Anika Therapeutics Inc. (NASDAQ:ANIK) Shares Sold by Alta Fundamental Advisers LLC

Key Points

• Alta Fundamental Advisers LLC reduced its stake in Anika Therapeutics by 32.8%, selling 229,458 shares and bringing its total holdings to 470,974 shares.
• JPMorgan Chase & Co. significantly increased its stake in Anika Therapeutics by 431.9%, acquiring an additional 66,982 shares during the fourth quarter.
• Anika Therapeutics' stock is currently valued at $8.11, down 1.3% from previous trading sessions, with a twelve-month range between $7.87 and $26.99.

Alta Fundamental Advisers LLC reduced its stake in Anika Therapeutics Inc. (NASDAQ:ANIK - Free Report) by 32.8% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 470,974 shares of the biotechnology company's stock after selling 229,458 shares during the period. Anika Therapeutics accounts for 4.5% of Alta Fundamental Advisers LLC's holdings, making the stock its 9th biggest holding. Alta Fundamental Advisers LLC owned about 3.28% of Anika Therapeutics worth $7,079,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also modified their holdings of the company. American Century Companies Inc. grew its stake in Anika Therapeutics by 9.3% in the fourth quarter. American Century Companies Inc. now owns 29,891 shares of the biotechnology company's stock worth $492,000 after purchasing an additional 2,553 shares in the last quarter. JPMorgan Chase & Co. grew its stake in Anika Therapeutics by 431.9% in the fourth quarter. JPMorgan Chase & Co. now owns 82,491 shares of the biotechnology company's stock worth $1,358,000 after purchasing an additional 66,982 shares in the last quarter. Wellington Management Group LLP grew its stake in Anika Therapeutics by 3.7% in the fourth quarter. Wellington Management Group LLP now owns 39,785 shares of the biotechnology company's stock worth $655,000 after purchasing an additional 1,407 shares in the last quarter. ExodusPoint Capital Management LP bought a new position in Anika Therapeutics in the fourth quarter worth approximately $264,000. Finally, Wells Fargo & Company MN grew its stake in Anika Therapeutics by 31.1% in the fourth quarter. Wells Fargo & Company MN now owns 7,421 shares of the biotechnology company's stock worth $122,000 after purchasing an additional 1,759 shares in the last quarter. 91.53% of the stock is owned by hedge funds and other institutional investors.

Anika Therapeutics Price Performance

Anika Therapeutics stock traded up $0.51 during mid-day trading on Tuesday, reaching $8.72. 148,313 shares of the company traded hands, compared to its average volume of 144,944. The firm's fifty day moving average is $10.58 and its two-hundred day moving average is $13.47. The company has a market capitalization of $125.74 million, a price-to-earnings ratio of -2.10 and a beta of 0.64. Anika Therapeutics Inc. has a fifty-two week low of $7.87 and a fifty-two week high of $26.99.

Analyst Upgrades and Downgrades

Several analysts have issued reports on ANIK shares. Wall Street Zen cut Anika Therapeutics from a "buy" rating to a "hold" rating in a research report on Monday, May 12th. Barrington Research dropped their target price on Anika Therapeutics from $19.00 to $15.00 and set an "outperform" rating on the stock in a research report on Thursday, July 31st. Finally, B. Riley started coverage on Anika Therapeutics in a research report on Thursday, April 17th. They set a "buy" rating and a $21.00 target price on the stock.

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.