Glaukos Corp. (GKOS) Lifted to “Strong-Buy” at Zacks Investment Research
Glaukos Corp. (NYSE:GKOS) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a report issued on Wednesday. The firm presently has a $44.00 price target on the stock. Zacks Investment Research’s price objective would suggest a potential upside of 14.79% from the company’s current price.
According to Zacks, “Glaukos Corporation is an ophthalmic medical technology company. The Company develops, manufactures and markets medical devices for the treatment of glaucoma. Its product pipeline consists of iStent Inject, the iStent Supra and iDose. The company operates primarily in United States, Germany, Europe, the Asia Pacific, Canada and internationally. Glaukos Corporation is headquartered in Laguna Hills, California. “
A number of other research firms have also recently weighed in on GKOS. Cantor Fitzgerald increased their price target on Glaukos Corp. from $35.00 to $41.00 and gave the stock a “buy” rating in a report on Tuesday, August 2nd. Stifel Nicolaus reissued a “hold” rating on shares of Glaukos Corp. in a research note on Tuesday, September 27th. Piper Jaffray Cos. reissued a “buy” rating on shares of Glaukos Corp. in a research note on Sunday, July 17th. Finally, Roth Capital increased their target price on Glaukos Corp. from $36.50 to $41.00 and gave the stock a “buy” rating in a research note on Tuesday, August 2nd. One equities research analyst has rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus price target of $39.20.
Shares of Glaukos Corp. (NYSE:GKOS) opened at 38.33 on Wednesday. The stock’s market cap is $1.27 billion. Glaukos Corp. has a 52 week low of $14.25 and a 52 week high of $39.82. The stock’s 50 day moving average price is $33.96 and its 200-day moving average price is $27.58.
Glaukos Corp. (NYSE:GKOS) last released its quarterly earnings results on Monday, August 1st. The company reported $0.06 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.10. The business earned $28.60 million during the quarter, compared to analysts’ expectations of $24.45 million. Glaukos Corp. had a negative return on equity of 1.14% and a negative net margin of 1.23%. The company’s revenue was up 60.7% compared to the same quarter last year. During the same period in the prior year, the business posted ($1.30) EPS. Equities analysts anticipate that Glaukos Corp. will post $0.10 earnings per share for the current fiscal year.
In other news, CEO Thomas William Burns sold 162,254 shares of the business’s stock in a transaction dated Wednesday, July 13th. The stock was sold at an average price of $30.07, for a total transaction of $4,878,977.78. Following the completion of the transaction, the chief executive officer now directly owns 1,388 shares of the company’s stock, valued at $41,737.16. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Jonathan Silverstein sold 292,938 shares of the business’s stock in a transaction dated Friday, August 12th. The stock was sold at an average price of $33.69, for a total value of $9,869,081.22. The disclosure for this sale can be found here. Insiders own 36.80% of the company’s stock.
Several institutional investors have recently made changes to their positions in the company. BlackRock Inc. increased its position in shares of Glaukos Corp. by 938.2% in the second quarter. BlackRock Inc. now owns 3,748 shares of the company’s stock worth $109,000 after buying an additional 3,387 shares during the period. BlackRock Group LTD increased its position in shares of Glaukos Corp. by 116.3% in the second quarter. BlackRock Group LTD now owns 3,802 shares of the company’s stock worth $111,000 after buying an additional 2,044 shares during the period. American International Group Inc. increased its position in shares of Glaukos Corp. by 142.8% in the second quarter. American International Group Inc. now owns 9,623 shares of the company’s stock worth $281,000 after buying an additional 5,660 shares during the period. Cadence Capital Management LLC acquired a new position in shares of Glaukos Corp. during the second quarter worth about $282,000. Finally, Inspirion Wealth Advisors LLC acquired a new position in shares of Glaukos Corp. during the second quarter worth about $289,000. 71.91% of the stock is owned by institutional investors and hedge funds.
About Glaukos Corp.
Glaukos Corporation (Glaukos) is an ophthalmic medical technology company. The Company focuses on the development and commercialization of products and procedures for the treatment of glaucoma. Glaukos has developed the micro-invasive glaucoma surgery (MIGS) for glaucoma treatment. It offers iStent, an MIGS device measuring approximately one millimeter long and approximately 0.33 millimeter wide.
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