Anika Therapeutics (NASDAQ:ANIK) Cut to “Hold” at Zacks Research

Anika Therapeutics (NASDAQ:ANIK) was downgraded by investment analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a note issued to investors on Monday, Zacks reports.

Several other research firms have also commented on ANIK. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Anika Therapeutics in a research report on Monday, September 21st. B. Riley Financial began coverage on Anika Therapeutics in a report on Friday, September 18th. They issued a “buy” rating and a $23.00 price objective for the company. Wall Street Zen upgraded shares of Anika Therapeutics from a “buy” rating to a “strong-buy” rating in a research report on Saturday, August 1st. Finally, Barrington Research set a $21.00 target price on shares of Anika Therapeutics in a report on Thursday, July 30th. Two research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Anika Therapeutics has an average rating of “Hold” and an average price target of $22.00.

Anika Therapeutics Price Performance

NASDAQ ANIK opened at $19.94 on Monday. The company has a fifty day moving average of $20.15 and a two-hundred day moving average of $16.73. The company has a market capitalization of $266.80 million, a PE ratio of -73.85, a P/E/G ratio of 14.77 and a beta of 0.20. Anika Therapeutics has a 1 year low of $8.67 and a 1 year high of $22.88.

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

Institutional Trading of Anika Therapeutics

Hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. acquired a new position in shares of Anika Therapeutics in the second quarter valued at approximately $21,209,000. Deutsche Bank AG purchased a new stake in shares of Anika Therapeutics during the second quarter worth approximately $5,172,000. Man Group plc acquired a new stake in shares of Anika Therapeutics during the second quarter worth $2,059,000. Quantinno Capital Management LP grew its position in Anika Therapeutics by 23.9% in the 1st quarter. Quantinno Capital Management LP now owns 125,826 shares of the biotechnology company’s stock valued at $1,824,000 after buying an additional 24,277 shares during the last quarter. Finally, Globeflex Capital L P purchased a new position in Anika Therapeutics in the 2nd quarter valued at $1,282,000. 91.53% of the stock is owned by institutional investors and hedge funds.

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.