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

Anika Therapeutics Inc. (NASDAQ:ANIK)’s stock price passed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $9.37 and traded as high as $10.62. Anika Therapeutics shares last traded at $10.33, with a volume of 133,279 shares trading hands.

Analyst Ratings Changes

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

Anika Therapeutics Stock Up 1.0%

The business’s fifty day simple moving average is $9.58 and its two-hundred day simple moving average is $9.37. The company has a market cap of $148.97 million, a price-to-earnings ratio of -4.53 and a beta of 0.43.

Hedge Funds Weigh In On Anika Therapeutics

Large investors have recently bought and sold shares of the stock. CWM LLC increased its position 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 worth $70,000 after purchasing an additional 6,267 shares in the last quarter. Quarry LP purchased a new position in Anika Therapeutics during the 3rd quarter worth approximately $71,000. Occudo Quantitative Strategies LP purchased a new position in Anika Therapeutics during the 3rd quarter worth approximately $95,000. Williams & Novak LLC acquired a new position in Anika Therapeutics during the third quarter worth approximately $102,000. Finally, Tudor Investment Corp ET AL purchased a new stake in Anika Therapeutics in the third quarter valued at approximately $107,000. Institutional investors and hedge funds 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.