Anika Therapeutics (NASDAQ:ANIK) Releases Earnings Results, Beats Expectations By $0.02 EPS

Anika Therapeutics (NASDAQ:ANIK) released its quarterly earnings data on Wednesday. The biotechnology company reported $0.04 EPS for the quarter, topping analysts’ consensus estimates of $0.02 by $0.02, FiscalAI reports. Anika Therapeutics had a negative net margin of 48.99% and a negative return on equity of 10.97%. The company had revenue of $27.82 million during the quarter, compared to the consensus estimate of $27.80 million.

Anika Therapeutics Stock Down 2.6%

Shares of NASDAQ ANIK opened at $9.59 on Friday. The company has a market cap of $138.27 million, a price-to-earnings ratio of -2.32 and a beta of 0.61. Anika Therapeutics has a 12-month low of $7.87 and a 12-month high of $18.37. The firm’s 50-day simple moving average is $9.23 and its 200 day simple moving average is $10.49.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Ameriprise Financial Inc. increased its stake in shares of Anika Therapeutics by 4.6% in the 2nd quarter. Ameriprise Financial Inc. now owns 41,362 shares of the biotechnology company’s stock valued at $438,000 after buying an additional 1,820 shares during the period. Gallagher Fiduciary Advisors LLC increased its holdings in Anika Therapeutics by 21.5% in the second quarter. Gallagher Fiduciary Advisors LLC now owns 13,347 shares of the biotechnology company’s stock valued at $141,000 after purchasing an additional 2,361 shares during the last quarter. Jane Street Group LLC boosted its stake in Anika Therapeutics by 31.6% during the 2nd quarter. Jane Street Group LLC now owns 22,871 shares of the biotechnology company’s stock worth $242,000 after acquiring an additional 5,488 shares during the last quarter. Cetera Investment Advisers boosted its position in shares of Anika Therapeutics by 93.1% during the second quarter. Cetera Investment Advisers now owns 19,509 shares of the biotechnology company’s stock worth $206,000 after purchasing an additional 9,407 shares in the last quarter. Finally, American Century Companies Inc. raised its stake in Anika Therapeutics by 32.8% during the 2nd quarter. American Century Companies Inc. now owns 44,161 shares of the biotechnology company’s stock worth $467,000 after buying an additional 10,909 shares during the period. Institutional investors and hedge funds own 91.53% of the company’s stock.

Analysts Set New Price Targets

ANIK has been the subject of several analyst reports. Barrington Research raised their target price on Anika Therapeutics from $15.00 to $16.00 and gave the stock an “outperform” rating in a research report on Thursday. Weiss Ratings reiterated a “sell (d-)” rating on shares of Anika Therapeutics in a research note on Thursday, October 30th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $18.50.

Anika Therapeutics Company Profile

Anika Therapeutics, Inc, a joint preservation company, creates and delivers advancements in early intervention orthopedic care in the areas of osteoarthritis (OA) pain management, regenerative solutions, sports medicine, and arthrosurface joint solutions in the United States, Europe, and internationally.