Options positioning in GKOS just swung to its most bullish reading in a year. That shift collides with a fresh rise in short interest — creating an unusual tug-of-war in Glaukos Corporation's lending and derivatives markets.
The put-call ratio fell to 1.31 on August 25. That is the lowest reading in 52 weeks. The 20-day average PCR stands at 8.86. The z-score is -3.32 — more than three standard deviations below the mean.
The context matters here. Glaukos reported earnings on July 29. The stock jumped 11.4% on the day and added another 1.6% over the following five days. Analysts responded immediately. Nine firms raised price targets on July 30 alone. BTIG followed up on August 20 with a further raise to $202. The consensus target now sits at $197.
Options traders appear to be positioning with that post-earnings momentum in mind.
Short interest tells a different story. Shares short rose 15% in a single day to 6.71% of free float — the highest count in two weeks. Over one week, SI is up 11.6%.
The one-month picture complicates the read. SI is still down 15.4% over 30 days. The recent spike may reflect tactical positioning ahead of the next earnings date, currently set for October 28.
The borrow market remains very loose. Availability sits at 3,832% — roughly 56 million shares available against fewer than 4 million currently borrowed. Cost to borrow is 0.35%, well within the low range. There is no friction for new short positions.
One signal cuts against the bullish options read. Insider selling has been consistent since the stock rallied. The CFO sold $3.6 million worth of shares on August 7. The President/COO sold nearly $10.8 million across two transactions on August 11. A director sold $475,000 on August 19. Net insider value sold over 90 days totals approximately $20.7 million.
These are scheduled or structured sale patterns common post-earnings, but the scale is notable.
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