Glaukos (NYSE:GKOS) Stock Falls 10.6% – What’s Next?

Glaukos Corporation (NYSE:GKOS) traded down 10.6% on Thursday. The company traded as low as $161.00 and last traded at $153.8550. 174,643 shares traded hands during mid-day trading, a decline of 80% from the average daily volume of 855,618 shares. The stock had previously closed at $172.18.

Analysts Set New Price Targets

A number of research firms have commented on GKOS. Wells Fargo & Company upped their price target on Glaukos from $138.00 to $178.00 and gave the company an “overweight” rating in a research report on Thursday, July 30th. BTIG Research lifted their price objective on Glaukos from $193.00 to $202.00 and gave the stock a “buy” rating in a research note on Thursday, August 20th. Piper Sandler reaffirmed an “overweight” rating and issued a $195.00 price objective (up from $165.00) on shares of Glaukos in a research note on Thursday, July 30th. Citigroup increased their target price on shares of Glaukos from $175.00 to $188.00 and gave the company a “buy” rating in a research report on Thursday, July 30th. Finally, Needham & Company LLC raised their price target on shares of Glaukos from $150.00 to $201.00 and gave the stock a “buy” rating in a report on Thursday, July 30th. Thirteen research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $180.54.

Glaukos Price Performance

The company has a debt-to-equity ratio of 0.10, a quick ratio of 4.46 and a current ratio of 5.04. The business has a 50 day moving average price of $173.12 and a 200-day moving average price of $145.32. The company has a market capitalization of $9.04 billion, a price-to-earnings ratio of -47.19 and a beta of 0.69.

Glaukos (NYSE:GKOS) last released its earnings results on Wednesday, July 29th. The medical instruments supplier reported ($0.14) EPS for the quarter, topping the consensus estimate of ($0.21) by $0.07. The business had revenue of $185.61 million during the quarter, compared to analysts’ expectations of $150.93 million. Glaukos had a negative return on equity of 6.37% and a negative net margin of 30.68%.The firm’s revenue was up 49.6% on a year-over-year basis. During the same quarter last year, the firm posted ($0.24) earnings per share. Research analysts predict that Glaukos Corporation will post -0.32 EPS for the current fiscal year.

Insider Activity at Glaukos

In other news, Director Leana Wen sold 525 shares of Glaukos stock in a transaction on Friday, July 31st. The shares were sold at an average price of $167.63, for a total value of $88,005.75. Following the completion of the sale, the director owned 21,092 shares in the company, valued at $3,535,651.96. The trade was a 2.43% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Gilbert Kliman sold 2,500 shares of the stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $190.00, for a total transaction of $475,000.00. Following the transaction, the director directly owned 37,406 shares in the company, valued at approximately $7,107,140. This represents a 6.26% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 93,025 shares of company stock worth $16,550,006. Corporate insiders own 5.90% of the company’s stock.

Institutional Trading of Glaukos

Several large investors have recently made changes to their positions in the company. Stephens Inc. AR acquired a new position in Glaukos during the 1st quarter worth approximately $363,000. Quantinno Capital Management LP boosted its holdings in Glaukos by 964.0% in the first quarter. Quantinno Capital Management LP now owns 30,836 shares of the medical instruments supplier’s stock worth $3,320,000 after acquiring an additional 27,938 shares in the last quarter. Landscape Capital Management L.L.C. grew its stake in Glaukos by 125.3% in the fourth 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 acquiring an additional 12,799 shares during the period. TimesSquare Capital Management LLC bought a new stake in shares of Glaukos during the second quarter valued at approximately $20,293,000. Finally, BlackRock Inc. bought a new stake in shares of Glaukos during the second quarter valued at approximately $1,333,318,000. 99.04% of the stock is currently owned by institutional investors and hedge funds.

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.