Anika Therapeutics (NASDAQ:ANIK) Raised to Strong-Buy at Zacks Research

Key Points

• Zacks Research upgraded Anika Therapeutics to “strong buy” from “hold.” Analysts overall rate the stock “Moderate Buy,” with an average price target of $21.00.
• Anika reported quarterly EPS of $0.42, well above the $0.03 consensus estimate, while revenue of $32.61 million also exceeded expectations of $29.21 million.
• The stock opened at $20.16, near its 52-week high of $21.11, after rising above its 50-day and 200-day moving averages. Institutional investors own approximately 91.53% of the company’s shares.

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

Other equities research analysts have also issued research reports about the stock. Barrington Research set a $21.00 price target on shares of Anika Therapeutics in a research report on Thursday, July 30th. Weiss Ratings reissued a "sell (d-)" rating on shares of Anika Therapeutics in a report on Wednesday, June 24th. Wall Street Zen upgraded shares of Anika Therapeutics from a "buy" rating to a "strong-buy" rating in a research report on Saturday, August 1st. Finally, B. Riley Financial upped their target price on shares of Anika Therapeutics from $18.00 to $21.00 and gave the company a "buy" rating in a report on Thursday, July 30th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $21.00.

Anika Therapeutics Price Performance

NASDAQ ANIK opened at $20.16 on Wednesday. The stock has a market capitalization of $269.80 million, a price-to-earnings ratio of -74.66, a PEG ratio of 13.71 and a beta of 0.20. Anika Therapeutics has a 1-year low of $7.92 and a 1-year high of $21.11. The business's fifty day moving average price is $15.56 and its 200-day moving average price is $14.08.

Anika Therapeutics (NASDAQ:ANIK - Get Free Report) last issued its quarterly earnings data on Wednesday, July 29th. The biotechnology company reported $0.42 EPS 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. Equities research analysts anticipate that Anika Therapeutics will post 0.14 EPS for the current year.

Institutional Trading of Anika Therapeutics

A number of hedge funds and other institutional investors have recently bought and sold shares of ANIK. GSA Capital Partners LLP raised its position in shares of Anika Therapeutics by 192.4% during the 4th quarter. GSA Capital Partners LLP now owns 122,062 shares of the biotechnology company's stock valued at $1,173,000 after purchasing an additional 80,319 shares during the period. Assenagon Asset Management S.A. boosted its holdings in Anika Therapeutics by 268.7% in the 1st quarter. Assenagon Asset Management S.A. now owns 46,586 shares of the biotechnology company's stock worth $675,000 after buying an additional 33,951 shares during the period. Indivisible Partners purchased a new stake in Anika Therapeutics in the 4th quarter worth $484,000. Hsbc Holdings PLC purchased a new stake in Anika Therapeutics in the 4th quarter worth $464,000. Finally, R Squared Ltd increased its stake in Anika Therapeutics by 20.7% in the 1st quarter. R Squared Ltd now owns 50,184 shares of the biotechnology company's stock worth $728,000 after buying an additional 8,603 shares in the last quarter. Hedge funds and other institutional investors own 91.53% of the company's stock.

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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