Anika Therapeutics (NASDAQ:ANIK) Stock Rating Upgraded by Wall Street Zen

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

A number of other brokerages have also recently issued reports on ANIK. Barrington Research lifted their price objective 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. 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 issued a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Anika Therapeutics has an average rating of “Moderate Buy” and a consensus target price of $19.00.

Anika Therapeutics Stock Down 0.9%

Shares of Anika Therapeutics stock opened at $14.12 on Friday. Anika Therapeutics has a 12-month low of $7.87 and a 12-month high of $17.21. The company has a market capitalization of $189.21 million, a price-to-earnings ratio of -18.58 and a beta of 0.33. The firm’s 50-day moving average price is $10.44 and its two-hundred day moving average price is $9.77.

Anika Therapeutics (NASDAQ:ANIK) last issued its 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 company had revenue of $30.62 million during the quarter, compared to analysts’ expectations of $28.88 million. On average, sell-side analysts expect that Anika Therapeutics will post -0.84 earnings per share for the current year.

Institutional Investors Weigh In On Anika Therapeutics

Hedge funds and other institutional investors have recently made changes to their positions in the stock. CWM LLC increased its position in Anika Therapeutics by 526.6% during the 3rd 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 bought a new stake in shares of Anika Therapeutics during the third quarter worth $71,000. Ieq Capital LLC bought a new stake in shares of Anika Therapeutics during the fourth quarter worth $97,000. Occudo Quantitative Strategies LP acquired a new position in shares of Anika Therapeutics during the third quarter worth $95,000. Finally, Williams & Novak LLC acquired a new position in shares of Anika Therapeutics during the third quarter worth $102,000. 91.53% of the stock is owned by 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.