Anika Therapeutics (NASDAQ:ANIK) Stock Price Passes Above 200 Day Moving Average – Time to Sell?

Anika Therapeutics Inc. (NASDAQ:ANIK) passed above its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of $13.10 and traded as high as $16.12. Anika Therapeutics shares last traded at $15.60, with a volume of 46,920 shares traded.

Analysts Set New Price Targets

A number of research analysts recently commented on the company. Wall Street Zen cut Anika Therapeutics from a “strong-buy” rating to a “buy” rating in a report on Saturday, May 2nd. Weiss Ratings reiterated a “sell (d-)” rating on shares of Anika Therapeutics in a research report on Wednesday, June 24th. One analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $17.00.

Anika Therapeutics Trading Down 3.0%

The stock has a market capitalization of $207.64 million, a P/E ratio of -19.75 and a beta of 0.23. The business has a 50-day moving average price of $14.85 and a 200 day moving average price of $13.10.

Anika Therapeutics (NASDAQ:ANIK) last announced its quarterly earnings results on Wednesday, April 29th. The biotechnology company reported $0.27 earnings per share for the quarter, topping the consensus estimate of ($0.07) by $0.34. Anika Therapeutics had a negative net margin of 9.52% and a negative return on equity of 5.90%. The company had revenue of $29.61 million for the quarter, compared to analysts’ expectations of $28.14 million. On average, sell-side analysts predict that Anika Therapeutics Inc. will post -0.74 earnings per share for the current fiscal year.

Insider Activity at Anika Therapeutics

In other news, CEO Stephen D. Griffin bought 12,200 shares of Anika Therapeutics stock in a transaction dated Thursday, April 30th. The shares were acquired at an average price of $12.29 per share, with a total value of $149,938.00. Following the completion of the purchase, the chief executive officer owned 36,163 shares in the company, valued at $444,443.27. The trade was a 50.91% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director John B. Henneman III acquired 5,000 shares of Anika Therapeutics stock in a transaction that occurred on Friday, May 1st. The stock was purchased at an average cost of $14.66 per share, for a total transaction of $73,300.00. Following the completion of the transaction, the director directly owned 54,871 shares in the company, valued at $804,408.86. This trade represents a 10.03% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders own 12.08% of the company’s stock.

Hedge Funds Weigh In On Anika Therapeutics

Large investors have recently bought and sold shares of the business. Quarry LP bought a new position in shares of Anika Therapeutics in the third quarter worth about $71,000. CWM LLC grew its stake in Anika Therapeutics by 14.5% in the 4th quarter. CWM LLC now owns 8,537 shares of the biotechnology company’s stock worth $82,000 after acquiring an additional 1,080 shares in the last quarter. Occudo Quantitative Strategies LP purchased a new position in shares of Anika Therapeutics during the third quarter worth approximately $95,000. Ieq Capital LLC bought a new stake in shares of Anika Therapeutics during the fourth quarter valued at approximately $97,000. Finally, Tudor Investment Corp ET AL purchased a new stake in shares of Anika Therapeutics in the third quarter valued at approximately $107,000. Hedge funds and other institutional investors 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.