Anika Therapeutics (NASDAQ:ANIK) Stock Rating Upgraded by Wall Street Zen

Anika Therapeutics (NASDAQ:ANIK) was upgraded by investment analysts at Wall Street Zen from a “buy” rating to a “strong-buy” rating in a report released on Saturday.

Several other brokerages have also weighed in on ANIK. Barrington Research set a $21.00 price objective on shares of Anika Therapeutics in a report on Thursday. B. Riley Financial upped their target price on shares of Anika Therapeutics from $18.00 to $21.00 and gave the company a “buy” rating in a research note on Thursday. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Anika Therapeutics in a research report on Wednesday, June 24th. Two analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Anika Therapeutics presently has a consensus rating of “Hold” and a consensus price target of $21.00.

Anika Therapeutics Stock Performance

Anika Therapeutics stock opened at $19.28 on Friday. The stock has a market cap of $257.97 million, a P/E ratio of -71.40 and a beta of 0.20. The stock has a 50 day moving average of $15.16 and a 200-day moving average of $13.78. Anika Therapeutics has a 52 week low of $7.87 and a 52 week high of $19.29.

Anika Therapeutics (NASDAQ:ANIK) last released its quarterly earnings results on Wednesday, July 29th. The biotechnology company reported $0.42 earnings per share for the quarter, topping analysts’ consensus estimates of $0.03 by $0.39. The business had revenue of $32.61 million during the quarter, compared to the consensus estimate of $29.21 million. Anika Therapeutics had a negative net margin of 3.14% and a positive return on equity of 0.20%. As a group, equities analysts predict that Anika Therapeutics will post -0.74 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Anika Therapeutics

Several large investors have recently added to or reduced their stakes in the company. AQR Capital Management LLC acquired a new position in Anika Therapeutics in the first quarter worth $181,000. Cetera Investment Advisers raised its holdings in shares of Anika Therapeutics by 93.1% during the second quarter. Cetera Investment Advisers now owns 19,509 shares of the biotechnology company’s stock worth $206,000 after purchasing an additional 9,407 shares during the period. American Century Companies Inc. raised its holdings in shares of Anika Therapeutics by 32.8% during the second quarter. American Century Companies Inc. now owns 44,161 shares of the biotechnology company’s stock worth $467,000 after purchasing an additional 10,909 shares during the period. Marshall Wace LLP bought a new position in shares of Anika Therapeutics in the 2nd quarter worth about $241,000. Finally, Jane Street Group LLC lifted its position in shares of Anika Therapeutics by 31.6% in the 2nd quarter. Jane Street Group LLC now owns 22,871 shares of the biotechnology company’s stock worth $242,000 after buying an additional 5,488 shares during the last quarter. 91.53% of the stock is currently owned by institutional investors.

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.