Anika Therapeutics (NASDAQ:ANIK) Stock Price Passes Above 200 Day Moving Average - Time to Sell?

Key Points

• Anika Therapeutics shares moved above their 200-day moving average during Friday’s trading, with the stock reaching as high as $16.12 before last trading at $15.60.
• Analyst sentiment remains mixed: one firm upgraded the stock to Buy while another reiterated a Sell rating, leaving the consensus rating at Hold with an average target price of $17.00.
• Recent financial and insider activity showed some support, as the company beat quarterly EPS and revenue estimates, and both the CEO and a director made notable share purchases.

Anika Therapeutics Inc. (NASDAQ:ANIK - Get Free Report) shares crossed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $13.10 and traded as high as $16.12. Anika Therapeutics shares last traded at $15.60, with a volume of 46,920 shares.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on ANIK. Wall Street Zen lowered shares of Anika Therapeutics from a "strong-buy" rating to a "buy" rating in a research note on Saturday, May 2nd. Weiss Ratings reissued a "sell (d-)" rating on shares of Anika Therapeutics in a research report on Wednesday, June 24th. One research analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $17.00.

Anika Therapeutics Trading Down 3.0%

The stock's 50-day moving average price is $14.85 and its two-hundred day moving average price is $13.10. The stock has a market capitalization of $207.64 million, a P/E ratio of -19.75 and a beta of 0.23.

Anika Therapeutics (NASDAQ:ANIK - Get Free Report) last announced its earnings results on Wednesday, April 29th. The biotechnology company reported $0.27 EPS for the quarter, topping analysts' consensus estimates of ($0.07) by $0.34. The company had revenue of $29.61 million for the quarter, compared to analysts' expectations of $28.14 million. Anika Therapeutics had a negative return on equity of 5.90% and a negative net margin of 9.52%. On average, equities research analysts predict that Anika Therapeutics Inc. will post -0.74 earnings per share for the current year.

Insider Transactions at Anika Therapeutics

In related news, CEO Stephen D. Griffin acquired 12,200 shares of the firm's stock in a transaction dated Thursday, April 30th. The shares were purchased 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 directly owned 36,163 shares of the company's stock, valued at $444,443.27. This represents a 50.91% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director John B. Henneman III acquired 5,000 shares of the stock in a transaction dated Friday, May 1st. The shares were bought at an average cost of $14.66 per share, for a total transaction of $73,300.00. Following the completion of the transaction, the director owned 54,871 shares in the company, valued at approximately $804,408.86. This represents a 10.03% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Corporate insiders own 12.08% of the company's stock.

Hedge Funds Weigh In On Anika Therapeutics

Several large investors have recently added to or reduced their stakes in the company. Assenagon Asset Management S.A. boosted its position in shares of Anika Therapeutics by 35.3% in the second quarter. Assenagon Asset Management S.A. now owns 63,016 shares of the biotechnology company's stock worth $922,000 after purchasing an additional 16,430 shares during the period. Quantinno Capital Management LP lifted its stake in shares of Anika Therapeutics by 23.9% during the 1st quarter. Quantinno Capital Management LP now owns 125,826 shares of the biotechnology company's stock valued at $1,824,000 after buying an additional 24,277 shares in the last quarter. Public Employees Retirement System of Ohio lifted its stake in shares of Anika Therapeutics by 51.4% during the 1st quarter. Public Employees Retirement System of Ohio now owns 23,614 shares of the biotechnology company's stock valued at $342,000 after buying an additional 8,022 shares in the last quarter. Hillsdale Investment Management Inc. bought a new position in Anika Therapeutics in the 1st quarter worth $368,000. Finally, Hsbc Holdings PLC boosted its holdings in Anika Therapeutics by 4.0% in the 1st quarter. Hsbc Holdings PLC now owns 50,292 shares of the biotechnology company's stock worth $729,000 after buying an additional 1,951 shares during the period. 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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