Glaukos (NYSE:GKOS) Shares Down 10.6% – What’s Next?

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

Wall Street Analyst Weigh In

GKOS has been the subject of several research reports. HC Wainwright lifted their price target on Glaukos from $168.00 to $195.00 and gave the stock a “buy” rating in a report on Thursday, July 30th. Needham & Company LLC increased their price objective on Glaukos from $150.00 to $201.00 and gave the stock a “buy” rating in a research report on Thursday, July 30th. Stifel Nicolaus lifted their target price on Glaukos from $175.00 to $190.00 and gave the stock a “buy” rating in a report on Thursday, July 30th. Weiss Ratings reissued a “sell (d-)” rating on shares of Glaukos in a research report on Friday, July 17th. Finally, Wall Street Zen raised shares of Glaukos from a “hold” rating to a “buy” rating in a research report on Saturday, August 1st. Thirteen analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $180.54.

Glaukos Price Performance

The stock has a market capitalization of $9.04 billion, a price-to-earnings ratio of -47.19 and a beta of 0.69. 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 company has a fifty day simple moving average of $173.12 and a two-hundred day simple moving average of $145.32.

Glaukos (NYSE:GKOS) last released its 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. The company had revenue of $185.61 million for the quarter, compared to analyst estimates of $150.93 million. Glaukos had a negative return on equity of 6.37% and a negative net margin of 30.68%.Glaukos’s quarterly revenue was up 49.6% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.24) EPS. As a group, equities research analysts expect that Glaukos Corporation will post -0.32 earnings per share for the current fiscal year.

Insider Activity

In other news, CFO Alex Thurman sold 20,000 shares of the business’s stock in a transaction that occurred on 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 completion of the transaction, the chief financial officer directly owned 43,906 shares in the company, valued at approximately $7,908,787.78. The trade was a 31.30% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Joseph E. Gilliam sold 60,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $179.74, for a total transaction of $10,784,400.00. Following the sale, the chief operating officer directly owned 72,588 shares of the company’s stock, valued at approximately $13,046,967.12. This trade represents a 45.25% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 93,025 shares of company stock valued at $16,550,006 in the last 90 days. 5.90% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Stephens Inc. AR acquired a new position in shares of Glaukos in the first quarter valued at approximately $363,000. Quantinno Capital Management LP boosted its position in Glaukos by 964.0% during the 1st quarter. Quantinno Capital Management LP now owns 30,836 shares of the medical instruments supplier’s stock worth $3,320,000 after buying an additional 27,938 shares during the period. Landscape Capital Management L.L.C. grew its holdings in Glaukos by 125.3% during the 4th quarter. Landscape Capital Management L.L.C. now owns 23,017 shares of the medical instruments supplier’s stock worth $2,599,000 after acquiring an additional 12,799 shares during the last quarter. TimesSquare Capital Management LLC acquired a new position in Glaukos in the 2nd quarter valued at approximately $20,293,000. Finally, BlackRock Inc. bought a new position in shares of Glaukos during the second quarter valued at $1,333,318,000. 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.