Glaukos (NYSE:GKOS) Rating Lowered to “Underweight” at Morgan Stanley

Morgan Stanley downgraded shares of Glaukos (NYSE:GKOS) from an equal weight rating to an underweight rating in a report released on Monday, Marketbeat Ratings reports. The firm currently has $120.00 target price on the medical instruments supplier’s stock.

Several other brokerages have also recently commented on GKOS. Wells Fargo & Company boosted their price target on shares of Glaukos from $135.00 to $145.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 5th. Piper Sandler set a $140.00 target price on Glaukos in a research report on Thursday, October 17th. Truist Financial increased their price target on Glaukos from $145.00 to $152.00 and gave the company a “buy” rating in a research note on Monday, October 14th. BTIG Research lifted their price objective on Glaukos from $140.00 to $149.00 and gave the stock a “buy” rating in a research note on Tuesday, November 26th. Finally, JPMorgan Chase & Co. increased their target price on Glaukos from $130.00 to $145.00 and gave the company an “overweight” rating in a research report on Tuesday, November 5th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat, Glaukos has a consensus rating of “Moderate Buy” and a consensus target price of $136.18.

Glaukos Price Performance

NYSE GKOS opened at $139.07 on Monday. The stock has a market cap of $7.67 billion, a price-to-earnings ratio of -46.05 and a beta of 1.02. Glaukos has a 12 month low of $59.58 and a 12 month high of $146.86. The company’s 50 day moving average is $134.36 and its two-hundred day moving average is $125.16. The company has a current ratio of 5.54, a quick ratio of 4.71 and a debt-to-equity ratio of 0.19.

Glaukos (NYSE:GKOS) last issued its earnings results on Monday, November 4th. The medical instruments supplier reported ($0.28) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.48) by $0.20. Glaukos had a negative return on equity of 18.99% and a negative net margin of 42.43%. The company had revenue of $96.70 million for the quarter, compared to the consensus estimate of $91.50 million. During the same quarter last year, the company earned ($0.50) EPS. The firm’s quarterly revenue was up 23.9% on a year-over-year basis. As a group, research analysts anticipate that Glaukos will post -1.91 earnings per share for the current year.

Insider Activity

In other Glaukos news, COO Joseph E. Gilliam sold 2,275 shares of Glaukos stock in a transaction on Wednesday, October 30th. The shares were sold at an average price of $138.97, for a total value of $316,156.75. Following the transaction, the chief operating officer now directly owns 102,169 shares of the company’s stock, valued at approximately $14,198,425.93. The trade was a 2.18 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Gilbert H. Kliman sold 3,000 shares of the company’s stock in a transaction on Monday, September 9th. The stock was sold at an average price of $130.67, for a total value of $392,010.00. Following the transaction, the director now directly owns 32,336 shares in the company, valued at approximately $4,225,345.12. The trade was a 8.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 6.40% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. HighTower Advisors LLC increased its holdings in shares of Glaukos by 3.3% during the third quarter. HighTower Advisors LLC now owns 3,207 shares of the medical instruments supplier’s stock valued at $416,000 after acquiring an additional 103 shares in the last quarter. EFG Asset Management North America Corp. grew its position in Glaukos by 0.5% during the 2nd quarter. EFG Asset Management North America Corp. now owns 27,205 shares of the medical instruments supplier’s stock worth $3,216,000 after purchasing an additional 128 shares during the last quarter. Values First Advisors Inc. acquired a new position in Glaukos during the 3rd quarter valued at approximately $25,000. New York State Teachers Retirement System raised its holdings in shares of Glaukos by 0.4% in the third quarter. New York State Teachers Retirement System now owns 48,143 shares of the medical instruments supplier’s stock worth $6,272,000 after buying an additional 200 shares during the last quarter. Finally, KBC Group NV lifted its stake in shares of Glaukos by 16.2% during the third quarter. KBC Group NV now owns 1,445 shares of the medical instruments supplier’s stock worth $188,000 after buying an additional 201 shares during the period. 99.04% of the stock is owned by institutional investors and hedge funds.

About Glaukos

Glaukos Corporation, an ophthalmic pharmaceutical and medical technology company, focuses on the development of novel therapies for the treatment of glaucoma, corneal disorders, and retinal diseases. It offers iStent and iStent inject W micro-bypass stents that enhance aqueous humor outflow inserted in cataract surgery to treat mild-to-moderate open-angle glaucoma.