Cantor Fitzgerald reaffirmed their buy rating on shares of Glaukos Corporation (NYSE:GKOS) in a research note issued to investors on Tuesday morning. Cantor Fitzgerald currently has a $60.00 price target on the medical instruments supplier’s stock.
“Executing Well in a Slightly Adverse Environment. Glaukos reported 37% YoY revenue growth, falling a little short of the 40%+ growth since the launch of iStent slightly more than four years ago (88% of the sales were recorded in the U.S.). The company reported to be on track to have trained >3,000 surgeons by YE17. Glaukos operated in an environment, which was affected by a number of factors: 1: the slow institution of higher reimbursement (challenging during implementation, but favorable afterwards) by commercial payors (20% of total); 2: hurricane-caused delays in surgery ($1 million impact in 3Q17); 3: a negative impact by a single Medicare operator (lowering surgeon’s fees) and by continued sampling and perhaps early sales by competitor Alcon (wholly owned by NVS [Not Covered]). Long term, we believe Glaukos’ iStent has demonstrated significant long-term benefit and cost efficiency to maintain a commercial and competitive advantage. The company remained cautious about 2018, due to the expanded launch by Alcon, a second competitor potentially arriving to the market by 2H18 (Hydrus by Ivantis [private]) and the relatively modest contribution by iStent Inject (PMA to be submitted by YE17). 2018 guidance will be introduced in January at the 4Q17 earnings call.”,” Cantor Fitzgerald’s analyst wrote.
GKOS has been the topic of a number of other reports. Piper Jaffray Companies reaffirmed a buy rating and set a $56.00 price target on shares of Glaukos Corporation in a research report on Thursday, August 3rd. Zacks Investment Research raised shares of Glaukos Corporation from a hold rating to a buy rating and set a $45.00 target price on the stock in a research report on Friday, July 14th. Stephens restated a buy rating and issued a $47.00 price target on shares of Glaukos Corporation in a research note on Friday, September 15th. Finally, BidaskClub upgraded shares of Glaukos Corporation from a sell rating to a hold rating in a research report on Friday, September 1st. One investment analyst has rated the stock with a sell rating, one has given a hold rating and six have assigned a buy rating to the company. The stock presently has a consensus rating of Buy and an average target price of $47.86.
Shares of Glaukos Corporation (NYSE GKOS) traded down $1.34 during midday trading on Tuesday, hitting $30.17. 1,278,365 shares of the company traded hands, compared to its average volume of 435,965. Glaukos Corporation has a 12-month low of $28.72 and a 12-month high of $52.49. The firm has a market capitalization of $1,218.28, a PE ratio of 321.64 and a beta of 1.25.
Glaukos Corporation (NYSE:GKOS) last announced its quarterly earnings data on Tuesday, November 7th. The medical instruments supplier reported $0.04 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.02) by $0.06. The firm had revenue of $40.41 million during the quarter, compared to analysts’ expectations of $38.69 million. Glaukos Corporation had a negative net margin of 0.81% and a positive return on equity of 3.52%. The business’s revenue for the quarter was up 36.6% compared to the same quarter last year. During the same quarter last year, the business earned $0.03 earnings per share. sell-side analysts predict that Glaukos Corporation will post -0.03 earnings per share for the current year.
In other Glaukos Corporation news, Director Orbimed Advisors Llc sold 580,200 shares of the business’s stock in a transaction that occurred on Tuesday, September 5th. The stock was sold at an average price of $38.73, for a total transaction of $22,471,146.00. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Thomas William Burns sold 1,212 shares of the business’s stock in a transaction that occurred on Tuesday, September 5th. The stock was sold at an average price of $41.25, for a total value of $49,995.00. The disclosure for this sale can be found here. Insiders have sold 980,200 shares of company stock valued at $37,900,263 over the last quarter. Corporate insiders own 16.40% of the company’s stock.
Institutional investors and hedge funds have recently modified their holdings of the business. Shaker Investments LLC OH increased its stake in shares of Glaukos Corporation by 6.3% in the third quarter. Shaker Investments LLC OH now owns 47,025 shares of the medical instruments supplier’s stock valued at $1,552,000 after buying an additional 2,800 shares during the period. Arrowstreet Capital Limited Partnership boosted its holdings in Glaukos Corporation by 77.4% in the second quarter. Arrowstreet Capital Limited Partnership now owns 15,300 shares of the medical instruments supplier’s stock worth $634,000 after acquiring an additional 6,676 shares in the last quarter. Legal & General Group Plc lifted its holdings in shares of Glaukos Corporation by 77.6% in the second quarter. Legal & General Group Plc now owns 7,240 shares of the medical instruments supplier’s stock valued at $299,000 after purchasing an additional 3,164 shares in the last quarter. Koch Industries Inc. bought a new position in shares of Glaukos Corporation in the second quarter valued at approximately $683,000. Finally, Janus Henderson Group PLC bought a new position in shares of Glaukos Corporation in the second quarter valued at approximately $129,356,000.
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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