Glaukos Corporation $GKOS Position Reduced by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management cut its Glaukos stake by 9.8% in the third quarter, selling 10,635 shares and retaining 98,101 shares worth approximately $16.1 million. Institutional investors and hedge funds collectively own 99.04% of GKOS.
• Analysts remain broadly positive, with 13 Buy ratings, one Hold, and one Sell. The stock has a “Moderate Buy” consensus rating and an average price target of $181.43.
• Glaukos reported better-than-expected quarterly results, posting a loss of $0.14 per share versus the $0.21 consensus loss and revenue of $185.61 million, up 49.6% year over year. However, insiders sold 83,025 shares worth nearly $15 million over the past 90 days.

Assenagon Asset Management S.A. decreased its holdings in shares of Glaukos Corporation (NYSE:GKOS - Free Report) by 9.8% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 98,101 shares of the medical instruments supplier's stock after selling 10,635 shares during the period. Assenagon Asset Management S.A. owned about 0.17% of Glaukos worth $16,107,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in the stock. Stephens Inc. AR bought a new stake in Glaukos in the first quarter valued at $363,000. Quantinno Capital Management LP raised its stake in Glaukos by 964.0% during the first quarter. Quantinno Capital Management LP now owns 30,836 shares of the medical instruments supplier's stock worth $3,320,000 after acquiring an additional 27,938 shares in the last quarter. BlackRock Inc. bought a new position in shares of Glaukos during the second quarter valued at $1,333,318,000. TimesSquare Capital Management LLC bought a new position in shares of Glaukos during the second quarter valued at $20,293,000. Finally, Susquehanna Fundamental Investments LLC bought a new position in shares of Glaukos during the second quarter valued at $3,361,000. 99.04% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the stock. Stifel Nicolaus increased their target price on shares of Glaukos from $175.00 to $190.00 and gave the stock a "buy" rating in a research report on Thursday, July 30th. Mizuho set a $190.00 price target on shares of Glaukos in a report on Tuesday, October 13th. Wall Street Zen upgraded shares of Glaukos from a "hold" rating to a "buy" rating in a research report on Saturday, August 1st. Truist Financial boosted their price target on shares of Glaukos from $180.00 to $215.00 and gave the company a "buy" rating in a research report on Thursday, July 30th. Finally, Piper Sandler reaffirmed an "overweight" rating and set a $195.00 price objective (up from $165.00) on shares of Glaukos in a research note on Thursday, July 30th. Thirteen research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $181.43.

Insider Activity at Glaukos

In related news, Director Leana Wen sold 525 shares of the business's 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 transaction, the director owned 21,092 shares in the company, valued at $3,535,651.96. The trade was a 2.43% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Alex Thurman sold 20,000 shares of the company's stock in a transaction on Friday, August 7th. The stock was sold at an average price of $180.13, for a total value of $3,602,600.00. Following the transaction, the chief financial officer directly owned 43,906 shares in the company, valued at approximately $7,908,787.78. This represents a 31.30% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 83,025 shares of company stock worth $14,950,006. Company insiders own 5.90% of the company's stock.

Glaukos Stock Performance

Shares of NYSE:GKOS opened at $164.46 on Monday. The business has a fifty day moving average of $172.35 and a 200-day moving average of $148.27. The company has a debt-to-equity ratio of 0.10, a quick ratio of 4.46 and a current ratio of 5.04. Glaukos Corporation has a twelve month low of $73.16 and a twelve month high of $191.62. The firm has a market cap of $9.70 billion, a PE ratio of -50.60 and a beta of 0.69.

Glaukos (NYSE:GKOS - Get Free Report) last issued its quarterly earnings results on Wednesday, July 29th. The medical instruments supplier reported ($0.14) earnings per share (EPS) 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 quarter in the prior year, the company earned ($0.24) EPS. The firm's quarterly revenue was up 49.6% on a year-over-year basis. On average, equities research analysts predict that Glaukos Corporation will post -0.32 EPS for the current fiscal year.

Glaukos 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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