Anika Therapeutics (NASDAQ:ANIK) Downgraded to "Hold" Rating by StockNews.com

Anika Therapeutics (NASDAQ:ANIK - Get Free Report) was downgraded by investment analysts at StockNews.com from a "buy" rating to a "hold" rating in a note issued to investors on Monday.

Several other brokerages also recently issued reports on ANIK. Barrington Research lowered their price target on shares of Anika Therapeutics from $20.00 to $19.00 and set an "outperform" rating for the company in a report on Monday, May 12th. B. Riley initiated coverage on shares of Anika Therapeutics in a report on Thursday, April 17th. They set a "buy" rating and a $21.00 price objective on the stock.

Anika Therapeutics Price Performance

ANIK traded down $0.05 during trading on Monday, hitting $12.19. 75,082 shares of the stock traded hands, compared to its average volume of 70,170. Anika Therapeutics has a twelve month low of $11.11 and a twelve month high of $29.12. The company has a market cap of $174.82 million, a price-to-earnings ratio of -1.83 and a beta of 0.76. The business has a 50 day moving average price of $14.32 and a 200 day moving average price of $16.11.

Anika Therapeutics (NASDAQ:ANIK - Get Free Report) last announced its quarterly earnings results on Wednesday, March 12th. The biotechnology company reported ($0.14) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.01) by ($0.13). The company had revenue of $30.60 million for the quarter, compared to analyst estimates of $29.00 million. Anika Therapeutics had a negative return on equity of 2.22% and a negative net margin of 59.40%. On average, equities research analysts predict that Anika Therapeutics will post -0.84 earnings per share for the current year.

Hedge Funds Weigh In On Anika Therapeutics

Hedge funds have recently modified their holdings of the company. Connors Investor Services Inc. increased its stake in shares of Anika Therapeutics by 8.0% during the 4th quarter. Connors Investor Services Inc. now owns 11,560 shares of the biotechnology company's stock worth $190,000 after purchasing an additional 861 shares during the last quarter. Los Angeles Capital Management LLC lifted its holdings in shares of Anika Therapeutics by 9.1% during the 4th quarter. Los Angeles Capital Management LLC now owns 11,700 shares of the biotechnology company's stock worth $193,000 after acquiring an additional 980 shares during the last quarter. Wellington Management Group LLP lifted its holdings in shares of Anika Therapeutics by 3.7% during the 4th quarter. Wellington Management Group LLP now owns 39,785 shares of the biotechnology company's stock worth $655,000 after acquiring an additional 1,407 shares during the last quarter. R Squared Ltd bought a new stake in shares of Anika Therapeutics during the 4th quarter worth $27,000. Finally, Wells Fargo & Company MN lifted its holdings in shares of Anika Therapeutics by 31.1% during the 4th quarter. Wells Fargo & Company MN now owns 7,421 shares of the biotechnology company's stock worth $122,000 after acquiring an additional 1,759 shares during the last quarter. Institutional investors own 91.53% of the company's stock.

Anika Therapeutics Company Profile

Anika Therapeutics, Inc, a joint preservation company, creates and delivers advancements in early intervention orthopedic care in the areas of osteoarthritis (OA) pain management, regenerative solutions, sports medicine, and arthrosurface joint solutions in the United States, Europe, and internationally.