Glaukos Corporation (GKOS) Receives “Buy” Rating from Cantor Fitzgerald
Glaukos Corporation (NYSE:GKOS)‘s stock had its “buy” rating restated by research analysts at Cantor Fitzgerald in a report released on Thursday. They currently have a $60.00 target price on the medical instruments supplier’s stock. Cantor Fitzgerald’s price objective points to a potential upside of 45.17% from the stock’s current price.
The analysts wrote, “Numbers out of the Way. Yes, 2Q17 revenue growth was impacted several factors: implementation of updated rates and commercial private payers (20% of the market) and sampling by a competitor. Yes, unfortunately these headwinds will remain in place for the rest of the year, coupled with the impact of the hurricanes (TX and FL represents 7% of overall sales). Accordingly, we have lowered our 2017 revenue estimate from $167 million to $158 million. If nothing else happened today, we would perhaps understand the outsized negative reaction (stock is down ~20% intraday).””
Other equities research analysts have also recently issued reports about the company. Zacks Investment Research cut Glaukos Corporation from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, July 12th. BidaskClub raised Glaukos Corporation from a “hold” rating to a “buy” rating in a research note on Tuesday. Piper Jaffray Companies reissued a “buy” rating and issued a $56.00 target price on shares of Glaukos Corporation in a research note on Thursday, August 3rd. Finally, Roth Capital cut their target price on Glaukos Corporation from $60.00 to $54.00 and set a “buy” rating on the stock in a research note on Thursday, August 3rd. One research analyst has rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of $53.33.
Shares of Glaukos Corporation (NYSE:GKOS) traded down 18.12% during trading on Thursday, reaching $33.84. The company’s stock had a trading volume of 6,097,137 shares. Glaukos Corporation has a one year low of $28.72 and a one year high of $52.49. The stock’s 50 day moving average is $41.39 and its 200 day moving average is $44.68. The firm’s market cap is $1.17 billion.
In related news, CEO Thomas William Burns sold 73,788 shares of the stock in a transaction on Thursday, September 7th. The stock was sold at an average price of $41.36, for a total transaction of $3,051,871.68. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Orbimed Advisors Llc sold 580,200 shares of the stock in a transaction on Tuesday, September 5th. The shares were sold at an average price of $38.73, for a total value of $22,471,146.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 980,200 shares of company stock worth $37,900,263. Insiders own 16.40% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the stock. State Street Corp boosted its position in shares of Glaukos Corporation by 6.9% during the fourth quarter. State Street Corp now owns 281,407 shares of the medical instruments supplier’s stock valued at $9,653,000 after buying an additional 18,183 shares during the last quarter. AQR Capital Management LLC purchased a new stake in shares of Glaukos Corporation during the fourth quarter valued at $513,000. JPMorgan Chase & Co. boosted its position in shares of Glaukos Corporation by 135.6% during the third quarter. JPMorgan Chase & Co. now owns 258,512 shares of the medical instruments supplier’s stock valued at $9,756,000 after buying an additional 148,780 shares during the last quarter. Russell Investments Group Ltd. purchased a new stake in shares of Glaukos Corporation during the fourth quarter valued at $5,371,000. Finally, Versant Venture Management LLC boosted its position in shares of Glaukos Corporation by 918.9% during the fourth quarter. Versant Venture Management LLC now owns 32,016,637 shares of the medical instruments supplier’s stock valued at $77,581,000 after buying an additional 28,874,420 shares during the last quarter.
About Glaukos Corporation
Glaukos Corporation is an ophthalmic medical technology company. The Company focuses on the development and commercialization of products and procedures for the treatment of glaucoma. It offers iStent, a micro-invasive glaucoma surgery (MIGS) device. The iStent is a micro-bypass stent inserted through the small corneal incision made during cataract surgery and placed into Schlemm’s canal, a circular channel in the eye that collects aqueous humor and delivers it back into the bloodstream.
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