Anika Therapeutics (NASDAQ:ANIK) Stock Passes Above Two Hundred Day Moving Average – Here’s Why

Anika Therapeutics Inc. (NASDAQ:ANIK)’s stock price crossed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $12.21 and traded as high as $14.84. Anika Therapeutics shares last traded at $14.60, with a volume of 53,845 shares traded.

Analyst Upgrades and Downgrades

ANIK has been the topic of several recent research reports. Wall Street Zen lowered Anika Therapeutics from a “strong-buy” rating to a “buy” rating in a report on Saturday, May 2nd. Barrington Research boosted their price target on Anika Therapeutics from $16.00 to $17.00 and gave the company an “outperform” rating in a research note on Friday, February 27th. One investment analyst has rated the stock with a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Anika Therapeutics currently has a consensus rating of “Hold” and a consensus target price of $17.00.

Anika Therapeutics Trading Up 2.5%

The company has a 50 day moving average of $14.88 and a 200 day moving average of $12.29. The firm has a market cap of $198.85 million, a price-to-earnings ratio of -18.91 and a beta of 0.23.

Anika Therapeutics (NASDAQ:ANIK) last announced its quarterly earnings results on Wednesday, April 29th. The biotechnology company reported $0.27 EPS for the quarter, beating the consensus estimate of ($0.07) by $0.34. The business had revenue of $29.61 million for the quarter, compared to analyst estimates of $28.14 million. Anika Therapeutics had a negative return on equity of 5.90% and a negative net margin of 9.52%. As a group, sell-side analysts anticipate that Anika Therapeutics Inc. will post -0.74 EPS for the current fiscal year.

Insiders Place Their Bets

In other Anika Therapeutics news, CEO Stephen D. Griffin acquired 12,200 shares of Anika Therapeutics stock in a transaction on Thursday, April 30th. The shares were bought at an average price of $12.29 per share, with a total value of $149,938.00. Following the completion of the purchase, the chief executive officer owned 36,163 shares in the company, valued at $444,443.27. This trade represents a 50.91% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director John B. Henneman III acquired 5,000 shares of Anika Therapeutics stock in a transaction on Friday, May 1st. The stock was acquired at an average cost of $14.66 per share, for a total transaction of $73,300.00. Following the purchase, the director owned 54,871 shares of the company’s stock, valued at approximately $804,408.86. This represents a 10.03% increase in their position. The SEC filing for this purchase provides additional information. 12.08% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Anika Therapeutics

Institutional investors and hedge funds have recently bought and sold shares of the business. Quarry LP acquired a new position in Anika Therapeutics in the third quarter worth $71,000. CWM LLC boosted its stake in Anika Therapeutics by 14.5% in the fourth quarter. CWM LLC now owns 8,537 shares of the biotechnology company’s stock worth $82,000 after purchasing an additional 1,080 shares in the last quarter. Ieq Capital LLC bought a new position in Anika Therapeutics in the 4th quarter valued at $97,000. Occudo Quantitative Strategies LP bought a new position in Anika Therapeutics in the 3rd quarter valued at $95,000. Finally, Tudor Investment Corp ET AL bought a new position in Anika Therapeutics in the 3rd quarter valued at $107,000. Institutional investors and hedge funds 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.