Avidity Partners Management LP Decreases Holdings in Glaukos Co. (NYSE:GKOS)

Avidity Partners Management LP decreased its position in shares of Glaukos Co. (NYSE:GKOS - Free Report) by 50.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 170,000 shares of the medical instruments supplier's stock after selling 174,900 shares during the quarter. Glaukos accounts for about 2.5% of Avidity Partners Management LP's holdings, making the stock its 15th biggest position. Avidity Partners Management LP owned about 0.31% of Glaukos worth $25,490,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Quadrant Capital Group LLC lifted its position in Glaukos by 3.3% during the 4th quarter. Quadrant Capital Group LLC now owns 2,300 shares of the medical instruments supplier's stock valued at $345,000 after acquiring an additional 73 shares during the period. Mutual of America Capital Management LLC raised its stake in shares of Glaukos by 1.1% in the fourth quarter. Mutual of America Capital Management LLC now owns 8,353 shares of the medical instruments supplier's stock worth $1,252,000 after purchasing an additional 89 shares during the last quarter. HighTower Advisors LLC boosted its holdings in shares of Glaukos by 2.8% during the 4th quarter. HighTower Advisors LLC now owns 3,298 shares of the medical instruments supplier's stock valued at $495,000 after acquiring an additional 91 shares during the last quarter. Louisiana State Employees Retirement System boosted its holdings in Glaukos by 0.4% in the fourth quarter. Louisiana State Employees Retirement System now owns 26,700 shares of the medical instruments supplier's stock worth $4,003,000 after purchasing an additional 100 shares during the last quarter. Finally, Handelsbanken Fonder AB grew its holdings in shares of Glaukos by 0.7% in the fourth quarter. Handelsbanken Fonder AB now owns 14,700 shares of the medical instruments supplier's stock worth $2,204,000 after acquiring an additional 100 shares during the period. Institutional investors and hedge funds own 99.04% of the company's stock.

Insider Activity

In related news, insider Tomas Navratil sold 3,416 shares of the stock in a transaction that occurred on Friday, February 14th. The shares were sold at an average price of $147.14, for a total value of $502,630.24. Following the sale, the insider now directly owns 72,437 shares in the company, valued at $10,658,380.18. This trade represents a 4.50 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Alex R. Thurman sold 1,520 shares of Glaukos stock in a transaction dated Tuesday, March 25th. The shares were sold at an average price of $106.84, for a total value of $162,396.80. Following the completion of the sale, the chief financial officer now directly owns 53,431 shares in the company, valued at approximately $5,708,568.04. This represents a 2.77 % decrease in their position. The disclosure for this sale can be found here. 6.40% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

GKOS has been the topic of a number of recent analyst reports. Wells Fargo & Company cut Glaukos from an "overweight" rating to an "equal weight" rating and decreased their price target for the company from $160.00 to $86.00 in a report on Thursday, May 1st. Piper Sandler lowered their price objective on shares of Glaukos from $180.00 to $165.00 and set an "overweight" rating for the company in a research note on Tuesday, April 15th. Mizuho cut their price target on shares of Glaukos from $200.00 to $175.00 and set an "outperform" rating on the stock in a report on Wednesday, April 16th. Stifel Nicolaus dropped their price target on Glaukos from $140.00 to $115.00 and set a "buy" rating on the stock in a research note on Thursday, May 1st. Finally, Truist Financial restated a "buy" rating and issued a $135.00 price objective (down previously from $140.00) on shares of Glaukos in a research report on Thursday, May 1st. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $134.67.

Glaukos Stock Performance

Shares of GKOS traded down $0.61 during midday trading on Friday, hitting $89.93. 370,516 shares of the stock traded hands, compared to its average volume of 678,941. The company has a debt-to-equity ratio of 0.19, a quick ratio of 4.71 and a current ratio of 5.54. Glaukos Co. has a 1-year low of $77.10 and a 1-year high of $163.71. The business's 50 day moving average price is $95.31 and its two-hundred day moving average price is $127.64. The firm has a market capitalization of $5.14 billion, a PE ratio of -31.33 and a beta of 0.83.

Glaukos (NYSE:GKOS - Get Free Report) last announced its quarterly earnings data on Wednesday, April 30th. The medical instruments supplier reported ($0.22) EPS for the quarter, beating analysts' consensus estimates of ($0.33) by $0.11. Glaukos had a negative net margin of 39.04% and a negative return on equity of 16.53%. The firm had revenue of $106.66 million for the quarter, compared to the consensus estimate of $102.78 million. During the same period in the previous year, the firm posted ($0.70) earnings per share. The firm's revenue was up 24.6% on a year-over-year basis. Equities research analysts predict that Glaukos Co. will post -1.08 EPS for the current fiscal year.

Glaukos Company Profile

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.