Anika Therapeutics (NASDAQ:ANIK) Share Price Breaks Above Two Hundred Day Moving Average – Here’s What Happened

Shares of Anika Therapeutics Inc. (NASDAQ:ANIK) crossed above its 200-day moving average during trading on Friday. The stock has a 200-day moving average of $16.64 and traded as high as $20.82. Anika Therapeutics shares last traded at $20.37, with a volume of 57,654 shares traded.

Wall Street Analysts Forecast Growth

ANIK has been the topic of a number of recent analyst reports. Barrington Research set a $21.00 target price on Anika Therapeutics in a research report on Thursday, July 30th. Wall Street Zen upgraded shares of Anika Therapeutics from a “buy” rating to a “strong-buy” rating in a research note on Saturday, August 1st. B. Riley Financial initiated coverage on shares of Anika Therapeutics in a research note on Friday, September 18th. They issued a “buy” rating and a $23.00 price target on the stock. Zacks Research raised shares of Anika Therapeutics from a “hold” rating to a “strong-buy” rating in a report on Wednesday, August 5th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Anika Therapeutics in a research report on Monday, September 21st. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $22.00.

Anika Therapeutics Price Performance

The company has a market capitalization of $272.55 million, a P/E ratio of -75.44, a PEG ratio of 14.55 and a beta of 0.20. The company has a fifty day moving average price of $19.95 and a two-hundred day moving average price of $16.64.

Anika Therapeutics (NASDAQ:ANIK) last issued its quarterly earnings data on Wednesday, July 29th. The biotechnology company reported $0.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.03 by $0.39. Anika Therapeutics had a negative net margin of 3.14% and a positive return on equity of 0.20%. The business had revenue of $32.61 million during the quarter, compared to analyst estimates of $29.21 million. As a group, sell-side analysts forecast that Anika Therapeutics Inc. will post 0.14 earnings per share for the current year.

Hedge Funds Weigh In On Anika Therapeutics

Several large investors have recently modified their holdings of ANIK. BlackRock Inc. acquired a new position in shares of Anika Therapeutics during the second quarter worth $21,209,000. Deutsche Bank AG acquired a new stake in Anika Therapeutics in the second quarter valued at $5,172,000. Man Group plc bought a new position in Anika Therapeutics during the 2nd quarter worth $2,059,000. Quantinno Capital Management LP lifted its holdings in Anika Therapeutics by 23.9% during the 1st quarter. Quantinno Capital Management LP now owns 125,826 shares of the biotechnology company’s stock worth $1,824,000 after buying an additional 24,277 shares during the period. Finally, Globeflex Capital L P acquired a new position in Anika Therapeutics during the 2nd quarter worth about $1,282,000. Institutional investors own 91.53% of the company’s stock.

Anika Therapeutics Company Profile

Anika Therapeutics, Inc is a medical technology company focused on developing, manufacturing and commercializing products for joint health, regenerative medicine and surgical care. The company uses hyaluronic acid and other biomaterials to create therapies designed to support tissue repair, reduce pain and improve patient outcomes.

Anika’s portfolio includes viscosupplementation products for osteoarthritis, such as ORTHOVISC, MONOVISC and CINGAL, which are administered by injection into the knee and other joints.