Anika Therapeutics Inc. (NASDAQ:ANIK) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a research note issued on Wednesday.

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. “

Shares of Anika Therapeutics (NASDAQ ANIK) traded up 0.57% during trading on Wednesday, hitting $51.49. The stock had a trading volume of 72,035 shares. The company has a market cap of $754.74 million, a PE ratio of 22.87 and a beta of 1.69. Anika Therapeutics has a 12 month low of $41.38 and a 12 month high of $53.50. The stock has a 50 day moving average of $48.17 and a 200 day moving average of $46.88.

Anika Therapeutics (NASDAQ:ANIK) last announced its quarterly earnings data on Wednesday, July 26th. The biotechnology company reported $0.76 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.44 by $0.32. Anika Therapeutics had a return on equity of 14.88% and a net margin of 30.44%. The business had revenue of $33.50 million for the quarter, compared to the consensus estimate of $27.20 million. During the same period in the previous year, the business earned $0.57 earnings per share. The business’s revenue was up 25.9% on a year-over-year basis. Equities analysts forecast that Anika Therapeutics will post $1.91 EPS for the current fiscal year.

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In other Anika Therapeutics news, CEO Charles H. Sherwood sold 63,799 shares of the company’s stock in a transaction that occurred on Thursday, July 27th. The stock was sold at an average price of $50.79, for a total transaction of $3,240,351.21. Following the sale, the chief executive officer now directly owns 174,705 shares in the company, valued at $8,873,266.95. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Charles H. Sherwood sold 14,201 shares of the company’s stock in a transaction that occurred on Wednesday, July 5th. The shares were sold at an average price of $50.03, for a total value of $710,476.03. Following the sale, the chief executive officer now owns 246,740 shares in the company, valued at $12,344,402.20. The disclosure for this sale can be found here. Insiders sold 88,725 shares of company stock worth $4,459,085 over the last quarter. 6.57% of the stock is owned by company insiders.

Large investors have recently modified their holdings of the stock. Kayne Anderson Rudnick Investment Management LLC boosted its position in Anika Therapeutics by 110.3% in the first quarter. Kayne Anderson Rudnick Investment Management LLC now owns 1,335,175 shares of the biotechnology company’s stock worth $58,000,000 after buying an additional 700,234 shares in the last quarter. HealthInvest Partners boosted its position in Anika Therapeutics by 828.3% in the fourth quarter. HealthInvest Partners now owns 378,745 shares of the biotechnology company’s stock worth $14,453,000 after buying an additional 337,945 shares in the last quarter. Thomson Horstmann & Bryant Inc. acquired a new position in Anika Therapeutics during the second quarter worth approximately $11,345,000. Renaissance Technologies LLC boosted its position in Anika Therapeutics by 165.8% in the first quarter. Renaissance Technologies LLC now owns 300,400 shares of the biotechnology company’s stock worth $13,434,000 after buying an additional 187,400 shares in the last quarter. Finally, Columbia Wanger Asset Management LLC acquired a new position in Anika Therapeutics during the first quarter worth approximately $7,395,000. Institutional investors and hedge funds own 81.75% of the company’s stock.

About Anika Therapeutics

Anika Therapeutics, Inc is an orthopedic medicines company. The Company is engaged in developing, manufacturing and commercializing products based on its hyaluronic acid (HA) technology. The Company’s orthopedic medicine portfolio includes ORTHOVISC, MONOVISC, and CINGAL, which alleviate pain and restore joint function by replenishing depleted HA, and HYALOFAST, a solid HA-based scaffold to aid cartilage repair and regeneration.

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