Anika Therapeutics (NASDAQ:ANIK) Earns Buy Rating from Analysts at B. Riley Financial

B. Riley Financial began coverage on shares of Anika Therapeutics (NASDAQ:ANIK) in a research report sent to investors on Friday, Marketbeat.com reports. The brokerage issued a buy rating and a $23.00 price target on the biotechnology company’s stock.

ANIK has been the topic of several other reports. Wall Street Zen upgraded shares of Anika Therapeutics from a “buy” rating to a “strong-buy” rating in a report on Saturday, August 1st. Zacks Research raised shares of Anika Therapeutics from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, August 5th. Barrington Research set a $21.00 target price on shares of Anika Therapeutics in a research report on Thursday, July 30th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Anika Therapeutics in a report on Wednesday, June 24th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $22.00.

Anika Therapeutics Stock Performance

Shares of Anika Therapeutics stock opened at $20.81 on Friday. The company has a market capitalization of $278.44 million, a P/E ratio of -77.07, a price-to-earnings-growth ratio of 14.86 and a beta of 0.20. The stock has a fifty day simple moving average of $19.46 and a 200 day simple moving average of $16.43. Anika Therapeutics has a 12-month low of $8.67 and a 12-month high of $22.88.

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

Institutional Trading of Anika Therapeutics

Several hedge funds have recently added to or reduced their stakes in ANIK. BlackRock Inc. bought a new position in shares of Anika Therapeutics during the 2nd quarter valued at approximately $21,209,000. Deutsche Bank AG bought a new stake in shares of Anika Therapeutics in the 2nd quarter worth approximately $5,172,000. Man Group plc bought a new stake in shares of Anika Therapeutics in the 2nd quarter worth approximately $2,059,000. Quantinno Capital Management LP lifted its stake in Anika Therapeutics by 23.9% in 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, GSA Capital Partners LLP lifted its stake in Anika Therapeutics by 192.4% in the fourth quarter. GSA Capital Partners LLP now owns 122,062 shares of the biotechnology company’s stock valued at $1,173,000 after purchasing an additional 80,319 shares during the last quarter. Institutional investors own 91.53% of the company’s stock.

Anika Therapeutics Company Profile

Anika Therapeutics, Inc is a medical technology company focused on developing, manufacturing and commercializing products for joint health, regenerative medicine and surgical care. The company uses hyaluronic acid and other biomaterials to create therapies designed to support tissue repair, reduce pain and improve patient outcomes.

Anika’s portfolio includes viscosupplementation products for osteoarthritis, such as ORTHOVISC, MONOVISC and CINGAL, which are administered by injection into the knee and other joints.