Sofinnova Investments Inc. Lowers Position in Glaukos Corporation $GKOS

Sofinnova Investments Inc. cut its stake in Glaukos Corporation (NYSE:GKOS) by 7.9% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 288,128 shares of the medical instruments supplier’s stock after selling 24,866 shares during the quarter. Glaukos accounts for about 1.3% of Sofinnova Investments Inc.’s portfolio, making the stock its 24th biggest position. Sofinnova Investments Inc.’s holdings in Glaukos were worth $32,533,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of GKOS. Primecap Management Co. CA raised its stake in shares of Glaukos by 49.8% in the fourth quarter. Primecap Management Co. CA now owns 3,376,928 shares of the medical instruments supplier’s stock worth $381,289,000 after purchasing an additional 1,123,140 shares during the last quarter. Goldman Sachs Group Inc. boosted its holdings in Glaukos by 209.0% during the fourth quarter. Goldman Sachs Group Inc. now owns 1,350,425 shares of the medical instruments supplier’s stock worth $152,476,000 after purchasing an additional 913,458 shares during the last quarter. UBS Group AG boosted its holdings in Glaukos by 316.0% during the fourth quarter. UBS Group AG now owns 873,942 shares of the medical instruments supplier’s stock worth $98,677,000 after purchasing an additional 663,849 shares during the last quarter. Norges Bank purchased a new position in Glaukos during the fourth quarter worth about $60,536,000. Finally, Alliancebernstein L.P. boosted its holdings in Glaukos by 38.5% during the third quarter. Alliancebernstein L.P. now owns 1,733,474 shares of the medical instruments supplier’s stock worth $141,365,000 after purchasing an additional 481,620 shares during the last quarter. 99.04% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts recently weighed in on the stock. BTIG Research restated a “buy” rating and set a $162.00 price target on shares of Glaukos in a report on Wednesday, June 10th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Glaukos in a report on Tuesday, April 21st. William Blair reiterated an “outperform” rating on shares of Glaukos in a report on Tuesday, May 26th. Wall Street Zen upgraded Glaukos from a “hold” rating to a “buy” rating in a report on Saturday. Finally, Wells Fargo & Company lifted their price target on Glaukos from $135.00 to $138.00 and gave the stock an “overweight” rating in a report on Thursday, April 30th. Twelve research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $148.00.

Insider Transactions at Glaukos

In other news, COO Joseph E. Gilliam sold 19,573 shares of Glaukos stock in a transaction on Friday, May 1st. The stock was sold at an average price of $143.54, for a total value of $2,809,508.42. Following the completion of the transaction, the chief operating officer directly owned 73,419 shares in the company, valued at approximately $10,538,563.26. The trade was a 21.05% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Leana Wen sold 1,700 shares of Glaukos stock in a transaction on Friday, May 1st. The shares were sold at an average price of $143.35, for a total value of $243,695.00. Following the completion of the transaction, the director owned 19,739 shares of the company’s stock, valued at approximately $2,829,585.65. This trade represents a 7.93% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 45,305 shares of company stock valued at $6,259,395. Corporate insiders own 5.90% of the company’s stock.

Glaukos Stock Performance

NYSE:GKOS opened at $130.20 on Tuesday. The company has a debt-to-equity ratio of 0.10, a current ratio of 5.43 and a quick ratio of 4.73. The business has a fifty day simple moving average of $124.35 and a two-hundred day simple moving average of $116.49. Glaukos Corporation has a 1 year low of $73.16 and a 1 year high of $148.11. The company has a market capitalization of $7.65 billion, a P/E ratio of -39.69 and a beta of 0.83.

Glaukos (NYSE:GKOS) last released its earnings results on Wednesday, April 29th. The medical instruments supplier reported ($0.18) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.30) by $0.12. Glaukos had a negative return on equity of 6.92% and a negative net margin of 34.34%.The business had revenue of $150.57 million during the quarter, compared to the consensus estimate of $137.00 million. During the same period last year, the business posted ($0.22) earnings per share. The business’s revenue for the quarter was up 41.2% on a year-over-year basis. On average, analysts expect that Glaukos Corporation will post -0.57 earnings per share for the current year.

Glaukos Company Profile

Glaukos Corporation is a medical technology company specializing in the development, manufacturing and commercialization of innovative therapies for patients with glaucoma and other chronic eye diseases. The company’s core offerings focus on micro-invasive glaucoma surgery (MIGS), designed to reduce intraocular pressure and manage glaucoma more safely and effectively than traditional surgical approaches. Glaukos’s flagship products include the iStent, iStent inject and iStent infinite trabecular micro-bypass stents, which are implanted during cataract surgery to improve aqueous outflow and help control eye pressure.

Beyond its MIGS portfolio, Glaukos has expanded into sustained drug-delivery solutions.