Anika Therapeutics (NASDAQ:ANIK) Stock Price Crosses Above 200 Day Moving Average – Here’s Why

Shares of Anika Therapeutics Inc. (NASDAQ:ANIK) passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $9.99 and traded as high as $14.53. Anika Therapeutics shares last traded at $14.36, with a volume of 94,450 shares trading hands.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the company. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Anika Therapeutics in a research note on Monday, December 29th. Wall Street Zen upgraded Anika Therapeutics from a “buy” rating to a “strong-buy” rating in a research report on Saturday, March 7th. Finally, Barrington Research increased their price target on shares of Anika Therapeutics from $16.00 to $17.00 and gave the company 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 given a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $19.00.

Anika Therapeutics Trading Down 2.8%

The firm has a market cap of $189.07 million, a P/E ratio of -18.57 and a beta of 0.33. The company has a fifty day moving average price of $11.21 and a two-hundred day moving average price of $10.05.

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

Institutional Investors Weigh In On Anika Therapeutics

Hedge funds and other institutional investors have recently made changes to their positions in the stock. CWM LLC boosted its stake in Anika Therapeutics by 526.6% in the 3rd quarter. CWM LLC now owns 7,457 shares of the biotechnology company’s stock worth $70,000 after purchasing an additional 6,267 shares during the period. Quarry LP acquired a new stake in shares of Anika Therapeutics in the 3rd quarter valued at about $71,000. Occudo Quantitative Strategies LP bought a new stake in shares of Anika Therapeutics in the third quarter valued at about $95,000. Ieq Capital LLC bought a new stake in shares of Anika Therapeutics in the fourth quarter valued at about $97,000. Finally, Williams & Novak LLC acquired a new position in shares of Anika Therapeutics during the third quarter worth about $102,000. 91.53% of the stock is currently owned by institutional investors and hedge funds.

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.