Anika Therapeutics (NASDAQ:ANIK) Director Purchases 1,000 Shares

Key Points

• Director Gary Fischetti purchased 1,000 Anika Therapeutics shares at $20.75 each, spending $20,750 and increasing his direct ownership to 53,015 shares.
• Anika reported quarterly EPS of $0.42, well above the $0.03 consensus estimate, while revenue of $32.61 million also exceeded analyst expectations.
• The stock traded at $19.19, near its 12-month high of $21.11; analysts’ consensus rating is Hold with a $21.00 price target, despite several institutional investors increasing their positions.

Anika Therapeutics Inc. (NASDAQ:ANIK - Get Free Report) Director Gary Fischetti bought 1,000 shares of the stock in a transaction dated Monday, August 3rd. The shares were acquired at an average price of $20.75 per share, for a total transaction of $20,750.00. Following the completion of the purchase, the director directly owned 53,015 shares in the company, valued at approximately $1,100,061.25. This trade represents a 1.92% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink.

Anika Therapeutics Stock Performance

ANIK traded down $0.42 during midday trading on Wednesday, reaching $19.19. The company had a trading volume of 95,156 shares, compared to its average volume of 115,568. The business has a 50-day moving average price of $15.37 and a two-hundred day moving average price of $13.93. Anika Therapeutics Inc. has a 12-month low of $7.92 and a 12-month high of $21.11. The stock has a market cap of $256.76 million, a PE ratio of -71.07 and a beta of 0.20.

Anika Therapeutics (NASDAQ:ANIK - Get Free Report) last announced its quarterly earnings data on Wednesday, July 29th. The biotechnology company reported $0.42 earnings per share for the quarter, topping the consensus estimate of $0.03 by $0.39. Anika Therapeutics had a positive return on equity of 0.20% and a negative net margin of 3.14%.The company had revenue of $32.61 million during the quarter, compared to analyst estimates of $29.21 million. On average, research analysts anticipate that Anika Therapeutics Inc. will post -0.74 earnings per share for the current year.

Institutional Investors Weigh In On Anika Therapeutics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ANIK. Opaleye Management Inc. boosted its holdings in shares of Anika Therapeutics by 49.1% during the second quarter. Opaleye Management Inc. now owns 588,797 shares of the biotechnology company's stock worth $6,229,000 after purchasing an additional 193,797 shares during the period. State Street Corp boosted its position in shares of Anika Therapeutics by 4.1% during the fourth quarter. State Street Corp now owns 336,543 shares of the biotechnology company's stock valued at $3,234,000 after purchasing an additional 13,165 shares in the last quarter. Jacobs Levy Equity Management Inc. grew its position in shares of Anika Therapeutics by 78.1% in the 4th quarter. Jacobs Levy Equity Management Inc. now owns 195,585 shares of the biotechnology company's stock worth $1,880,000 after buying an additional 85,771 shares during the period. Goldman Sachs Group Inc. grew its position in shares of Anika Therapeutics by 153.8% in the 4th quarter. Goldman Sachs Group Inc. now owns 164,926 shares of the biotechnology company's stock worth $1,585,000 after buying an additional 99,951 shares during the period. Finally, Jane Street Group LLC increased its stake in shares of Anika Therapeutics by 171.0% in the 4th 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 in the last quarter. 91.53% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. B. Riley Financial increased their target price on shares of Anika Therapeutics from $18.00 to $21.00 and gave the stock a "buy" rating in a research note on Thursday, July 30th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Anika Therapeutics in a report on Wednesday, June 24th. Barrington Research set a $21.00 price objective on Anika Therapeutics in a report on Thursday, July 30th. Finally, Wall Street Zen upgraded shares of Anika Therapeutics from a "buy" rating to a "strong-buy" rating in a research report on Saturday. Two research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $21.00.

Anika Therapeutics Company Profile

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.

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