Glaukos (NYSE:GKOS) Stock Price Down 4.5% – Here’s Why

Glaukos Corporation (NYSE:GKOS) dropped 4.5% during mid-day trading on Wednesday . The company traded as low as $120.30 and last traded at $120.6020. Approximately 271,822 shares were traded during mid-day trading, a decline of 69% from the average daily volume of 873,276 shares. The stock had previously closed at $126.34.

Wall Street Analyst Weigh In

GKOS has been the subject of a number of research reports. William Blair reiterated an “outperform” rating on shares of Glaukos in a report on Tuesday, May 26th. Stifel Nicolaus set a $170.00 price objective on shares of Glaukos in a report on Thursday, April 30th. JPMorgan Chase & Co. lifted their price target on shares of Glaukos from $120.00 to $140.00 and gave the stock an “overweight” rating in a report on Thursday, April 30th. BTIG Research reiterated a “buy” rating and set a $162.00 price target on shares of Glaukos in a report on Wednesday. Finally, Citigroup lifted their price target on shares of Glaukos from $135.00 to $140.00 and gave the stock a “buy” rating in a report on Thursday, April 30th. Twelve research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $146.17.

Glaukos Trading Down 3.1%

The company has a debt-to-equity ratio of 0.10, a quick ratio of 4.73 and a current ratio of 5.43. The firm’s fifty day simple moving average is $123.04 and its 200-day simple moving average is $115.74. The stock has a market cap of $7.19 billion, a P/E ratio of -37.31 and a beta of 0.82.

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

Insider Activity

In other Glaukos news, COO Joseph E. Gilliam sold 19,573 shares of the firm’s stock in a transaction that occurred on Friday, May 1st. The shares were sold at an average price of $143.54, for a total transaction of $2,809,508.42. Following the completion of the transaction, the chief operating officer owned 73,419 shares in the company, valued at approximately $10,538,563.26. This trade represents a 21.05% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Alex R. Thurman sold 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, April 30th. The stock was sold at an average price of $140.00, for a total transaction of $1,400,000.00. Following the transaction, the chief financial officer owned 43,681 shares of the company’s stock, valued at approximately $6,115,340. The trade was a 18.63% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 45,930 shares of company stock worth $6,321,363 in the last 90 days. 5.90% of the stock is owned by company insiders.

Institutional Trading of Glaukos

Several hedge funds have recently modified their holdings of the stock. Janus Henderson Group PLC increased its stake in shares of Glaukos by 77.2% in the 1st quarter. Janus Henderson Group PLC now owns 5,348,395 shares of the medical instruments supplier’s stock valued at $575,844,000 after acquiring an additional 2,329,608 shares in the last quarter. Wellington Management Group LLP increased its stake in Glaukos by 10.4% in the third quarter. Wellington Management Group LLP now owns 3,580,670 shares of the medical instruments supplier’s stock valued at $292,004,000 after purchasing an additional 336,266 shares in the last quarter. Primecap Management Co. CA increased its stake in Glaukos by 49.8% in the fourth quarter. Primecap Management Co. CA now owns 3,376,928 shares of the medical instruments supplier’s stock valued at $381,289,000 after purchasing an additional 1,123,140 shares in the last quarter. State Street Corp increased its stake in Glaukos by 0.9% in the fourth quarter. State Street Corp now owns 2,122,402 shares of the medical instruments supplier’s stock valued at $239,640,000 after purchasing an additional 18,040 shares in the last quarter. Finally, Ameriprise Financial Inc. increased its stake in Glaukos by 3.5% in the second quarter. Ameriprise Financial Inc. now owns 1,999,252 shares of the medical instruments supplier’s stock valued at $206,503,000 after purchasing an additional 68,497 shares in the last quarter. Institutional investors own 99.04% of the company’s stock.

About Glaukos

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.