CenterBook Partners LP Makes New Investment in Glaukos Corporation $GKOS

Key Points

• CenterBook Partners LP disclosed a new fourth-quarter position in Glaukos, buying 13,257 shares valued at about $1.5 million.
• Glaukos reported quarterly results that beat expectations, with EPS of -$0.18 versus the estimated -$0.30 and revenue of $150.57 million, up 41.2% year over year.
• Despite the strong revenue growth, insider selling has been notable, including recent sales by the COO and a director; meanwhile, analysts still mostly rate the stock a Moderate Buy with an average price target of $146.17.

CenterBook Partners LP bought a new position in shares of Glaukos Corporation (NYSE:GKOS - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 13,257 shares of the medical instruments supplier's stock, valued at approximately $1,497,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. First Horizon Corp lifted its stake in Glaukos by 1,715.4% during the fourth quarter. First Horizon Corp now owns 236 shares of the medical instruments supplier's stock worth $27,000 after purchasing an additional 223 shares during the last quarter. Los Angeles Capital Management LLC purchased a new position in shares of Glaukos during the 4th quarter valued at about $28,000. Larson Financial Group LLC lifted its position in Glaukos by 62.0% in the 4th quarter. Larson Financial Group LLC now owns 345 shares of the medical instruments supplier's stock worth $39,000 after buying an additional 132 shares during the last quarter. REAP Financial Group LLC bought a new stake in Glaukos in the 3rd quarter worth approximately $40,000. Finally, Farther Finance Advisors LLC boosted its stake in Glaukos by 111.4% in the fourth quarter. Farther Finance Advisors LLC now owns 408 shares of the medical instruments supplier's stock worth $46,000 after buying an additional 215 shares in the last quarter. Hedge funds and other institutional investors own 99.04% of the company's stock.

Insider Activity at Glaukos

In related news, COO Joseph E. Gilliam sold 19,573 shares of the stock in a transaction that occurred on Friday, May 1st. The stock was 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 directly owned 73,419 shares of the company's stock, valued at approximately $10,538,563.26. This represents a 21.05% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Gilbert H. Kliman sold 5,000 shares of the firm's stock in a transaction that occurred on Thursday, May 14th. The shares were sold at an average price of $140.76, for a total value of $703,800.00. Following the transaction, the director owned 35,528 shares of the company's stock, valued at $5,000,921.28. This represents a 12.34% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 45,930 shares of company stock worth $6,321,363 over the last 90 days. Company insiders own 5.90% of the company's stock.

Glaukos Stock Up 3.9%

NYSE GKOS opened at $126.72 on Wednesday. The company has a current ratio of 5.43, a quick ratio of 4.73 and a debt-to-equity ratio of 0.10. Glaukos Corporation has a 12 month low of $73.16 and a 12 month high of $148.11. The stock's 50 day moving average is $123.04 and its 200 day moving average is $115.74. The stock has a market cap of $7.44 billion, a PE ratio of -38.63 and a beta of 0.82.

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

Analysts Set New Price Targets

GKOS has been the topic of several research reports. Citigroup lifted their price target on shares of Glaukos from $135.00 to $140.00 and gave the stock a "buy" rating in a research note on Thursday, April 30th. Wells Fargo & Company upped their price target on Glaukos from $135.00 to $138.00 and gave the company an "overweight" rating in a research report on Thursday, April 30th. Stifel Nicolaus set a $170.00 target price on shares of Glaukos in a research report on Thursday, April 30th. William Blair reaffirmed an "outperform" rating on shares of Glaukos in a research note on Tuesday, May 26th. Finally, Wall Street Zen downgraded shares of Glaukos from a "buy" rating to a "hold" rating in a research note on Saturday, May 30th. Twelve research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Glaukos presently has a consensus rating of "Moderate Buy" and an average price target of $146.17.

Glaukos Profile

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.

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