Glaukos (NYSE:GKOS) Trading Up 5.4% on Analyst Upgrade

Glaukos Co. (NYSE:GKOS) was up 5.4% during trading on Wednesday after Wells Fargo & Company raised their price target on the stock from $145.00 to $153.00. Wells Fargo & Company currently has an overweight rating on the stock. Glaukos traded as high as $145.00 and last traded at $143.68. Approximately 31,689 shares were traded during mid-day trading, a decline of 94% from the average daily volume of 566,941 shares. The stock had previously closed at $136.38.

Several other analysts have also commented on the stock. JPMorgan Chase & Co. increased their price target on shares of Glaukos from $130.00 to $145.00 and gave the company an “overweight” rating in a research report on Tuesday, November 5th. Stephens raised Glaukos to a “strong-buy” rating in a report on Monday, December 2nd. BTIG Research lifted their price objective on Glaukos from $140.00 to $149.00 and gave the stock a “buy” rating in a research report on Tuesday, November 26th. StockNews.com upgraded shares of Glaukos from a “sell” rating to a “hold” rating in a report on Monday, October 21st. Finally, Truist Financial lifted their price target on shares of Glaukos from $145.00 to $152.00 and gave the stock a “buy” rating in a report on Monday, October 14th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Glaukos has a consensus rating of “Moderate Buy” and an average target price of $143.17.

Insider Buying and Selling

In related news, COO Joseph E. Gilliam sold 2,275 shares of the firm’s stock in a transaction that occurred on Wednesday, October 30th. The shares were sold at an average price of $138.97, for a total value of $316,156.75. Following the transaction, the chief operating officer now owns 102,169 shares in the company, valued at approximately $14,198,425.93. This trade represents a 2.18 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 6.40% of the company’s stock.

Institutional Investors Weigh In On Glaukos

Several large investors have recently made changes to their positions in the business. Wellington Management Group LLP boosted its position in Glaukos by 294.5% during the 3rd quarter. Wellington Management Group LLP now owns 2,183,766 shares of the medical instruments supplier’s stock worth $284,501,000 after purchasing an additional 1,630,270 shares during the period. State Street Corp boosted its position in shares of Glaukos by 5.3% in the third quarter. State Street Corp now owns 1,954,449 shares of the medical instruments supplier’s stock worth $254,626,000 after buying an additional 98,109 shares during the period. Fred Alger Management LLC boosted its position in shares of Glaukos by 3.8% in the second quarter. Fred Alger Management LLC now owns 1,278,723 shares of the medical instruments supplier’s stock worth $151,337,000 after buying an additional 47,308 shares during the period. Primecap Management Co. CA grew its stake in shares of Glaukos by 2.0% in the third quarter. Primecap Management Co. CA now owns 1,245,185 shares of the medical instruments supplier’s stock valued at $162,223,000 after buying an additional 24,370 shares in the last quarter. Finally, Geode Capital Management LLC lifted its position in Glaukos by 6.0% during the 3rd quarter. Geode Capital Management LLC now owns 1,172,016 shares of the medical instruments supplier’s stock worth $152,722,000 after acquiring an additional 66,134 shares in the last quarter. Institutional investors and hedge funds own 99.04% of the company’s stock.

Glaukos Stock Up 7.2 %

The company has a current ratio of 5.54, a quick ratio of 4.71 and a debt-to-equity ratio of 0.19. The firm has a 50-day moving average of $135.53 and a 200 day moving average of $126.38. The stock has a market capitalization of $8.06 billion, a price-to-earnings ratio of -48.39 and a beta of 1.03.

Glaukos (NYSE:GKOS) last announced its earnings results on Monday, November 4th. The medical instruments supplier reported ($0.28) earnings per share for the quarter, beating the consensus estimate of ($0.48) by $0.20. Glaukos had a negative net margin of 42.43% and a negative return on equity of 18.99%. The business had revenue of $96.70 million during the quarter, compared to the consensus estimate of $91.50 million. During the same period in the prior year, the firm earned ($0.50) earnings per share. The business’s quarterly revenue was up 23.9% compared to the same quarter last year. On average, sell-side analysts anticipate that Glaukos Co. will post -1.89 earnings per share for the current year.

About Glaukos

Glaukos Corporation, an ophthalmic pharmaceutical and medical technology company, focuses on the development of novel therapies for the treatment of glaucoma, corneal disorders, and retinal diseases. It offers iStent and iStent inject W micro-bypass stents that enhance aqueous humor outflow inserted in cataract surgery to treat mild-to-moderate open-angle glaucoma.