Anika Therapeutics (NASDAQ:ANIK) Rating Increased to Strong-Buy at Wall Street Zen

Anika Therapeutics (NASDAQ:ANIK) was upgraded by equities research analysts at Wall Street Zen from a “buy” rating to a “strong-buy” rating in a report issued on Saturday.

Several other equities analysts have also recently issued reports on ANIK. Weiss Ratings restated a “sell (e+)” rating on shares of Anika Therapeutics in a research note on Monday, December 29th. Barrington Research boosted their price objective on shares of Anika Therapeutics from $16.00 to $17.00 and gave the company an “outperform” rating in a research report on Friday, February 27th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Anika Therapeutics currently has a consensus rating of “Moderate Buy” and an average price target of $19.00.

Anika Therapeutics Stock Down 0.9%

ANIK opened at $14.12 on Friday. The stock has a market cap of $189.21 million, a PE ratio of -18.58 and a beta of 0.33. The business has a 50 day moving average of $10.44 and a 200-day moving average of $9.75. Anika Therapeutics has a 52 week low of $7.87 and a 52 week high of $17.21.

Anika Therapeutics (NASDAQ:ANIK) last announced its earnings results on Thursday, February 26th. The biotechnology company reported $0.31 earnings per share for the quarter, beating analysts’ consensus estimates of $0.02 by $0.29. Anika Therapeutics had a negative net margin of 9.64% and a negative return on equity of 6.26%. The business had revenue of $30.62 million during the quarter, compared to the consensus estimate of $28.88 million. Equities analysts anticipate that Anika Therapeutics will post -0.84 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. Capital Management Corp VA grew its position in shares of 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 buying an additional 142,403 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its holdings in shares of Anika Therapeutics by 24.9% in the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 42,994 shares of the biotechnology company’s stock valued at $455,000 after acquiring an additional 8,573 shares in the last quarter. Envestnet Asset Management Inc. lifted its stake in Anika Therapeutics by 26.9% in the second quarter. Envestnet Asset Management Inc. now owns 121,387 shares of the biotechnology company’s stock worth $1,284,000 after acquiring an additional 25,753 shares during the period. Acadian Asset Management LLC lifted its holdings in Anika Therapeutics by 6.7% during the second quarter. Acadian Asset Management LLC now owns 575,644 shares of the biotechnology company’s stock worth $6,084,000 after buying an additional 36,030 shares during the period. Finally, Atria Investments Inc grew its position in shares of Anika Therapeutics by 19.3% in the 2nd quarter. Atria Investments Inc now owns 13,096 shares of the biotechnology company’s stock worth $139,000 after buying an additional 2,118 shares during the last quarter. 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.