Anika Therapeutics’ (ANIK) Outperform Rating Reiterated at Barrington Research

Barrington Research reaffirmed their outperform rating on shares of Anika Therapeutics (NASDAQ:ANIK) in a report issued on Friday morning,Benzinga reports. The brokerage currently has a $16.00 target price on the biotechnology company’s stock.

ANIK has been the topic of several other research reports. Wall Street Zen upgraded Anika Therapeutics from a “hold” rating to a “buy” rating in a research note on Saturday, November 8th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Anika Therapeutics in a research report on Monday, December 29th. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Anika Therapeutics presently has an average rating of “Moderate Buy” and an average price target of $18.50.

Anika Therapeutics Stock Down 0.3%

Shares of NASDAQ:ANIK opened at $9.52 on Friday. The company has a market capitalization of $137.28 million, a price-to-earnings ratio of -4.18 and a beta of 0.46. Anika Therapeutics has a 52 week low of $7.87 and a 52 week high of $18.37. The firm has a 50 day moving average of $9.66 and a 200 day moving average of $9.60.

Anika Therapeutics (NASDAQ:ANIK) last announced its earnings results on Wednesday, November 5th. The biotechnology company reported $0.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.02 by $0.02. The business had revenue of $27.82 million for the quarter, compared to analysts’ expectations of $27.80 million. Anika Therapeutics had a negative return on equity of 8.80% and a negative net margin of 29.29%. On average, sell-side analysts expect that Anika Therapeutics will post -0.84 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Opaleye Management Inc. grew its holdings in shares of Anika Therapeutics by 49.1% during the second quarter. Opaleye Management Inc. now owns 588,797 shares of the biotechnology company’s stock valued at $6,229,000 after buying an additional 193,797 shares during the last quarter. Acadian Asset Management LLC lifted its position in Anika Therapeutics by 6.7% during the 2nd quarter. Acadian Asset Management LLC now owns 575,644 shares of the biotechnology company’s stock worth $6,084,000 after acquiring an additional 36,030 shares during the period. Capital Management Corp VA lifted its position in Anika Therapeutics by 34.8% during the 3rd quarter. Capital Management Corp VA now owns 551,248 shares of the biotechnology company’s stock worth $5,182,000 after acquiring an additional 142,403 shares during the period. Boothbay Fund Management LLC grew its stake in Anika Therapeutics by 1.9% during the 3rd quarter. Boothbay Fund Management LLC now owns 539,642 shares of the biotechnology company’s stock valued at $5,073,000 after purchasing an additional 10,139 shares during the last quarter. Finally, Envestnet Asset Management Inc. increased its holdings in shares of Anika Therapeutics by 7.8% in the third quarter. Envestnet Asset Management Inc. now owns 130,809 shares of the biotechnology company’s stock valued at $1,230,000 after purchasing an additional 9,422 shares during the period. Hedge funds and other institutional investors own 91.53% of the company’s stock.

Anika Therapeutics Company Profile

Anika Therapeutics, Inc is a life sciences company specializing in the development and commercialization of hyaluronic acid–based therapeutic products. The company focuses on orthobiologics and medical devices designed to support joint health, tissue repair and surgical applications. Anika’s proprietary hyaluronan technology serves as the foundation for products aimed at alleviating pain associated with osteoarthritis and enhancing healing in musculoskeletal and ophthalmic surgeries.

The company’s core product portfolio includes injectable viscosupplements such as Monovisc® and Orthovisc®, which are indicated for the relief of knee osteoarthritis pain, as well as Euflexxa®, approved for osteoarthritis of the knee in various international markets.