Glaukos (NYSE:GKOS) Trading Up 5.4% Following Analyst Upgrade

Shares of Glaukos Co. (NYSE:GKOS) shot up 5.4% during trading on Wednesday after Wells Fargo & Company raised their price target on the stock from $145.00 to $153.00. Wells Fargo & Company currently has an overweight rating on the stock. Glaukos traded as high as $145.00 and last traded at $143.68. 31,689 shares were traded during mid-day trading, a decline of 94% from the average session volume of 566,941 shares. The stock had previously closed at $136.38.

A number of other research firms also recently weighed in on GKOS. BTIG Research boosted their target price on shares of Glaukos from $140.00 to $149.00 and gave the stock a “buy” rating in a report on Tuesday, November 26th. UBS Group initiated coverage on Glaukos in a report on Friday, December 6th. They issued a “buy” rating and a $182.00 target price for the company. Piper Sandler set a $140.00 price target on Glaukos in a report on Thursday, October 17th. Stifel Nicolaus lifted their price objective on shares of Glaukos from $145.00 to $153.00 and gave the stock a “buy” rating in a research note on Monday, December 2nd. Finally, JPMorgan Chase & Co. increased their target price on shares of Glaukos from $130.00 to $145.00 and gave the company an “overweight” rating in a research note on Tuesday, November 5th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $143.17.

Insider Activity

In other news, COO Joseph E. Gilliam sold 2,275 shares of the stock in a transaction dated Wednesday, October 30th. The stock was sold at an average price of $138.97, for a total value of $316,156.75. Following the transaction, the chief operating officer now owns 102,169 shares in the company, valued at approximately $14,198,425.93. This represents a 2.18 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 6.40% of the company’s stock.

Institutional Trading of Glaukos

Several institutional investors and hedge funds have recently made changes to their positions in the company. Cetera Advisors LLC purchased a new stake in shares of Glaukos in the first quarter valued at about $213,000. Sequoia Financial Advisors LLC acquired a new stake in shares of Glaukos in the 2nd quarter valued at approximately $229,000. Assenagon Asset Management S.A. purchased a new stake in shares of Glaukos in the second quarter valued at approximately $6,832,000. Raymond James & Associates grew its holdings in Glaukos by 23.2% during the second quarter. Raymond James & Associates now owns 13,017 shares of the medical instruments supplier’s stock worth $1,541,000 after acquiring an additional 2,452 shares during the period. Finally, Fifth Third Wealth Advisors LLC purchased a new position in Glaukos in the second quarter worth $187,000. 99.04% of the stock is owned by hedge funds and other institutional investors.

Glaukos Trading Up 7.2 %

The business has a fifty day simple moving average of $135.53 and a 200 day simple moving average of $126.38. The company has a quick ratio of 4.71, a current ratio of 5.54 and a debt-to-equity ratio of 0.19. The company has a market cap of $8.06 billion, a price-to-earnings ratio of -48.39 and a beta of 1.03.

Glaukos (NYSE:GKOS) last issued its earnings results on Monday, November 4th. The medical instruments supplier reported ($0.28) earnings per share for the quarter, topping the consensus estimate of ($0.48) by $0.20. Glaukos had a negative net margin of 42.43% and a negative return on equity of 18.99%. The company had revenue of $96.70 million for the quarter, compared to analyst estimates of $91.50 million. During the same period in the prior year, the business posted ($0.50) earnings per share. The firm’s revenue for the quarter was up 23.9% compared to the same quarter last year. On average, equities analysts anticipate that Glaukos Co. will post -1.89 EPS for the current fiscal year.

Glaukos Company Profile

Glaukos Corporation, an ophthalmic pharmaceutical and medical technology company, focuses on the development of novel therapies for the treatment of glaucoma, corneal disorders, and retinal diseases. It offers iStent and iStent inject W micro-bypass stents that enhance aqueous humor outflow inserted in cataract surgery to treat mild-to-moderate open-angle glaucoma.