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Glaukos Corp (NYSE:GKOS) President and COO, Joseph E. Gilliam, recently sold 2,275 shares of the company's common stock, generating a total of $316,156. The transaction was executed at a weighted average price of $138.97 per share, with prices ranging from $138.60 to $139.47. This sale was conducted under a pre-established Rule 10b5-1 trading plan.
In addition to the sale, Gilliam exercised stock options to acquire 2,275 shares at a price of $69.30 per share, resulting in a total transaction value of $157,657. Following these transactions, Gilliam holds 102,169 shares of Glaukos, including restricted stock units and shares acquired through the company's Employee Stock Purchase Plan.
In other recent news, Glaukos Corporation reported a 19% increase in Q2 consolidated net sales, reaching $95.7 million, leading to a revised full-year 2024 net sales guidance of $370 to $376 million. This growth was primarily attributed to its US interventional glaucoma franchises, including the iStent portfolio and iDose TR. The company also announced the redemption of its outstanding 2.75% Convertible Senior Notes due 2027, with a principal amount of $57.5 million.
In the realm of product development, Glaukos announced successful results from its second Phase 3 trial for Epioxa, a non-invasive drug therapy designed for keratoconus treatment. The trial met its primary efficacy endpoint, showing a significant improvement in corneal curvature.
On the analyst front, Jefferies, Truist Securities, and Piper Sandler maintained positive outlooks on Glaukos, with Jefferies raising its price target to $155 from $145, Truist holding a price target of $152, and Piper Sandler maintaining a $140 price target. These ratings reflect the potential growth of Glaukos' iDose product and the promising results from the Phase 3 trial of Epioxa.
InvestingPro Insights
Glaukos Corp's recent stock performance aligns with the insider transaction reported. According to InvestingPro data, the company's stock has shown a remarkable 90.48% total return over the past year, with a significant 33.71% gain in the last six months alone. This upward trend is reflected in the stock trading near its 52-week high, with the current price at 94.45% of that peak.
Despite the strong market performance, InvestingPro Tips highlight some contrasting financial aspects. The company is not profitable over the last twelve months, and analysts do not anticipate profitability this year. This is evident in the negative P/E ratio of -50.31 for the last twelve months as of Q2 2024. However, Glaukos operates with a moderate level of debt and its liquid assets exceed short-term obligations, suggesting financial stability.
The company's revenue growth remains positive, with a 15.14% increase over the last twelve months to Q2 2024, reaching $341.73 million. Glaukos also maintains a healthy gross profit margin of 76.53%, indicating strong pricing power in its market segment.
For investors seeking a more comprehensive analysis, InvestingPro offers 12 additional tips for Glaukos, providing deeper insights into the company's financial health and market position.
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