Jennison Associates LLC Makes New $52.43 Million Investment in Glaukos Corporation $GKOS

Key Points

• Jennison Associates LLC disclosed a new stake in Glaukos, buying 487,020 shares worth about $52.4 million in the first quarter and holding roughly 0.83% of the company.
• Glaukos reported better-than-expected quarterly results, with EPS of -$0.18 versus the -$0.30 consensus and revenue of $150.57 million, up 41.2% year over year.
• Analyst sentiment remains constructive, with several firms raising price targets and the stock carrying a Moderate Buy consensus; recent insider selling included shares sold by the CFO and a director.

Jennison Associates LLC acquired a new stake in shares of Glaukos Corporation (NYSE:GKOS - Free Report) in the first quarter, according to the company in its most recent filing with the SEC. The firm acquired 487,020 shares of the medical instruments supplier's stock, valued at approximately $52,433,000. Jennison Associates LLC owned about 0.83% of Glaukos as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also modified their holdings of the stock. First Horizon Corp boosted its stake in shares of Glaukos by 1,715.4% in the fourth quarter. First Horizon Corp now owns 236 shares of the medical instruments supplier's stock worth $27,000 after buying an additional 223 shares during the last quarter. Los Angeles Capital Management LLC purchased a new position in Glaukos during the fourth quarter valued at approximately $28,000. Larson Financial Group LLC raised its position in Glaukos by 62.0% during the fourth quarter. Larson Financial Group LLC now owns 345 shares of the medical instruments supplier's stock valued at $39,000 after acquiring an additional 132 shares in the last quarter. Farther Finance Advisors LLC lifted its holdings in Glaukos by 111.4% in the fourth quarter. Farther Finance Advisors LLC now owns 408 shares of the medical instruments supplier's stock valued at $46,000 after acquiring an additional 215 shares during the period. Finally, Salomon & Ludwin LLC lifted its holdings in Glaukos by 111.2% in the fourth quarter. Salomon & Ludwin LLC now owns 454 shares of the medical instruments supplier's stock valued at $51,000 after acquiring an additional 239 shares during the period. Institutional investors and hedge funds own 99.04% of the company's stock.

Glaukos Stock Up 0.1%

Glaukos stock opened at $156.97 on Monday. The company has a debt-to-equity ratio of 0.10, a current ratio of 5.43 and a quick ratio of 4.73. The stock has a market capitalization of $9.22 billion, a PE ratio of -47.86 and a beta of 0.75. The business has a 50 day simple moving average of $134.39 and a 200-day simple moving average of $122.08. Glaukos Corporation has a 12 month low of $73.16 and a 12 month high of $161.53.

Glaukos (NYSE:GKOS - Get Free Report) last announced its earnings results on Wednesday, April 29th. The medical instruments supplier reported ($0.18) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.30) by $0.12. Glaukos had a negative return on equity of 6.92% and a negative net margin of 34.34%.The firm had revenue of $150.57 million for the quarter, compared to analyst estimates of $137.00 million. During the same quarter last year, the firm posted ($0.22) EPS. The business's revenue was up 41.2% on a year-over-year basis. On average, analysts anticipate that Glaukos Corporation will post -0.57 EPS for the current fiscal year.

Insider Activity at Glaukos

In other Glaukos news, Director Leana Wen sold 1,700 shares of the stock in a transaction on Friday, May 1st. The shares were sold at an average price of $143.35, for a total transaction of $243,695.00. Following the transaction, the director directly owned 19,739 shares of the company's stock, valued at $2,829,585.65. This trade represents a 7.93% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Alex R. Thurman sold 10,000 shares of Glaukos stock in a transaction dated Thursday, April 30th. The shares were sold at an average price of $140.00, for a total transaction of $1,400,000.00. Following the completion of the sale, the chief financial officer owned 43,681 shares in the company, valued at approximately $6,115,340. This trade represents a 18.63% 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. Over the last ninety days, insiders have sold 61,273 shares of company stock valued at $8,882,003. Insiders own 5.90% of the company's stock.

Analyst Upgrades and Downgrades

GKOS has been the topic of a number of analyst reports. JPMorgan Chase & Co. raised their price objective on shares of Glaukos from $120.00 to $140.00 and gave the stock an "overweight" rating in a research note on Thursday, April 30th. BTIG Research reiterated a "buy" rating and issued a $164.00 target price on shares of Glaukos in a research note on Monday, July 13th. Truist Financial increased their price target on shares of Glaukos from $160.00 to $180.00 and gave the stock a "buy" rating in a report on Thursday. Citigroup raised their price target on shares of Glaukos from $162.00 to $175.00 and gave the company a "buy" rating in a research report on Wednesday, July 8th. Finally, Needham & Company LLC raised their price target on shares of Glaukos from $136.00 to $150.00 and gave the company a "buy" rating in a research report on Wednesday, June 17th. Thirteen analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $154.85.

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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