Anika Therapeutics (NASDAQ:ANIK) Share Price Passes Above 200 Day Moving Average – What’s Next?

Shares of Anika Therapeutics Inc. (NASDAQ:ANIK) crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $10.44 and traded as high as $15.12. Anika Therapeutics shares last traded at $14.98, with a volume of 187,844 shares changing hands.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the company. Wall Street Zen raised Anika Therapeutics from a “buy” rating to a “strong-buy” rating in a research note on Saturday, March 7th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Anika Therapeutics in a report on Monday, December 29th. Finally, Barrington Research boosted their price target on shares of Anika Therapeutics from $16.00 to $17.00 and gave the stock an “outperform” rating in a research report 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 company. Based on data from MarketBeat, Anika Therapeutics has a consensus rating of “Moderate Buy” and a consensus target price of $19.00.

Anika Therapeutics Stock Up 3.3%

The firm’s 50-day moving average price is $12.19 and its two-hundred day moving average price is $10.44. The firm has a market capitalization of $200.73 million, a PE ratio of -19.71 and a beta of 0.28.

Anika Therapeutics (NASDAQ:ANIK) last issued its quarterly earnings results on Thursday, February 26th. The biotechnology company reported $0.31 EPS for the quarter, beating the consensus estimate 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 research analysts forecast that Anika Therapeutics Inc. will post -0.84 EPS for the current year.

Institutional Trading of Anika Therapeutics

Hedge funds and other institutional investors have recently modified their holdings of the business. Hsbc Holdings PLC purchased a new position in shares of Anika Therapeutics during the fourth quarter valued at $464,000. Corient Private Wealth LLC lifted its stake in Anika Therapeutics by 4.3% in the 4th quarter. Corient Private Wealth LLC now owns 32,224 shares of the biotechnology company’s stock worth $310,000 after acquiring an additional 1,324 shares in the last quarter. Invesco Ltd. boosted its position in Anika Therapeutics by 7.9% during the 4th quarter. Invesco Ltd. now owns 25,272 shares of the biotechnology company’s stock worth $243,000 after acquiring an additional 1,843 shares during the period. Mercer Global Advisors Inc. ADV acquired a new stake in Anika Therapeutics during the 4th quarter worth about $122,000. Finally, NewEdge Advisors LLC purchased a new position in Anika Therapeutics during the 4th quarter valued at about $139,000. Institutional investors and hedge funds 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.