BTIG Research Forecasts Strong Price Appreciation for Glaukos (NYSE:GKOS) Stock

Key Points

• BTIG Research raised Glaukos’s price target to $205 from $202 and maintained a “buy” rating, implying nearly 24% upside from the prior close.
• Analyst sentiment is broadly positive: 13 analysts rate the stock Buy, one rates it Hold, and one rates it Sell, producing a “Moderate Buy” consensus and an average target of $180.77.
• Glaukos reported better-than-expected quarterly results, with revenue up 49.6% year over year to $185.61 million and an adjusted loss of $0.14 per share versus the expected $0.21 loss. However, insiders have sold $16.55 million worth of shares over the past 90 days.

Glaukos (NYSE:GKOS - Get Free Report) had its price objective increased by research analysts at BTIG Research from $202.00 to $205.00 in a note issued to investors on Monday, Benzinga reports. The firm presently has a "buy" rating on the medical instruments supplier's stock. BTIG Research's target price would suggest a potential upside of 23.97% from the stock's previous close.

Several other research firms have also recently weighed in on GKOS. Citigroup lifted their price objective on shares of Glaukos from $175.00 to $188.00 and gave the stock a "buy" rating in a research report on Thursday, July 30th. Needham & Company LLC increased their target price on Glaukos from $150.00 to $201.00 and gave the company a "buy" rating in a report on Thursday, July 30th. UBS Group assumed coverage on Glaukos in a research report on Tuesday, July 28th. They issued a "neutral" rating and a $150.00 target price for the company. Wall Street Zen raised Glaukos from a "hold" rating to a "buy" rating in a research report on Saturday, August 1st. Finally, Truist Financial lifted their price target on Glaukos from $180.00 to $215.00 and gave the company a "buy" rating in a report on Thursday, July 30th. Thirteen analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $180.77.

Glaukos Price Performance

GKOS stock opened at $165.37 on Monday. The company has a current ratio of 5.04, a quick ratio of 4.46 and a debt-to-equity ratio of 0.10. Glaukos has a one year low of $73.16 and a one year high of $191.62. The firm has a market capitalization of $9.75 billion, a PE ratio of -50.88 and a beta of 0.69. The firm has a 50-day moving average of $172.97 and a two-hundred day moving average of $146.15.

Glaukos (NYSE:GKOS - Get Free Report) last released its earnings results on Wednesday, July 29th. The medical instruments supplier reported ($0.14) earnings per share for the quarter, topping the consensus estimate of ($0.21) by $0.07. Glaukos had a negative net margin of 30.68% and a negative return on equity of 6.37%. The business had revenue of $185.61 million for the quarter, compared to the consensus estimate of $150.93 million. During the same period last year, the firm posted ($0.24) earnings per share. The firm's quarterly revenue was up 49.6% compared to the same quarter last year. On average, analysts forecast that Glaukos will post -0.32 earnings per share for the current year.

Insider Activity at Glaukos

In other Glaukos news, Director Leana Wen sold 525 shares of the stock in a transaction that occurred on Friday, July 31st. The shares were sold at an average price of $167.63, for a total value of $88,005.75. Following the completion of the sale, the director owned 21,092 shares in the company, valued at $3,535,651.96. This represents a 2.43% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Alex Thurman sold 20,000 shares of Glaukos stock in a transaction on Friday, August 7th. The shares were sold at an average price of $180.13, for a total transaction of $3,602,600.00. Following the sale, the chief financial officer directly owned 43,906 shares of the company's stock, valued at $7,908,787.78. This trade represents a 31.30% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 93,025 shares of company stock worth $16,550,006 in the last 90 days. 5.90% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of GKOS. BlackRock Inc. acquired a new stake in shares of Glaukos in the second quarter worth about $1,333,318,000. Jupiter Topco LLC bought a new stake in shares of Glaukos during the 2nd quarter worth about $679,614,000. Primecap Management Co. CA acquired a new position in shares of Glaukos during the 2nd quarter valued at about $424,969,000. Janus Henderson Group PLC increased its holdings in shares of Glaukos by 77.2% during 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 during the last quarter. Finally, William Blair Investment Management LLC acquired a new position in shares of Glaukos during the 2nd quarter valued at about $92,476,000. Hedge funds and other institutional investors own 99.04% of the company's stock.

Glaukos Company Profile

Glaukos Corporation is an ophthalmic medical technology company focused on developing and commercializing products intended to preserve and restore vision. The company's primary business is minimally invasive glaucoma surgery (MIGS), which is designed to reduce intraocular pressure and potentially lessen patients' dependence on glaucoma medications.

Glaukos' glaucoma portfolio includes the iStent, iStent inject and iStent infinite systems, which are used in procedures to improve the eye's natural fluid outflow.

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