Anika Therapeutics (NASDAQ:ANIK) Shares Pass Above 200-Day Moving Average – What’s Next?

Shares of Anika Therapeutics Inc. (NASDAQ:ANIK) passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $9.99 and traded as high as $14.53. Anika Therapeutics shares last traded at $14.36, with a volume of 94,450 shares changing hands.

Analysts Set New Price Targets

Several analysts have commented on the company. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Anika Therapeutics in a research note on Monday, December 29th. Wall Street Zen raised Anika Therapeutics from a “buy” rating to a “strong-buy” rating in a report on Saturday, March 7th. Finally, Barrington Research upped their price target on Anika Therapeutics from $16.00 to $17.00 and gave the stock an “outperform” rating in a research note on Friday, February 27th. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $19.00.

Anika Therapeutics Stock Up 1.1%

The stock has a market capitalization of $192.42 million, a PE ratio of -18.89 and a beta of 0.33. The firm’s fifty day moving average is $11.03 and its 200-day moving average is $9.99.

Anika Therapeutics (NASDAQ:ANIK) last announced its quarterly earnings data on Thursday, February 26th. The biotechnology company reported $0.31 EPS 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 firm had revenue of $30.62 million during the quarter, compared to the consensus estimate of $28.88 million. On average, analysts expect that Anika Therapeutics Inc. will post -0.84 EPS for the current year.

Institutional Trading of Anika Therapeutics

A number of institutional investors have recently modified their holdings of ANIK. Opaleye Management Inc. raised its position in Anika Therapeutics by 49.1% in the second quarter. Opaleye Management Inc. now owns 588,797 shares of the biotechnology company’s stock worth $6,229,000 after acquiring an additional 193,797 shares in the last quarter. Capital Management Corp VA boosted 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 purchasing an additional 142,403 shares in the last quarter. Goldman Sachs Group Inc. grew its stake in shares of Anika Therapeutics by 153.8% during the 4th quarter. Goldman Sachs Group Inc. now owns 164,926 shares of the biotechnology company’s stock worth $1,585,000 after purchasing an additional 99,951 shares during the period. Jacobs Levy Equity Management Inc. grew its stake in shares of Anika Therapeutics by 78.1% during the 4th quarter. Jacobs Levy Equity Management Inc. now owns 195,585 shares of the biotechnology company’s stock worth $1,880,000 after purchasing an additional 85,771 shares during the period. Finally, Jane Street Group LLC increased its holdings in shares of Anika Therapeutics by 171.0% in the 4th quarter. Jane Street Group LLC now owns 134,768 shares of the biotechnology company’s stock valued at $1,295,000 after purchasing an additional 85,029 shares in the last quarter. 91.53% of the stock is currently owned by hedge funds and other institutional investors.

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.