Barrington Research Reaffirms Outperform Rating for Anika Therapeutics (NASDAQ:ANIK)

Anika Therapeutics (NASDAQ:ANIK)‘s stock had its “outperform” rating reiterated by Barrington Research in a research report issued to clients and investors on Friday,Benzinga reports. They currently have a $16.00 target price on the biotechnology company’s stock. Barrington Research’s target price suggests a potential upside of 68.07% from the company’s current price.

Several other research firms have also commented on ANIK. Wall Street Zen raised shares of Anika Therapeutics from a “hold” rating to a “buy” rating in a research report on Saturday, November 8th. Weiss Ratings restated a “sell (e+)” rating on shares of Anika Therapeutics in a research report on Monday, December 29th. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat, Anika Therapeutics presently has a consensus rating of “Moderate Buy” and a consensus target price of $18.50.

Anika Therapeutics Price Performance

Shares of NASDAQ ANIK opened at $9.52 on Friday. Anika Therapeutics has a 1 year low of $7.87 and a 1 year high of $18.37. The firm has a 50-day moving average of $9.66 and a 200 day moving average of $9.61. The stock has a market cap of $137.29 million, a P/E ratio of -4.18 and a beta of 0.46.

Anika Therapeutics (NASDAQ:ANIK) last announced its quarterly earnings data on Wednesday, November 5th. The biotechnology company reported $0.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.02 by $0.02. Anika Therapeutics had a negative return on equity of 8.80% and a negative net margin of 29.29%.The business had revenue of $27.82 million during the quarter, compared to analysts’ expectations of $27.80 million. Research analysts expect that Anika Therapeutics will post -0.84 earnings per share for the current fiscal year.

Institutional Trading of Anika Therapeutics

Several institutional investors have recently made changes to their positions in ANIK. Opaleye Management Inc. increased its position in Anika Therapeutics by 49.1% in the second quarter. Opaleye Management Inc. now owns 588,797 shares of the biotechnology company’s stock worth $6,229,000 after purchasing an additional 193,797 shares during the last quarter. Capital Management Corp VA increased its holdings in shares of Anika Therapeutics by 34.8% in the 3rd quarter. Capital Management Corp VA now owns 551,248 shares of the biotechnology company’s stock worth $5,182,000 after buying an additional 142,403 shares during the last quarter. Two Sigma Investments LP purchased a new stake in shares of Anika Therapeutics during the 3rd quarter valued at about $751,000. Acadian Asset Management LLC lifted its holdings in shares of Anika Therapeutics by 13.4% in the 1st quarter. Acadian Asset Management LLC now owns 539,614 shares of the biotechnology company’s stock valued at $8,107,000 after acquiring an additional 63,901 shares during the last quarter. Finally, Assenagon Asset Management S.A. bought a new position in shares of Anika Therapeutics in the 3rd quarter valued at about $431,000. Hedge funds and other institutional investors own 91.53% of the company’s stock.

About Anika Therapeutics

Anika Therapeutics, Inc is a life sciences company specializing in the development and commercialization of hyaluronic acid–based therapeutic products. The company focuses on orthobiologics and medical devices designed to support joint health, tissue repair and surgical applications. Anika’s proprietary hyaluronan technology serves as the foundation for products aimed at alleviating pain associated with osteoarthritis and enhancing healing in musculoskeletal and ophthalmic surgeries.

The company’s core product portfolio includes injectable viscosupplements such as Monovisc® and Orthovisc®, which are indicated for the relief of knee osteoarthritis pain, as well as Euflexxa®, approved for osteoarthritis of the knee in various international markets.