Anika Therapeutics (NASDAQ:ANIK) Stock Price Passes Above Two Hundred Day Moving Average - Here's Why

Key Points

• Anika Therapeutics shares moved above their 200-day moving average of $14.84, reaching $22.05 before closing at $21.26; the stock was down 1.4% in the session.
• Analyst sentiment improved, with B. Riley raising its target to $21 and Wall Street Zen and Zacks upgrading the stock to “strong buy.” MarketBeat reports an overall “Moderate Buy” rating and an average $21 price target.
• The company beat quarterly expectations, reporting $0.42 in EPS versus a $0.03 consensus estimate and $32.61 million in revenue versus $29.21 million expected. Institutional investors own 91.53% of the stock.

Anika Therapeutics Inc. (NASDAQ:ANIK - Get Free Report)'s share price passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $14.84 and traded as high as $22.05. Anika Therapeutics shares last traded at $21.26, with a volume of 80,206 shares trading hands.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented 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 report on Thursday, July 30th. Barrington Research set a $21.00 price target on shares of Anika Therapeutics 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. 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, Zacks Research raised shares of Anika Therapeutics from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, August 5th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $21.00.

Anika Therapeutics Trading Down 1.4%

The firm has a market cap of $284.46 million, a P/E ratio of -78.74, a price-to-earnings-growth ratio of 15.41 and a beta of 0.20. The business has a 50-day moving average of $16.78 and a two-hundred day moving average of $14.84.

Anika Therapeutics (NASDAQ:ANIK - Get Free Report) last issued its earnings results on Wednesday, July 29th. The biotechnology company reported $0.42 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 business had revenue of $32.61 million during the quarter, compared to analysts' expectations of $29.21 million. As a group, equities analysts expect that Anika Therapeutics Inc. will post 0.14 EPS for the current year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. GSA Capital Partners LLP grew its holdings in Anika Therapeutics by 192.4% during the 4th quarter. GSA Capital Partners LLP now owns 122,062 shares of the biotechnology company's stock worth $1,173,000 after acquiring an additional 80,319 shares during the last quarter. Assenagon Asset Management S.A. increased its position 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 valued at $675,000 after acquiring an additional 33,951 shares during the period. Indivisible Partners bought a new position in shares of Anika Therapeutics during the fourth quarter valued at $484,000. Hsbc Holdings PLC bought a new position in shares of Anika Therapeutics during the fourth quarter valued at $464,000. Finally, Quantinno Capital Management LP lifted its holdings in shares of Anika Therapeutics by 23.9% during the first quarter. Quantinno Capital Management LP now owns 125,826 shares of the biotechnology company's stock worth $1,824,000 after purchasing an additional 24,277 shares during the period. Institutional investors own 91.53% of the company's stock.

About Anika Therapeutics

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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