Anika Therapeutics (NASDAQ:ANIK) Rating Lowered to "Buy" at Wall Street Zen

Key Points

• Rating change: Wall Street Zen downgraded Anika from "strong-buy" to "buy" while Barrington raised its price target to $17; the consensus rating remains a Hold with a $17 target.
• Earnings beat but outlook weak: Anika posted $0.27 EPS (vs. ($0.07) est.) and $29.61M revenue, yet it still has a negative net margin and analysts forecast -0.61 EPS for the fiscal year.
• Insider buying: CEO Stephen Griffin bought 12,200 shares at ~$12.29, a ~50.9% increase in his holdings, and insiders own 9.64% of the stock.

Anika Therapeutics (NASDAQ:ANIK - Get Free Report) was downgraded by research analysts at Wall Street Zen from a "strong-buy" rating to a "buy" rating in a research report issued to clients and investors on Saturday.

Separately, Barrington Research raised their price objective on shares of Anika Therapeutics from $16.00 to $17.00 and gave the stock an "outperform" rating in a report on Friday, February 27th. One investment analyst has rated the stock with a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $17.00.

Anika Therapeutics Price Performance

Shares of ANIK opened at $14.85 on Friday. Anika Therapeutics has a one year low of $7.87 and a one year high of $16.24. The company has a 50-day simple moving average of $14.31 and a two-hundred day simple moving average of $11.29. The firm has a market capitalization of $197.65 million, a PE ratio of -18.80 and a beta of 0.16.

Anika Therapeutics (NASDAQ:ANIK - Get Free Report) last issued its quarterly earnings data on Wednesday, April 29th. The biotechnology company reported $0.27 EPS for the quarter, topping the consensus estimate of ($0.07) by $0.34. Anika Therapeutics had a negative net margin of 9.52% and a negative return on equity of 5.90%. The business had revenue of $29.61 million during the quarter, compared to analyst estimates of $28.14 million. Analysts expect that Anika Therapeutics will post -0.61 EPS for the current fiscal year.

Insider Buying and Selling at Anika Therapeutics

In other Anika Therapeutics news, CEO Stephen D. Griffin bought 12,200 shares of the firm's stock in a transaction on Thursday, April 30th. The stock was acquired at an average price of $12.29 per share, with a total value of $149,938.00. Following the completion of the purchase, the chief executive officer owned 36,163 shares of the company's stock, valued at approximately $444,443.27. This trade represents a 50.91% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 9.64% of the company's stock.

Hedge Funds Weigh In On Anika Therapeutics

A number of institutional investors and hedge funds have recently made changes to their positions in ANIK. CWM LLC increased its stake in shares of Anika Therapeutics by 526.6% during the third quarter. CWM LLC now owns 7,457 shares of the biotechnology company's stock valued at $70,000 after purchasing an additional 6,267 shares in the last quarter. Quarry LP bought a new position in shares of Anika Therapeutics during the third quarter valued at approximately $71,000. Occudo Quantitative Strategies LP bought a new position in shares of Anika Therapeutics during the third quarter valued at approximately $95,000. Ieq Capital LLC bought a new position in shares of Anika Therapeutics during the fourth quarter valued at approximately $97,000. Finally, Williams & Novak LLC bought a new position in shares of Anika Therapeutics during the third quarter valued at approximately $102,000. 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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