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

Key Points

• Anika Therapeutics shares moved above their 200-day moving average, reaching $21.45 and last trading at $21.42 versus the $17.43 average.
• Analyst sentiment remains mixed, with two Buy ratings, one Hold, and one Sell; the consensus rating is Hold with an average price target of $22.00.
• The company beat quarterly expectations, reporting $0.42 in earnings per share versus the $0.03 consensus and revenue of $32.61 million versus $29.21 million expected. Institutional investors own approximately 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 Friday. The stock has a 200-day moving average of $17.43 and traded as high as $21.45. Anika Therapeutics shares last traded at $21.42, with a volume of 59,202 shares changing hands.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the stock. Zacks Research lowered shares of Anika Therapeutics from a "strong-buy" rating to a "hold" rating in a research report on Monday, September 28th. Weiss Ratings reissued a "sell (d-)" rating on shares of Anika Therapeutics in a research report on Monday, September 21st. B. Riley Financial began coverage on Anika Therapeutics in a research note on Friday, September 18th. They set a "buy" rating and a $23.00 price target on the stock. Barrington Research set a $21.00 price target on Anika Therapeutics in a report on Thursday, July 30th. Finally, Wall Street Zen upgraded Anika Therapeutics from a "buy" rating to a "strong-buy" rating in a research report on Saturday, August 1st. Two analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $22.00.

Anika Therapeutics Stock Up 1.6%

The stock has a market cap of $286.60 million, a price-to-earnings ratio of -79.33, a price-to-earnings-growth ratio of 15.06 and a beta of 0.21. The company's 50-day moving average is $20.65 and its 200-day moving average is $17.43.

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. BlackRock Inc. acquired a new stake in shares of Anika Therapeutics in the 2nd quarter valued at $21,209,000. Deutsche Bank AG acquired a new stake in shares of Anika Therapeutics during the 2nd quarter worth about $5,172,000. Man Group plc acquired a new stake in shares of Anika Therapeutics during the 2nd quarter worth about $2,059,000. Quantinno Capital Management LP increased its position in shares of Anika Therapeutics by 23.9% during the 1st 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 in the last quarter. Finally, Globeflex Capital L P acquired a new stake in shares of Anika Therapeutics during the 2nd quarter worth about $1,282,000. 91.53% of the stock is owned by institutional investors.

Anika Therapeutics Company Profile

Anika Therapeutics, Inc develops, manufactures and commercializes therapeutic products designed to support tissue protection, healing and repair. The company focuses primarily on orthopedics, with products based in part on hyaluronic acid, a naturally occurring substance found in connective tissue and joint fluid.

Anika's orthopedic portfolio includes Monovisc and Orthovisc, viscosupplementation products used to help relieve pain associated with osteoarthritis of the knee, as well as Cingal, which combines hyaluronic acid with a corticosteroid.

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