Glaukos (NYSE:GKOS) Shares Climb 3.9% - Here's What Happened

Key Points

• Glaukos shares rose 3.9% to $167.845, despite trading volume falling 82% below its daily average.
• Analyst sentiment is broadly positive: 13 analysts rate the stock a Buy, with an average price target of $180.54; Jefferies raised its target to $210.
• The company exceeded quarterly expectations, reporting revenue of $185.61 million—up 49.6% year over year—and an adjusted EPS loss of $0.14 versus the $0.21 consensus estimate.

Glaukos Corporation (NYSE:GKOS - Get Free Report) shot up 3.9% on Wednesday. The stock traded as high as $173.95 and last traded at $167.8450. 155,260 shares traded hands during trading, a decline of 82% from the average daily volume of 852,006 shares. The stock had previously closed at $161.59.

Analyst Upgrades and Downgrades

GKOS has been the topic of a number of analyst reports. Piper Sandler reiterated an "overweight" rating and issued a $195.00 price target (up from $165.00) on shares of Glaukos in a research report on Thursday, July 30th. Wall Street Zen raised Glaukos from a "hold" rating to a "buy" rating in a research note on Saturday, August 1st. Jefferies Financial Group upped their target price on Glaukos from $190.00 to $210.00 and gave the company a "buy" rating in a report on Tuesday, September 22nd. UBS Group began coverage on shares of Glaukos in a research report on Tuesday, July 28th. They issued a "neutral" rating and a $150.00 price target on the stock. Finally, Stifel Nicolaus upped their price target on shares of Glaukos from $175.00 to $190.00 and gave the company a "buy" rating in a research report on Thursday, July 30th. Thirteen research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $180.54.

Glaukos Trading Up 7.3%

The company has a debt-to-equity ratio of 0.10, a current ratio of 5.04 and a quick ratio of 4.46. The company has a market capitalization of $10.23 billion, a P/E ratio of -53.30 and a beta of 0.69. The firm has a fifty day moving average price of $172.91 and a 200-day moving average price of $144.83.

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 company had revenue of $185.61 million during the quarter, compared to analyst estimates of $150.93 million. During the same quarter last year, the business posted ($0.24) EPS. Glaukos's quarterly revenue was up 49.6% compared to the same quarter last year. On average, equities research analysts anticipate that Glaukos Corporation will post -0.32 earnings per share for the current year.

Insider Buying and Selling at Glaukos

In other Glaukos news, COO Joseph Gilliam sold 60,000 shares of Glaukos stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $179.74, for a total transaction of $10,784,400.00. Following the completion of the sale, the chief operating officer directly owned 72,588 shares in the company, valued at $13,046,967.12. The trade was a 45.25% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Alex R. Thurman sold 20,000 shares of the firm's stock in a transaction dated Friday, August 7th. The shares were 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 ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 103,025 shares of company stock worth $18,100,006. 5.90% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. Allworth Financial LP bought a new stake in shares of Glaukos during the 2nd quarter valued at $28,000. Parallel Advisors LLC boosted its holdings in Glaukos by 159.2% in the first quarter. Parallel Advisors LLC now owns 368 shares of the medical instruments supplier's stock worth $40,000 after purchasing an additional 226 shares during the last quarter. IFP Advisors Inc grew its holdings in shares of Glaukos by 523.4% in the second quarter. IFP Advisors Inc now owns 293 shares of the medical instruments supplier's stock worth $41,000 after acquiring an additional 246 shares during the period. State of Wyoming purchased a new stake in shares of Glaukos during the 2nd quarter valued at about $135,000. Finally, Archer Investment Corp bought a new position in Glaukos in the first quarter worth approximately $172,000. Hedge funds and other institutional investors own 99.04% of the company's stock.

About Glaukos

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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