Anika Therapeutics (NASDAQ:ANIK) Stock Passes Above 200 Day Moving Average – Here’s What Happened

Anika Therapeutics Inc. (NASDAQ:ANIK) shares passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $9.41 and traded as high as $10.59. Anika Therapeutics shares last traded at $10.52, with a volume of 80,299 shares traded.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on ANIK. Barrington Research reaffirmed an “outperform” rating and issued a $16.00 price objective on shares of Anika Therapeutics in a research note on Friday, January 9th. Weiss Ratings reissued a “sell (e+)” rating on shares of Anika Therapeutics in a report on Monday, December 29th. Finally, Wall Street Zen upgraded Anika Therapeutics from a “hold” rating to a “buy” rating in a report on Saturday, November 8th. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Anika Therapeutics has an average rating of “Moderate Buy” and a consensus target price of $18.50.

Anika Therapeutics Stock Performance

The company’s 50 day simple moving average is $9.66 and its 200 day simple moving average is $9.41. The stock has a market cap of $151.70 million, a PE ratio of -4.61 and a beta of 0.43.

Hedge Funds Weigh In On Anika Therapeutics

Several institutional investors have recently added to or reduced their stakes in ANIK. CWM LLC boosted its stake in Anika Therapeutics by 526.6% in the third quarter. CWM LLC now owns 7,457 shares of the biotechnology company’s stock valued at $70,000 after acquiring an additional 6,267 shares during the last quarter. Quarry LP bought a new stake in shares of Anika Therapeutics in the 3rd quarter worth approximately $71,000. Occudo Quantitative Strategies LP bought a new stake in shares of Anika Therapeutics in the 3rd quarter worth approximately $95,000. Ieq Capital LLC purchased a new position in Anika Therapeutics in the fourth quarter valued at approximately $97,000. Finally, Williams & Novak LLC bought a new position in Anika Therapeutics during the third quarter valued at $102,000. Institutional investors own 91.53% of the company’s stock.

About Anika Therapeutics

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.