Anika Therapeutics (NASDAQ:ANIK) Stock Dropped to "Hold" by Zacks Research

Key Points

• Zacks Research downgraded Anika Therapeutics to “Hold” from “Strong Buy.” Analyst sentiment is mixed, with two Buy ratings, one Hold, and one Sell, producing a consensus Hold rating and a $22.00 price target.
• Anika reported quarterly EPS of $0.42, exceeding the $0.03 consensus estimate, while revenue of $32.61 million also surpassed expectations of $29.21 million.
• The stock opened at $19.94, with a market capitalization of approximately $266.8 million; institutional investors own a substantial 91.53% of outstanding shares.

Anika Therapeutics (NASDAQ:ANIK - Get Free Report) was downgraded by equities researchers at Zacks Research from a "strong-buy" rating to a "hold" rating in a research note issued to investors on Monday, Zacks reports.

Several other equities analysts have also recently commented on ANIK. Weiss Ratings reissued a "sell (d-)" rating on shares of Anika Therapeutics in a research report on Monday, September 21st. Barrington Research set a $21.00 price objective on Anika Therapeutics in a research note on Thursday, July 30th. Wall Street Zen upgraded Anika Therapeutics from a "buy" rating to a "strong-buy" rating in a report on Saturday, August 1st. Finally, B. Riley Financial started coverage on Anika Therapeutics in a research report on Friday, September 18th. They issued a "buy" rating and a $23.00 price target on the stock. Two investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Anika Therapeutics has an average rating of "Hold" and a consensus price target of $22.00.

Anika Therapeutics Price Performance

NASDAQ ANIK opened at $19.94 on Monday. The company has a market cap of $266.80 million, a P/E ratio of -73.85, a P/E/G ratio of 14.77 and a beta of 0.20. The stock has a 50-day moving average of $20.15 and a two-hundred day moving average of $16.73. Anika Therapeutics has a 1-year low of $8.67 and a 1-year high of $22.88.

Anika Therapeutics (NASDAQ:ANIK - Get Free Report) last issued its quarterly 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. The business had revenue of $32.61 million for the quarter, compared to analysts' expectations of $29.21 million. Anika Therapeutics had a negative net margin of 3.14% and a positive return on equity of 0.20%. On average, analysts anticipate that Anika Therapeutics will post 0.14 EPS for the current fiscal year.

Institutional Trading of Anika Therapeutics

A number of institutional investors have recently bought and sold shares of the business. Squarepoint Ops LLC purchased a new position in shares of Anika Therapeutics in the 2nd quarter valued at about $274,000. Corient Private Wealth LP lifted its stake in Anika Therapeutics by 6.6% during the second quarter. Corient Private Wealth LP now owns 35,415 shares of the biotechnology company's stock worth $518,000 after purchasing an additional 2,192 shares during the last quarter. Public Employees Retirement System of Ohio acquired a new position in Anika Therapeutics in the second quarter valued at approximately $278,000. Bank of America Corp DE acquired a new position in Anika Therapeutics in the second quarter valued at approximately $359,000. Finally, Man Group plc purchased a new position in Anika Therapeutics in the second quarter valued at approximately $2,059,000. 91.53% of the stock is owned by hedge funds and other institutional investors.

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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