Zacks Investment Research upgraded shares of Glaukos (NYSE:GKOS) from a sell rating to a hold rating in a report published on Thursday morning, Zacks.com reports. Zacks Investment Research currently has $76.00 target price on the medical instruments supplier’s stock.

According to Zacks, “Glaukos is currently progressing with the U.S. commercial rollout of its next-generation iStent inject Trabecular Micro-Bypass device. It also initiated patient enrolment of key U.S. pivotal clinical studies for iDose Travoprost and iStent Infinite. Through continued investment and a new pharmaceutical development agreement with D. Western Therapeutic Institute Glaukos expanded its pharmaceutical capabilities. A strong pipeline is indicative of brighter prospects ahead. Management is optimistic about the recent Avedro buyout. The company outperformed the industry year-to-date. With respect to quarterly results, Glaukos exited the second quarter on a tepid note. Also, Glaukos faces cutthroat competition in the Medical Devices space. Further, an overtly stringent regulatory-approval process for the iDose platform is concerning.”

GKOS has been the subject of several other reports. BTIG Research reaffirmed a hold rating on shares of Glaukos in a report on Sunday, August 11th. JPMorgan Chase & Co. set a $90.00 price target on Glaukos and gave the stock a buy rating in a report on Monday, August 26th. Three analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Glaukos has a consensus rating of Buy and an average target price of $75.86.

Shares of NYSE GKOS traded up $1.16 during mid-day trading on Thursday, hitting $74.17. 37,565 shares of the company were exchanged, compared to its average volume of 505,701. The company has a quick ratio of 6.04, a current ratio of 6.49 and a debt-to-equity ratio of 0.43. The stock has a 50 day simple moving average of $67.60 and a 200-day simple moving average of $71.38. Glaukos has a 1-year low of $50.60 and a 1-year high of $84.65. The firm has a market cap of $2.51 billion, a price-to-earnings ratio of -200.35 and a beta of 1.70.

Glaukos (NYSE:GKOS) last issued its quarterly earnings results on Wednesday, August 7th. The medical instruments supplier reported ($0.11) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.08) by ($0.03). Glaukos had a negative return on equity of 5.77% and a negative net margin of 5.93%. The company had revenue of $58.60 million for the quarter, compared to analyst estimates of $56.24 million. During the same period in the prior year, the business earned ($0.15) earnings per share. Glaukos’s revenue for the quarter was up 35.8% compared to the same quarter last year. Analysts anticipate that Glaukos will post -0.5 earnings per share for the current fiscal year.

In other Glaukos news, CFO Joseph E. Gilliam sold 2,500 shares of the firm’s stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $73.25, for a total value of $183,125.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In the last three months, insiders sold 29,977 shares of company stock valued at $2,143,587. 8.70% of the stock is owned by corporate insiders.

A number of institutional investors have recently added to or reduced their stakes in the business. Baillie Gifford & Co. lifted its holdings in Glaukos by 60.6% in the second quarter. Baillie Gifford & Co. now owns 2,825,084 shares of the medical instruments supplier’s stock valued at $213,012,000 after acquiring an additional 1,065,462 shares during the period. Brown Capital Management LLC increased its position in shares of Glaukos by 6.1% in the second quarter. Brown Capital Management LLC now owns 2,618,462 shares of the medical instruments supplier’s stock valued at $197,432,000 after buying an additional 150,931 shares in the last quarter. BlackRock Inc. increased its position in shares of Glaukos by 3.2% in the second quarter. BlackRock Inc. now owns 2,543,139 shares of the medical instruments supplier’s stock valued at $191,753,000 after buying an additional 79,930 shares in the last quarter. William Blair Investment Management LLC increased its position in shares of Glaukos by 0.4% in the first quarter. William Blair Investment Management LLC now owns 2,465,432 shares of the medical instruments supplier’s stock valued at $193,216,000 after buying an additional 9,401 shares in the last quarter. Finally, Waddell & Reed Financial Inc. increased its position in shares of Glaukos by 8.1% in the second quarter. Waddell & Reed Financial Inc. now owns 1,178,298 shares of the medical instruments supplier’s stock valued at $88,844,000 after buying an additional 88,229 shares in the last quarter. 96.43% of the stock is owned by institutional investors.

Glaukos Company Profile

Glaukos Corporation, an ophthalmic medical technology and pharmaceutical company, focuses on the development and commercialization of surgical devices and sustained pharmaceutical therapies designed to treat glaucoma. It offers iStent, a micro-bypass stent for insertion in conjunction with cataract surgery for the reduction of intraocular pressure in adult patients with mild-to-moderate open-angle glaucoma; and iStent inject trabecular micro-bypass stent that allows the surgeon to inject stents into various trabecular meshwork locations through a single corneal entry for the reduction of intraocular pressure in mild-to-moderate open-angle glaucoma in combination with cataract surgery.

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