Anika Therapeutics (NASDAQ:ANIK) Share Price Crosses Above Two Hundred Day Moving Average - What's Next?

Key Points

• Anika Therapeutics shares broke above their 200-day moving average, reaching $20.82 and closing at $20.37 versus the $16.64 long-term average.
• Analyst sentiment is generally positive, with an overall “Moderate Buy” rating and an average price target of $22.00; B. Riley set the highest target at $23.00, though Weiss Ratings maintained a sell rating.
• 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.

Anika Therapeutics Inc. (NASDAQ:ANIK - Get Free Report)'s share price crossed above its two hundred day moving average during trading on Friday. The stock has a two hundred day moving average of $16.64 and traded as high as $20.82. Anika Therapeutics shares last traded at $20.37, with a volume of 57,654 shares.

Analyst Ratings Changes

Several equities research analysts have commented on the stock. Barrington Research set a $21.00 target price on shares of Anika Therapeutics in a research note on Thursday, July 30th. Wall Street Zen raised shares of Anika Therapeutics from a "buy" rating to a "strong-buy" rating in a research report on Saturday, August 1st. Zacks Research raised shares of Anika Therapeutics from a "hold" rating to a "strong-buy" rating in a report on Wednesday, August 5th. Weiss Ratings restated a "sell (d-)" rating on shares of Anika Therapeutics in a research report on Monday. Finally, B. Riley Financial assumed coverage on Anika Therapeutics in a research note on Friday, September 18th. They set a "buy" rating and a $23.00 price objective on the stock. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat, Anika Therapeutics currently has an average rating of "Moderate Buy" and an average price target of $22.00.

Anika Therapeutics Stock Performance

The company has a 50-day moving average of $19.95 and a 200-day moving average of $16.64. The firm has a market capitalization of $272.55 million, a price-to-earnings ratio of -75.44, a price-to-earnings-growth ratio of 14.45 and a beta of 0.20.

Anika Therapeutics (NASDAQ:ANIK - Get Free Report) last announced its earnings results on Wednesday, July 29th. The biotechnology company reported $0.42 EPS for the quarter, topping the consensus estimate of $0.03 by $0.39. The firm had revenue of $32.61 million for the quarter, compared to the consensus estimate of $29.21 million. Anika Therapeutics had a negative net margin of 3.14% and a positive return on equity of 0.20%. As a group, analysts anticipate that Anika Therapeutics Inc. will post 0.14 EPS for the current fiscal year.

Institutional Investors Weigh In On Anika Therapeutics

Institutional investors have recently added to or reduced their stakes in the stock. Squarepoint Ops LLC acquired a new stake in Anika Therapeutics in the 2nd quarter valued at approximately $274,000. Corient Private Wealth LP boosted its position in Anika Therapeutics by 6.6% during the 2nd quarter. Corient Private Wealth LP now owns 35,415 shares of the biotechnology company's stock worth $518,000 after acquiring an additional 2,192 shares during the last quarter. Public Employees Retirement System of Ohio acquired a new position in Anika Therapeutics during the 2nd quarter worth approximately $278,000. Bank of America Corp DE bought a new position in shares of Anika Therapeutics during the 2nd quarter worth approximately $359,000. Finally, Man Group plc bought a new position in shares of Anika Therapeutics during the 2nd quarter worth approximately $2,059,000. 91.53% of the stock is owned by institutional investors.

About Anika Therapeutics

Anika Therapeutics, Inc is a medical technology company focused on developing, manufacturing and commercializing products for joint health, regenerative medicine and surgical care. The company uses hyaluronic acid and other biomaterials to create therapies designed to support tissue repair, reduce pain and improve patient outcomes.

Anika's portfolio includes viscosupplementation products for osteoarthritis, such as ORTHOVISC, MONOVISC and CINGAL, which are administered by injection into the knee and other joints.

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