Anika Therapeutics (NASDAQ:ANIK) Rating Increased to Strong-Buy at Zacks Research

Zacks Research upgraded shares of Anika Therapeutics (NASDAQ:ANIK) from a hold rating to a strong-buy rating in a research note released on Wednesday morning,Zacks.com reports.

A number of other research firms have also recently weighed in on ANIK. B. Riley Financial upped their price target on shares of Anika Therapeutics from $18.00 to $21.00 and gave the stock a “buy” rating in a research note on Thursday, July 30th. Barrington Research set a $21.00 price target on shares of Anika Therapeutics in a report on Thursday, July 30th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Anika Therapeutics in a research note on Wednesday, June 24th. Finally, Wall Street Zen raised shares of Anika Therapeutics from a “buy” rating to a “strong-buy” rating in a report on Saturday, August 1st. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $21.00.

Anika Therapeutics Price Performance

Anika Therapeutics stock opened at $20.16 on Wednesday. The stock’s 50 day moving average price is $15.56 and its 200 day moving average price is $14.08. Anika Therapeutics has a 1-year low of $7.92 and a 1-year high of $21.11. The company has a market cap of $269.80 million, a PE ratio of -74.66, a price-to-earnings-growth ratio of 13.71 and a beta of 0.20.

Anika Therapeutics (NASDAQ:ANIK) last released its quarterly earnings data on Wednesday, July 29th. The biotechnology company reported $0.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.03 by $0.39. Anika Therapeutics had a positive return on equity of 0.20% and a negative net margin of 3.14%.The firm had revenue of $32.61 million during the quarter, compared to analysts’ expectations of $29.21 million. On average, equities research analysts anticipate that Anika Therapeutics will post 0.14 EPS for the current fiscal year.

Institutional Trading of Anika Therapeutics

Institutional investors have recently bought and sold shares of the company. AQR Capital Management LLC acquired a new stake in Anika Therapeutics in the first quarter valued at $181,000. Cetera Investment Advisers raised its stake in shares of Anika Therapeutics by 93.1% during the 2nd quarter. Cetera Investment Advisers now owns 19,509 shares of the biotechnology company’s stock worth $206,000 after buying an additional 9,407 shares during the last quarter. American Century Companies Inc. boosted its position in shares of Anika Therapeutics by 32.8% in the 2nd quarter. American Century Companies Inc. now owns 44,161 shares of the biotechnology company’s stock worth $467,000 after buying an additional 10,909 shares in the last quarter. Marshall Wace LLP purchased a new stake in shares of Anika Therapeutics in the 2nd quarter worth about $241,000. Finally, Jane Street Group LLC grew its stake in Anika Therapeutics by 31.6% in the 2nd quarter. Jane Street Group LLC now owns 22,871 shares of the biotechnology company’s stock valued at $242,000 after acquiring an additional 5,488 shares during the last quarter. 91.53% of the stock is currently owned by hedge funds and other institutional investors.

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.