Anika Therapeutics (NASDAQ:ANIK) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Anika Therapeutics (NASDAQ:ANIK) from a buy rating to a strong-buy rating in a research note issued to investors on Saturday.

Several other analysts have also weighed in on ANIK. Weiss Ratings reiterated a “sell (e+)” rating on shares of Anika Therapeutics in a research note on Monday, December 29th. Barrington Research raised their price target on shares of Anika Therapeutics from $16.00 to $17.00 and gave the stock an “outperform” rating in a research report on Friday, February 27th. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Anika Therapeutics currently has a consensus rating of “Moderate Buy” and an average target price of $19.00.

Anika Therapeutics Trading Up 5.9%

Shares of ANIK opened at $14.96 on Friday. Anika Therapeutics has a 52 week low of $7.87 and a 52 week high of $17.14. The firm has a market cap of $200.46 million, a price-to-earnings ratio of -19.68 and a beta of 0.33. The stock has a 50 day moving average of $10.55 and a 200-day moving average of $9.81.

Anika Therapeutics (NASDAQ:ANIK) last posted its quarterly earnings results on Thursday, February 26th. The biotechnology company reported $0.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.02 by $0.29. Anika Therapeutics had a negative return on equity of 6.26% and a negative net margin of 9.64%.The business had revenue of $30.62 million for the quarter, compared to analyst estimates of $28.88 million. On average, sell-side analysts predict that Anika Therapeutics will post -0.84 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Opaleye Management Inc. grew its stake in Anika Therapeutics by 49.1% during the 2nd quarter. Opaleye Management Inc. now owns 588,797 shares of the biotechnology company’s stock worth $6,229,000 after buying an additional 193,797 shares during the last quarter. Capital Management Corp VA lifted its stake in Anika Therapeutics by 34.8% in the third quarter. Capital Management Corp VA now owns 551,248 shares of the biotechnology company’s stock valued at $5,182,000 after buying an additional 142,403 shares during the last quarter. Goldman Sachs Group Inc. boosted its holdings in shares of Anika Therapeutics by 153.8% during the fourth quarter. Goldman Sachs Group Inc. now owns 164,926 shares of the biotechnology company’s stock valued at $1,585,000 after acquiring an additional 99,951 shares during the period. Jacobs Levy Equity Management Inc. boosted its holdings in shares of Anika Therapeutics by 78.1% during the fourth quarter. Jacobs Levy Equity Management Inc. now owns 195,585 shares of the biotechnology company’s stock valued at $1,880,000 after acquiring an additional 85,771 shares during the period. Finally, Jane Street Group LLC grew its position in shares of Anika Therapeutics by 171.0% during the fourth quarter. Jane Street Group LLC now owns 134,768 shares of the biotechnology company’s stock worth $1,295,000 after acquiring an additional 85,029 shares during the last quarter. Institutional investors and hedge funds own 91.53% of the company’s stock.

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.