Truist Financial Forecasts Strong Price Appreciation for Glaukos (NYSE:GKOS) Stock

Key Points

• Truist Financial raised its price target on Glaukos from $160 to $180 and kept a buy rating, implying about 13% upside from the prior close.
• Other analysts remain constructive on the stock, with several firms recently issuing or reaffirming buy-equivalent ratings. The broader analyst consensus is a Moderate Buy with an average target price of $154.46.
• Glaukos shares have been strong recently, trading near $158.99, close to their 52-week high of $161.53. The company also beat quarterly earnings and revenue estimates, with revenue rising 41.2% year over year.

Glaukos (NYSE:GKOS - Get Free Report) had its price objective boosted by stock analysts at Truist Financial from $160.00 to $180.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage presently has a "buy" rating on the medical instruments supplier's stock. Truist Financial's price target would indicate a potential upside of 13.22% from the company's previous close.

Several other equities analysts have also recently weighed in on the company. Stifel Nicolaus set a $170.00 price objective on Glaukos in a research note on Thursday, April 30th. Piper Sandler reiterated an "overweight" rating and set a $165.00 target price on shares of Glaukos in a research report on Wednesday, July 1st. HC Wainwright began coverage on shares of Glaukos in a report on Monday, July 6th. They issued a "buy" rating and a $168.00 target price for the company. William Blair reaffirmed an "outperform" rating on shares of Glaukos in a research note on Tuesday, May 26th. Finally, Wells Fargo & Company boosted their target price on shares of Glaukos from $135.00 to $138.00 and gave the stock an "overweight" rating in a report on Thursday, April 30th. Thirteen equities 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 MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $154.46.

Glaukos Price Performance

GKOS stock traded up $2.15 during mid-day trading on Thursday, hitting $158.99. The company had a trading volume of 204,797 shares, compared to its average volume of 874,536. The company has a 50-day moving average price of $133.49 and a 200 day moving average price of $121.52. Glaukos has a 12-month low of $73.16 and a 12-month high of $161.53. The company has a market capitalization of $9.34 billion, a price-to-earnings ratio of -48.47 and a beta of 0.75. The company has a quick ratio of 4.73, a current ratio of 5.43 and a debt-to-equity ratio of 0.10.

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

Insider Activity

In other Glaukos news, CFO Alex R. Thurman sold 10,000 shares of the firm's stock in a transaction dated Thursday, July 9th. The shares were sold at an average price of $155.00, for a total value of $1,550,000.00. Following the completion of the sale, the chief financial officer owned 43,681 shares of the company's stock, valued at $6,770,555. This trade represents a 18.63% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Joseph E. Gilliam sold 19,573 shares of the company's stock in a transaction that occurred on Friday, May 1st. The shares were 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 represents a 21.05% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 61,273 shares of company stock worth $8,882,003. Insiders own 5.90% of the company's stock.

Institutional Trading of Glaukos

Institutional investors and hedge funds have recently made changes to their positions in the business. Handelsbanken Fonder AB boosted its stake in shares of Glaukos by 5.9% during the second quarter. Handelsbanken Fonder AB now owns 19,800 shares of the medical instruments supplier's stock valued at $2,767,000 after purchasing an additional 1,100 shares during the period. Valeo Financial Advisors LLC increased its stake in Glaukos by 4.7% in the 2nd quarter. Valeo Financial Advisors LLC now owns 9,892 shares of the medical instruments supplier's stock worth $1,383,000 after buying an additional 440 shares during the period. Assenagon Asset Management S.A. lifted its holdings in Glaukos by 932.5% during the 2nd quarter. Assenagon Asset Management S.A. now owns 108,736 shares of the medical instruments supplier's stock valued at $15,197,000 after buying an additional 98,205 shares in the last quarter. GAMMA Investing LLC lifted its holdings in Glaukos by 35.4% during the 2nd quarter. GAMMA Investing LLC now owns 3,165 shares of the medical instruments supplier's stock valued at $442,000 after buying an additional 827 shares in the last quarter. Finally, Moody National Bank Trust Division purchased a new stake in Glaukos in the 2nd quarter valued at about $246,000. 99.04% of the stock is currently owned by institutional investors.

Glaukos Company 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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