Joseph E. Gilliam, President and COO of Glaukos Corp (NYSE:GKOS), recently executed a series of transactions involving the company's common stock. The transactions come as the stock trades near its 52-week high of $151.92, having delivered an impressive 86% return year-to-date. On December 20, Gilliam sold a total of 3,328 shares, generating proceeds of $498,715. The sales were conducted at prices ranging from $149.54 to $150.35 per share.
In addition to these sales, Gilliam also exercised stock options to acquire 3,328 shares of Glaukos common stock. These options were exercised at prices of $39.10 and $69.30 per share, for a total transaction value of $198,829. The $8.2 billion market cap company maintains strong financial health with a current ratio of 5.54, indicating ample liquidity to meet short-term obligations.
The transactions were made under a Rule 10b5-1 trading plan, which allows insiders of publicly traded corporations to set up a predetermined plan to sell company stock, helping to avoid concerns about insider trading. Following these transactions, Gilliam holds 102,169 shares of Glaukos stock. According to InvestingPro analysis, analyst price targets for Glaukos range from $115 to $162, with 12 additional key insights available to subscribers through the comprehensive Pro Research Report.
In other recent news, Glaukos Corporation has submitted a New Drug Application (NDA) to the FDA for Epioxa, a non-invasive treatment for keratoconus. This development marks a significant step for Glaukos in its efforts to offer a less invasive treatment option for patients with this progressive eye disease. The submission includes positive data from two Phase 3 pivotal trials. If approved, Epioxa would be the first FDA-sanctioned, non-invasive corneal cross-linking therapy that preserves the corneal epithelium.
In financial news, Glaukos secured approximately $53.2 million from unwinding a portion of its capped call transactions, originally entered into in connection with the issuance of its 2.75% Convertible Senior Notes due in 2027. Furthermore, the company's iDose revenue doubled in the third quarter of 2024, reaching approximately $8 million, with coverage expected to significantly improve by 2025.
Analysts have provided varied outlooks for Glaukos. Citi upgraded Glaukos from Neutral to Buy, expecting a positive inflection in sales of its iDose product in 2025. Mizuho (NYSE:MFG) Securities retained a Neutral rating on Glaukos but increased the price target in anticipation of a significant year ahead for the company. These are recent developments in the continued growth and potential of Glaukos Corporation.
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