Barrington Research Issues Pessimistic Forecast for Anika Therapeutics (NASDAQ:ANIK) Stock Price

Key Points

• Barrington Research has reduced its price target for Anika Therapeutics (NASDAQ:ANIK) from $19.00 to $15.00, maintaining an "outperform" rating.
• Other firms have varied ratings for Anika, with B. Riley setting a $21.00 buy rating and Wall Street Zen downgrading the stock from "buy" to "hold".
• Anika's stock is currently trading at $8.10, significantly below its 52-week high of $27.85, with notable institutional investment activity in recent quarters.

Anika Therapeutics (NASDAQ:ANIK - Free Report) had its price target cut by Barrington Research from $19.00 to $15.00 in a research note issued to investors on Thursday morning,Benzinga reports. They currently have an outperform rating on the biotechnology company's stock.

Other equities analysts also recently issued reports about the stock. B. Riley started coverage on shares of Anika Therapeutics in a research note on Thursday, April 17th. They issued a "buy" rating and a $21.00 price target on the stock. Wall Street Zen downgraded shares of Anika Therapeutics from a "buy" rating to a "hold" rating in a research note on Monday, May 12th.

Anika Therapeutics Trading Up 1.5%

NASDAQ:ANIK traded up $0.13 during trading hours on Thursday, hitting $8.77. 134,672 shares of the stock traded hands, compared to its average volume of 85,391. The firm has a 50 day moving average price of $10.99 and a 200 day moving average price of $13.83. Anika Therapeutics has a fifty-two week low of $7.87 and a fifty-two week high of $27.00. The firm has a market cap of $126.46 million, a price-to-earnings ratio of -2.11 and a beta of 0.64.

Institutional Investors Weigh In On Anika Therapeutics

A number of hedge funds have recently bought and sold shares of the company. Trigran Investments Inc. boosted its holdings in Anika Therapeutics by 1.0% during the first quarter. Trigran Investments Inc. now owns 2,041,853 shares of the biotechnology company's stock valued at $30,689,000 after acquiring an additional 20,075 shares during the period. Alta Fundamental Advisers LLC lifted its stake in shares of Anika Therapeutics by 136.6% in the fourth quarter. Alta Fundamental Advisers LLC now owns 700,432 shares of the biotechnology company's stock valued at $11,529,000 after buying an additional 404,350 shares during the period. Acadian Asset Management LLC lifted its stake in shares of Anika Therapeutics by 13.4% in the first quarter. Acadian Asset Management LLC now owns 539,614 shares of the biotechnology company's stock valued at $8,107,000 after buying an additional 63,901 shares during the period. Boothbay Fund Management LLC lifted its stake in shares of Anika Therapeutics by 5.1% in the fourth quarter. Boothbay Fund Management LLC now owns 529,503 shares of the biotechnology company's stock valued at $8,716,000 after buying an additional 25,665 shares during the period. Finally, Capital Management Corp VA lifted its stake in shares of Anika Therapeutics by 24.0% in the second quarter. Capital Management Corp VA now owns 408,845 shares of the biotechnology company's stock valued at $4,326,000 after buying an additional 79,185 shares during the period. 91.53% of the stock is currently owned by institutional investors.

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.