Anika Therapeutics (NASDAQ:ANIK) Rating Increased to Strong-Buy at Zacks Research

Anika Therapeutics (NASDAQ:ANIK) was upgraded by equities research analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research note issued on Wednesday,Zacks.com reports.

A number of other equities analysts have also weighed in on ANIK. Wall Street Zen upgraded shares of Anika Therapeutics from a “buy” rating to a “strong-buy” rating in a research report on Saturday, August 1st. Barrington Research set a $21.00 price target on shares of Anika Therapeutics in a report on Thursday, July 30th. B. Riley Financial boosted their price target on shares of Anika Therapeutics from $18.00 to $21.00 and gave the stock a “buy” rating in a research note on Thursday, July 30th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Anika Therapeutics in a report on Wednesday, June 24th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $21.00.

Anika Therapeutics Price Performance

ANIK stock opened at $20.16 on Wednesday. Anika Therapeutics has a 1-year low of $7.92 and a 1-year high of $21.11. The business has a 50 day simple moving average of $15.56 and a two-hundred day simple moving average of $14.08. The company has a market capitalization of $269.80 million, a price-to-earnings ratio of -74.66, a PEG ratio of 13.71 and a beta of 0.20.

Anika Therapeutics (NASDAQ:ANIK) last released its quarterly earnings data on Wednesday, July 29th. The biotechnology company reported $0.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.03 by $0.39. Anika Therapeutics had a negative net margin of 3.14% and a positive return on equity of 0.20%. The firm had revenue of $32.61 million for the quarter, compared to analysts’ expectations of $29.21 million. Sell-side analysts anticipate that Anika Therapeutics will post 0.14 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Bank of New York Mellon Corp bought a new stake in Anika Therapeutics in the second quarter worth $567,000. GSA Capital Partners LLP purchased a new stake in Anika Therapeutics during the second quarter valued at $383,000. Assenagon Asset Management S.A. lifted its position in Anika Therapeutics by 35.3% during the second quarter. Assenagon Asset Management S.A. now owns 63,016 shares of the biotechnology company’s stock valued at $922,000 after purchasing an additional 16,430 shares during the last quarter. Quantinno Capital Management LP lifted its position in Anika Therapeutics by 23.9% during the first quarter. Quantinno Capital Management LP now owns 125,826 shares of the biotechnology company’s stock valued at $1,824,000 after purchasing an additional 24,277 shares during the last quarter. Finally, Public Employees Retirement System of Ohio grew its stake in shares of Anika Therapeutics by 51.4% in the 1st quarter. Public Employees Retirement System of Ohio now owns 23,614 shares of the biotechnology company’s stock worth $342,000 after buying an additional 8,022 shares in the last quarter. 91.53% of the stock is currently owned by institutional investors.

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.