Glaukos (NYSE:GKOS) Rating Increased to Hold at Zacks Investment Research

Glaukos (NYSE:GKOS) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Thursday, Zacks.com reports. The brokerage presently has a $76.00 price objective on the medical instruments supplier’s stock. Zacks Investment Research‘s target price would suggest a potential upside of 3.15% from the company’s current price.

According to Zacks, “Glaukos is currently progressing with the U.S. commercial rollout of its next-generation iStent inject Trabecular Micro-Bypass device. It also initiated patient enrolment of key U.S. pivotal clinical studies for iDose Travoprost and iStent Infinite. Through continued investment and a new pharmaceutical development agreement with D. Western Therapeutic Institute Glaukos expanded its pharmaceutical capabilities. A strong pipeline is indicative of brighter prospects ahead. Management is optimistic about the recent Avedro buyout. The company outperformed the industry year-to-date. With respect to quarterly results, Glaukos exited the second quarter on a tepid note. Also, Glaukos faces cutthroat competition in the Medical Devices space. Further, an overtly stringent regulatory-approval process for the iDose platform is concerning.”

GKOS has been the subject of several other reports. JPMorgan Chase & Co. set a $90.00 price objective on Glaukos and gave the stock a “buy” rating in a research note on Monday, August 26th. BTIG Research restated a “hold” rating on shares of Glaukos in a research note on Sunday, August 11th. Three research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of $75.86.

Shares of NYSE:GKOS traded up $1.47 during trading on Thursday, hitting $73.68. The stock had a trading volume of 302,319 shares, compared to its average volume of 424,606. Glaukos has a 12-month low of $50.60 and a 12-month high of $84.65. The stock has a market capitalization of $2.63 billion, a price-to-earnings ratio of -199.14 and a beta of 1.70. The company has a quick ratio of 6.04, a current ratio of 6.49 and a debt-to-equity ratio of 0.43. The stock has a 50-day simple moving average of $67.60 and a two-hundred day simple moving average of $71.38.

Glaukos (NYSE:GKOS) last announced its quarterly earnings data on Wednesday, August 7th. The medical instruments supplier reported ($0.11) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.08) by ($0.03). Glaukos had a negative return on equity of 5.77% and a negative net margin of 5.93%. The firm had revenue of $58.60 million during the quarter, compared to analysts’ expectations of $56.24 million. During the same quarter in the previous year, the business earned ($0.15) earnings per share. The company’s revenue for the quarter was up 35.8% compared to the same quarter last year. As a group, sell-side analysts forecast that Glaukos will post -0.34 earnings per share for the current year.

In related news, CFO Joseph E. Gilliam sold 8,750 shares of Glaukos stock in a transaction that occurred on Monday, June 17th. The stock was sold at an average price of $74.22, for a total transaction of $649,425.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Over the last quarter, insiders have sold 23,727 shares of company stock valued at $1,703,587. 8.70% of the stock is owned by company insiders.

A number of hedge funds have recently made changes to their positions in GKOS. Baillie Gifford & Co. raised its position in Glaukos by 60.6% during the second quarter. Baillie Gifford & Co. now owns 2,825,084 shares of the medical instruments supplier’s stock valued at $213,012,000 after acquiring an additional 1,065,462 shares in the last quarter. Nuveen Asset Management LLC acquired a new stake in Glaukos in the second quarter valued at approximately $15,603,000. C WorldWide Group Holding A S grew its holdings in Glaukos by 372.8% in the second quarter. C WorldWide Group Holding A S now owns 209,265 shares of the medical instruments supplier’s stock valued at $15,779,000 after purchasing an additional 165,000 shares during the period. Brown Capital Management LLC grew its holdings in Glaukos by 6.1% in the second quarter. Brown Capital Management LLC now owns 2,618,462 shares of the medical instruments supplier’s stock valued at $197,432,000 after purchasing an additional 150,931 shares during the period. Finally, Point72 Asset Management L.P. grew its holdings in Glaukos by 524.4% in the second quarter. Point72 Asset Management L.P. now owns 149,354 shares of the medical instruments supplier’s stock valued at $11,261,000 after purchasing an additional 125,436 shares during the period. Institutional investors own 96.43% of the company’s stock.

About Glaukos

Glaukos Corporation, an ophthalmic medical technology and pharmaceutical company, focuses on the development and commercialization of surgical devices and sustained pharmaceutical therapies designed to treat glaucoma. It offers iStent, a micro-bypass stent for insertion in conjunction with cataract surgery for the reduction of intraocular pressure in adult patients with mild-to-moderate open-angle glaucoma; and iStent inject trabecular micro-bypass stent that allows the surgeon to inject stents into various trabecular meshwork locations through a single corneal entry for the reduction of intraocular pressure in mild-to-moderate open-angle glaucoma in combination with cataract surgery.

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