Glaukos (GKOS) Downgraded by Zacks Investment Research to Sell

Zacks Investment Research cut shares of Glaukos (NYSE:GKOS) from a hold rating to a sell rating in a research note released on Friday morning.

According to Zacks, “Glaukos Corporation is an ophthalmic medical technology company. The Company develops, manufactures and markets medical devices for the treatment of glaucoma. Its product pipeline consists of iStent Inject, the iStent Supra and iDose. The company operates primarily in United States, Germany, Europe, the Asia Pacific, Canada and internationally. Glaukos Corporation is headquartered in Laguna Hills, California. “

GKOS has been the topic of several other research reports. ValuEngine raised shares of Glaukos from a buy rating to a strong-buy rating in a report on Wednesday, August 29th. BMO Capital Markets upped their price target on shares of Glaukos from $59.00 to $62.00 and gave the stock a market perform rating in a report on Thursday, August 30th. Piper Jaffray Companies upped their price target on shares of Glaukos to $73.00 and gave the stock an overweight rating in a report on Friday, August 31st. JPMorgan Chase & Co. raised shares of Glaukos from a neutral rating to an overweight rating and upped their price target for the stock from $42.00 to $75.00 in a report on Wednesday, August 29th. Finally, Stephens reaffirmed an overweight rating and issued a $57.00 price target on shares of Glaukos in a report on Wednesday, August 29th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has a consensus rating of Buy and an average target price of $58.20.

Glaukos stock opened at $57.90 on Friday. Glaukos has a fifty-two week low of $23.08 and a fifty-two week high of $70.91.

In related news, Director Gilbert H. Kliman sold 502,760 shares of the stock in a transaction on Thursday, August 30th. The stock was sold at an average price of $60.39, for a total value of $30,361,676.40. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 11.60% of the stock is owned by corporate insiders.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. increased its stake in Glaukos by 20.5% in the second quarter. BlackRock Inc. now owns 2,416,215 shares of the medical instruments supplier’s stock valued at $98,197,000 after acquiring an additional 411,836 shares during the last quarter. Baillie Gifford & Co. grew its stake in shares of Glaukos by 8.2% during the second quarter. Baillie Gifford & Co. now owns 1,211,663 shares of the medical instruments supplier’s stock valued at $49,242,000 after buying an additional 92,050 shares during the last quarter. Waddell & Reed Financial Inc. grew its stake in shares of Glaukos by 68.4% during the second quarter. Waddell & Reed Financial Inc. now owns 1,115,815 shares of the medical instruments supplier’s stock valued at $45,346,000 after buying an additional 453,167 shares during the last quarter. FMR LLC grew its stake in shares of Glaukos by 19.3% during the second quarter. FMR LLC now owns 1,056,162 shares of the medical instruments supplier’s stock valued at $42,923,000 after buying an additional 171,092 shares during the last quarter. Finally, Jennison Associates LLC grew its stake in shares of Glaukos by 12.6% during the second quarter. Jennison Associates LLC now owns 678,096 shares of the medical instruments supplier’s stock valued at $27,558,000 after buying an additional 75,990 shares during the last quarter.

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.

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