Anika Therapeutics (NASDAQ:ANIK) Share Price Crosses Above 200-Day Moving Average – Time to Sell?

Anika Therapeutics Inc. (NASDAQ:ANIK) shares passed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $10.20 and traded as high as $14.36. Anika Therapeutics shares last traded at $14.28, with a volume of 91,716 shares changing hands.

Wall Street Analysts Forecast Growth

ANIK has been the topic of a number of recent analyst reports. Barrington Research upped their target price on shares of Anika Therapeutics from $16.00 to $17.00 and gave the company an “outperform” rating in a research note on Friday, February 27th. Wall Street Zen raised Anika Therapeutics from a “buy” rating to a “strong-buy” rating in a report on Saturday, March 7th. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of Anika Therapeutics in a research note on Monday, December 29th. 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 company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $19.00.

Anika Therapeutics Stock Up 0.1%

The company has a market capitalization of $191.35 million, a price-to-earnings ratio of -18.79 and a beta of 0.33. The stock has a 50 day simple moving average of $11.58 and a 200 day simple moving average of $10.20.

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

Hedge Funds Weigh In On Anika Therapeutics

Several institutional investors have recently modified their holdings of ANIK. Capital Management Corp VA increased its position in Anika Therapeutics by 34.8% in the 3rd quarter. Capital Management Corp VA now owns 551,248 shares of the biotechnology company’s stock valued at $5,182,000 after acquiring an additional 142,403 shares during the period. Strs Ohio bought a new position in shares of Anika Therapeutics in the third quarter worth $131,000. Williams & Novak LLC acquired a new position in shares of Anika Therapeutics during the third quarter valued at $102,000. CWM LLC raised its stake in shares of Anika Therapeutics by 526.6% during the third quarter. CWM LLC now owns 7,457 shares of the biotechnology company’s stock valued at $70,000 after purchasing an additional 6,267 shares in the last quarter. Finally, Assenagon Asset Management S.A. acquired a new stake in Anika Therapeutics in the third quarter worth about $431,000. 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.