Anika Therapeutics Inc. (NASDAQ:ANIK) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a report issued on Tuesday.

According to Zacks, “Anika Therapeutics, Inc. develops, manufactures and commercializes therapeutic products and devices that promote the repair, protection and healing of bone, cartilage and soft tissue. These products are based on hyaluronic acid, a naturally-occurring, biocompatible polymer found in the body. Due to its unique properties, hyaluronic acid plays an important role in numerous physiological functions such as the protection and lubrication of soft tissues and joints, the maintenance of the structural integrity of tissues and the transport of molecules to and within cells. “

Anika Therapeutics (NASDAQ:ANIK) opened at 46.58 on Tuesday. Anika Therapeutics has a one year low of $32.76 and a one year high of $54.96. The firm has a market cap of $688.31 million, a P/E ratio of 20.33 and a beta of 1.49. The firm’s 50-day moving average price is $47.44 and its 200 day moving average price is $48.11.

Anika Therapeutics (NASDAQ:ANIK) last released its earnings results on Wednesday, July 27th. The company reported $0.57 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.44 by $0.13. The firm had revenue of $26.60 million for the quarter, compared to analysts’ expectations of $24.75 million. Anika Therapeutics had a return on equity of 17.24% and a net margin of 33.77%. The business’s quarterly revenue was up 16.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.51 EPS. On average, equities research analysts forecast that Anika Therapeutics will post $2.00 EPS for the current year.

Several large investors have recently made changes to their positions in ANIK. Guggenheim Capital LLC boosted its stake in shares of Anika Therapeutics by 2.7% in the second quarter. Guggenheim Capital LLC now owns 5,430 shares of the company’s stock worth $291,000 after buying an additional 141 shares in the last quarter. Capstone Asset Management Co. boosted its stake in shares of Anika Therapeutics by 3.2% in the second quarter. Capstone Asset Management Co. now owns 4,830 shares of the company’s stock worth $259,000 after buying an additional 150 shares in the last quarter. Arizona State Retirement System boosted its stake in shares of Anika Therapeutics by 2.7% in the second quarter. Arizona State Retirement System now owns 7,490 shares of the company’s stock worth $402,000 after buying an additional 200 shares in the last quarter. Teacher Retirement System of Texas boosted its stake in shares of Anika Therapeutics by 14.1% in the second quarter. Teacher Retirement System of Texas now owns 2,037 shares of the company’s stock worth $109,000 after buying an additional 252 shares in the last quarter. Finally, BlackRock Advisors LLC boosted its stake in shares of Anika Therapeutics by 1.5% in the second quarter. BlackRock Advisors LLC now owns 23,692 shares of the company’s stock worth $1,271,000 after buying an additional 355 shares in the last quarter. Institutional investors own 77.84% of the company’s stock.

Anika Therapeutics Company Profile

Anika Therapeutics, Inc is an orthopedic medicines company. The Company offers therapeutic pain management solutions. It is engaged in developing, manufacturing and commercializing approximately 20 products based on its hyaluronic acid (HA) technology. It orthopedic medicine portfolio consists of marketed (ORTHOVISC and MONOVISC) and pipeline (CINGAL and HYALOFAST in the United States) products to alleviate pain and restore joint function by replenishing depleted HA and aiding cartilage repair and regeneration.

5 Day Chart for NASDAQ:ANIK

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