Anika Therapeutics (NASDAQ:ANIK) Share Price Breaks Above 200 Day Moving Average - Here's Why

Key Points

• Anika Therapeutics shares broke above their 200-day moving average, reaching $19.63 and last trading at $19.53, up 2.1%.
• Analyst sentiment is mixed: the average rating is “Hold” with a $22.00 price target, while individual ratings range from “strong-buy” to “sell.”
• The company exceeded quarterly expectations, reporting $0.42 in EPS versus a $0.03 estimate and revenue of $32.61 million versus $29.21 million expected; institutional investors own 91.53% of the stock.

Shares of Anika Therapeutics Inc. (NASDAQ:ANIK - Get Free Report) passed above its two hundred day moving average during trading on Wednesday. The stock has a two hundred day moving average of $16.95 and traded as high as $19.63. Anika Therapeutics shares last traded at $19.53, with a volume of 182,653 shares changing hands.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the stock. 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. B. Riley Financial initiated coverage on shares of Anika Therapeutics in a research report on Friday, September 18th. They set a "buy" rating and a $23.00 price objective for the company. Weiss Ratings reissued a "sell (d-)" rating on shares of Anika Therapeutics in a research note on Monday, September 21st. Barrington Research set a $21.00 target price on shares of Anika Therapeutics in a report on Thursday, July 30th. Finally, Zacks Research cut shares of Anika Therapeutics from a "strong-buy" rating to a "hold" rating in a research report on Monday, September 28th. Two research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Anika Therapeutics currently has an average rating of "Hold" and an average price target of $22.00.

Anika Therapeutics Trading Up 2.1%

The stock has a market cap of $261.31 million, a P/E ratio of -72.33, a P/E/G ratio of 13.66 and a beta of 0.21. The company has a 50-day moving average price of $20.66 and a two-hundred day moving average price of $16.95.

Anika Therapeutics (NASDAQ:ANIK - Get Free Report) last issued its quarterly 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. The company had revenue of $32.61 million during the quarter, compared to the consensus estimate of $29.21 million. Anika Therapeutics had a positive return on equity of 0.20% and a negative net margin of 3.14%. As a group, equities analysts forecast that Anika Therapeutics Inc. will post 0.14 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Anika Therapeutics

Several institutional investors have recently made changes to their positions in ANIK. Meeder Asset Management Inc. bought a new position in Anika Therapeutics during the 2nd quarter valued at about $37,000. Squarepoint Ops LLC bought a new stake in Anika Therapeutics in the second quarter worth about $274,000. Public Employees Retirement System of Ohio purchased a new position in shares of Anika Therapeutics during the second quarter valued at approximately $278,000. Canada Pension Plan Investment Board bought a new position in shares of Anika Therapeutics during the second quarter valued at approximately $322,000. Finally, Bank of America Corp DE bought a new position in shares of Anika Therapeutics during the second quarter valued at approximately $359,000. Institutional investors own 91.53% of the company's stock.

Anika Therapeutics Company Profile

Anika Therapeutics, Inc is a medical technology company focused on joint preservation and orthopedic care. The company develops and commercializes products designed to relieve pain, restore mobility and support the repair or protection of damaged joints and tissues, with an emphasis on therapies based on hyaluronic acid and other regenerative technologies.

Anika's portfolio includes viscosupplementation products for osteoarthritis, including Orthovisc, Monovisc and Cingal. These injectable treatments are intended to supplement the natural synovial fluid in the knee and other joints.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.