30 Aug

Glaukos Stock Rose 40.3% on August 29

WRITTEN BY Margaret Patrick

Share price movements

Glaukos’ (GKOS) share price rose ~40.3% and closed at $62.86 on August 29. The increase was a reaction to the news from Novartis’ (NVS) Alcon business unit about the immediate and voluntary withdrawal of its CyPass Micro-Stent across the world on June 29.

In July 2016, the CyPass Micro-Stent was approved by the FDA to be used along with cataract surgery for patients suffering from mild-to-moderate primary open-angle glaucoma. However, safety data from the COMPASS-XT trial evaluating five-year post-surgery data highlighted the loss of endothelial cells in patients using the CyPass Micro-Stent compared to patients only undergoing cataract surgery. Alcon asked surgeons not to implant anymore of the stents and return used devices to the company.

The reduced competition for Glaukos’ glaucoma devices caused Robbie Marcus, a JPMorgan Chase analyst, to increase the company’s target price to $75, which implies an upside potential of ~19.3%—compared to the company’s last closing price. In the second quarter, Glaukos reported revenues close to $43.16 million—a rise of 4.6% year-over-year. The company beat the revenue estimate by $2.67 million but missed the EPS estimate by $-0.03. Glaukos updated its fiscal 2018 revenue guidance range from $160 million–$165 million to $162 million–$166 million in its second-quarter conference call.

Glaukos Stock Rose 40.3% on August 29

Analysts’ recommendations for Glaukos

Of the eight analysts covering Glaukos in August, four analysts recommended a “strong buy,” two recommended a “buy,” and two recommended a “hold.” Analysts have projected Glaukos’ 12-month consensus target price to be ~$60.71, which would be a decline of ~3.4% over the company’s last closing price of $62.86.

Analysts’ recommendations for peers

Of the 26 analysts covering Novartis (NVS) in August, ~50% recommended a “buy,” ~70.8% of the 24 analysts covering Allergan (AGN) recommended a “buy,” and 78.9% of the 19 analysts covering Abbott Laboratories (ABT) recommended a “buy.”

Latest articles

Today, Canopy Growth announced that it acquired the Saskatchewan-based KeyLeaf Life Sciences along with entities relating to the company and its intellectual property. Here's what you need to know about the completed deal.

Yesterday, Tyson Foods (TSN) and fellow meat producers Pilgrim’s Pride (PPC) and Sanderson Farms (SAFM) took a hit to their stocks after news came out about an investigation over price-fixing allegations.

On June 24, RH (RH) was trading at $115.01, implying a rise of 21.2% since its announcement of its first-quarter earnings results on June 12. Despite the surge in its stock price, the company is still trading at a discount of 29.1% to its 52-week high.

26 Jun

Roku Stock Fell Close to 7.0% Yesterday

WRITTEN BY Aditya Raghunath

Roku stock fell 6.8% yesterday to close trading at $93.25 per share. Roku stock has lost over 9.0% in market value in the last two trading days. Prior to this pullback, Roku stock was up a whopping 235.0% year-to-date.

26 Jun

Beyond Meat Stock Up Today on New Product Launch

WRITTEN BY Rajiv Nanjapla

Today, Beyond Meat (BYND) announced that its new product, Beyond Beef, will hit markets across the US later this week.

FedEx (FDX) ended fiscal 2019 on a dismal note and reported a significant YoY decline in fourth-quarter earnings. The delivery giant posted adjusted EPS of $5.01, which was 15.2% lower than the year-ago quarter’s earnings of $5.91. The company cited sluggish revenue growth and increased expenses as the main reason behind the dismal bottom-line performance.