Sofinnova Investments Inc. Sells 24,866 Shares of Glaukos Corporation $GKOS

Key Points

• Sofinnova Investments reduced its Glaukos stake by 7.9% in the fourth quarter, selling 24,866 shares and leaving it with 288,128 shares valued at about $32.5 million.
• Insider selling has been notable, with Director Gilbert H. Kliman and COO Joseph E. Gilliam among those selling shares; insiders sold 45,305 shares worth about $6.26 million over the last 90 days.
• Glaukos reported stronger-than-expected Q1 results, beating EPS and revenue estimates, while analysts remain broadly positive with a consensus rating of “Moderate Buy” and an average price target of $148.

Sofinnova Investments Inc. lessened its stake in Glaukos Corporation (NYSE:GKOS - Free Report) by 7.9% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 288,128 shares of the medical instruments supplier's stock after selling 24,866 shares during the period. Glaukos comprises about 1.3% of Sofinnova Investments Inc.'s portfolio, making the stock its 24th biggest position. Sofinnova Investments Inc. owned 0.50% of Glaukos worth $32,533,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently made changes to their positions in the stock. Vanguard Personalized Indexing Management LLC grew its position in shares of Glaukos by 11.9% in the 4th quarter. Vanguard Personalized Indexing Management LLC now owns 4,396 shares of the medical instruments supplier's stock valued at $496,000 after buying an additional 468 shares during the last quarter. MML Investors Services LLC bought a new stake in shares of Glaukos in the 4th quarter valued at about $208,000. Mariner LLC grew its position in shares of Glaukos by 29.8% in the 4th quarter. Mariner LLC now owns 5,960 shares of the medical instruments supplier's stock valued at $673,000 after buying an additional 1,369 shares during the last quarter. Fieldview Capital Management LLC bought a new stake in shares of Glaukos in the 4th quarter valued at about $339,000. Finally, Landscape Capital Management L.L.C. grew its position in shares of Glaukos by 125.3% in the 4th quarter. Landscape Capital Management L.L.C. now owns 23,017 shares of the medical instruments supplier's stock valued at $2,599,000 after buying an additional 12,799 shares during the last quarter. Institutional investors own 99.04% of the company's stock.

Insider Transactions at Glaukos

In related news, Director Gilbert H. Kliman sold 5,000 shares of the company's stock in a transaction that occurred on Thursday, May 14th. The stock was sold at an average price of $140.76, for a total transaction of $703,800.00. Following the transaction, the director directly owned 35,528 shares of the company's stock, valued at approximately $5,000,921.28. This represents a 12.34% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Joseph E. Gilliam sold 19,573 shares of the company's stock in a transaction that occurred on Friday, May 1st. The stock was sold at an average price of $143.54, for a total value of $2,809,508.42. Following the transaction, the chief operating officer directly owned 73,419 shares in the company, valued at approximately $10,538,563.26. This trade represents a 21.05% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 45,305 shares of company stock valued at $6,259,395 in the last 90 days. Corporate insiders own 5.90% of the company's stock.

Glaukos Trading Up 2.7%

Shares of GKOS stock opened at $130.20 on Tuesday. The company has a market cap of $7.65 billion, a P/E ratio of -39.69 and a beta of 0.83. The stock has a 50 day simple moving average of $124.35 and a two-hundred day simple moving average of $116.49. The company has a debt-to-equity ratio of 0.10, a quick ratio of 4.73 and a current ratio of 5.43. Glaukos Corporation has a fifty-two week low of $73.16 and a fifty-two week high of $148.11.

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

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. Stifel Nicolaus set a $170.00 price target on Glaukos in a research report 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. JPMorgan Chase & Co. upped their price target on Glaukos from $120.00 to $140.00 and gave the company an "overweight" rating in a research report on Thursday, April 30th. Citigroup upped their target price on Glaukos from $140.00 to $162.00 and gave the company a "buy" rating in a research report on Thursday. Finally, Wall Street Zen upgraded Glaukos from a "hold" rating to a "buy" rating in a research report on Saturday. Twelve investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $148.00.

About Glaukos

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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