialization of products and procedures for the treatment of glaucoma. Glaukos has developed the micro-invasive glaucoma surgery (MIGS) for glaucoma treatment. It offers iStent, an MIGS device measuring approximately one millimeter long and approximately 0.33 millimeter wide.
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