Anika Therapeutics Inc. (ANIK) Lowered to Hold at Zacks Investment Research
Anika Therapeutics Inc. (NASDAQ:ANIK) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research report issued on Tuesday.
According to Zacks, “Anika Therapeutics, Inc. develops, manufactures and commercializes therapeutic products and devices that promote the repair, protection and healing of bone, cartilage and soft tissue. These products are based on hyaluronic acid, a naturally-occurring, biocompatible polymer found in the body. Due to its unique properties, hyaluronic acid plays an important role in numerous physiological functions such as the protection and lubrication of soft tissues and joints, the maintenance of the structural integrity of tissues and the transport of molecules to and within cells. “
Anika Therapeutics (NASDAQ:ANIK) traded down 2.24% during mid-day trading on Tuesday, hitting $46.75. The stock had a trading volume of 59,102 shares. Anika Therapeutics has a 52 week low of $32.60 and a 52 week high of $54.96. The company has a market capitalization of $690.82 million, a P/E ratio of 20.41 and a beta of 1.49. The stock’s 50-day moving average is $47.61 and its 200 day moving average is $48.13.
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Anika Therapeutics (NASDAQ:ANIK) last posted its quarterly earnings results on Wednesday, July 27th. The company reported $0.57 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.44 by $0.13. Anika Therapeutics had a return on equity of 17.24% and a net margin of 33.77%. The business had revenue of $26.60 million for the quarter, compared to analyst estimates of $24.75 million. During the same period last year, the company earned $0.51 EPS. The firm’s revenue was up 16.2% on a year-over-year basis. Equities analysts forecast that Anika Therapeutics will post $2.00 earnings per share for the current fiscal year.
A number of hedge funds have recently modified their holdings of the company. Renaissance Technologies LLC increased its stake in shares of Anika Therapeutics by 165.8% in the first quarter. Renaissance Technologies LLC now owns 300,400 shares of the company’s stock valued at $13,434,000 after buying an additional 187,400 shares during the last quarter. Emerald Acquisition Ltd. acquired a new stake in shares of Anika Therapeutics during the second quarter valued at approximately $6,541,000. Vanguard Group Inc. increased its stake in shares of Anika Therapeutics by 10.2% in the second quarter. Vanguard Group Inc. now owns 817,224 shares of the company’s stock valued at $43,844,000 after buying an additional 75,648 shares during the last quarter. Piermont Capital Management Inc. increased its stake in shares of Anika Therapeutics by 487.5% in the second quarter. Piermont Capital Management Inc. now owns 80,488 shares of the company’s stock valued at $4,318,000 after buying an additional 66,788 shares during the last quarter. Finally, Bogle Investment Management L P DE increased its stake in shares of Anika Therapeutics by 118.1% in the first quarter. Bogle Investment Management L P DE now owns 110,969 shares of the company’s stock valued at $4,962,000 after buying an additional 60,087 shares during the last quarter. 77.84% of the stock is currently owned by institutional investors and hedge funds.
About Anika Therapeutics
Anika Therapeutics, Inc is an orthopedic medicines company. The Company offers therapeutic pain management solutions. It is engaged in developing, manufacturing and commercializing approximately 20 products based on its hyaluronic acid (HA) technology. It orthopedic medicine portfolio consists of marketed (ORTHOVISC and MONOVISC) and pipeline (CINGAL and HYALOFAST in the United States) products to alleviate pain and restore joint function by replenishing depleted HA and aiding cartilage repair and regeneration.
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