Anika Therapeutics (NASDAQ:ANIK) Given "Buy" Rating at B. Riley Financial

Key Points

• B. Riley Financial reaffirmed a “Buy” rating on Anika Therapeutics and raised its price target from $21 to $23, implying 9.37% upside from the previous close.
• Analyst sentiment is broadly positive, with MarketBeat assigning the stock an overall “Moderate Buy” rating and an average price target of $22, despite one “Sell” rating.
• Anika reported quarterly EPS of $0.42, well above the $0.03 consensus estimate, while revenue of $32.61 million also exceeded expectations; institutional investors own 91.53% of the company.

Anika Therapeutics (NASDAQ:ANIK - Get Free Report)'s stock had its "buy" rating reissued by analysts at B. Riley Financial in a research note issued on Friday, Benzinga reports. They presently have a $23.00 price target on the biotechnology company's stock, up from their previous price target of $21.00. B. Riley Financial's price target points to a potential upside of 9.37% from the stock's previous close.

Several other research firms also recently commented on ANIK. Zacks Research raised shares of Anika Therapeutics from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, August 5th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Anika Therapeutics in a research report on Wednesday, June 24th. Barrington Research set a $21.00 price target on shares of Anika Therapeutics in a research note on Thursday, July 30th. Finally, Wall Street Zen upgraded Anika Therapeutics from a "buy" rating to a "strong-buy" rating in a report on Saturday, August 1st. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $22.00.

Anika Therapeutics Price Performance

ANIK stock opened at $21.03 on Friday. The firm has a 50 day simple moving average of $19.36 and a two-hundred day simple moving average of $16.39. The stock has a market cap of $281.38 million, a PE ratio of -77.89, a P/E/G ratio of 14.89 and a beta of 0.20. Anika Therapeutics has a one year low of $8.67 and a one year high of $22.88.

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

Institutional Investors Weigh In On Anika Therapeutics

Several institutional investors have recently added to or reduced their stakes in ANIK. Meeder Asset Management Inc. bought a new stake in shares of Anika Therapeutics in the second quarter worth about $37,000. Squarepoint Ops LLC purchased a new position in Anika Therapeutics during the 2nd quarter valued at about $274,000. Public Employees Retirement System of Ohio bought a new position in Anika Therapeutics during the 2nd quarter valued at approximately $278,000. Canada Pension Plan Investment Board purchased a new stake in Anika Therapeutics in the 2nd quarter worth approximately $322,000. Finally, Bank of America Corp DE purchased a new stake in Anika Therapeutics in the 2nd quarter worth approximately $359,000. Hedge funds and other institutional investors own 91.53% of the company's stock.

About Anika Therapeutics

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.

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