Anika Therapeutics (NASDAQ:ANIK) Shares Cross Above 200 Day Moving Average – What’s Next?

Anika Therapeutics Inc. (NASDAQ:ANIK)’s stock price passed above its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of $9.57 and traded as high as $9.57. Anika Therapeutics shares last traded at $9.31, with a volume of 125,100 shares traded.

Wall Street Analysts Forecast Growth

ANIK has been the topic of several recent research reports. Weiss Ratings reissued a “sell (e+)” rating on shares of Anika Therapeutics in a research report on Monday, December 29th. Barrington Research reissued an “outperform” rating and set a $16.00 target price on shares of Anika Therapeutics in a research note on Friday, January 9th. Finally, Wall Street Zen raised Anika Therapeutics from a “hold” rating to a “buy” rating in a research note on Saturday, November 8th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $18.50.

Anika Therapeutics Trading Down 2.3%

The firm has a market cap of $134.26 million, a PE ratio of -4.08 and a beta of 0.46. The business has a fifty day moving average price of $9.63 and a 200 day moving average price of $9.57.

Anika Therapeutics (NASDAQ:ANIK) last announced its quarterly earnings results 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. The firm had revenue of $27.82 million during the quarter, compared to the consensus estimate of $27.80 million. Anika Therapeutics had a negative return on equity of 8.80% and a negative net margin of 29.29%. On average, research analysts expect that Anika Therapeutics Inc. will post -0.84 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Opaleye Management Inc. grew its position in Anika Therapeutics by 49.1% in the 2nd quarter. Opaleye Management Inc. now owns 588,797 shares of the biotechnology company’s stock valued at $6,229,000 after buying an additional 193,797 shares during the last quarter. Acadian Asset Management LLC increased its holdings in Anika Therapeutics by 6.7% during the 2nd quarter. Acadian Asset Management LLC now owns 575,644 shares of the biotechnology company’s stock valued at $6,084,000 after acquiring an additional 36,030 shares in the last quarter. Capital Management Corp VA grew its holdings in Anika Therapeutics by 34.8% during the 3rd quarter. Capital Management Corp VA now owns 551,248 shares of the biotechnology company’s stock valued at $5,182,000 after buying an additional 142,403 shares during the last quarter. Boothbay Fund Management LLC boosted its stake in shares of Anika Therapeutics by 1.9% during the 3rd quarter. Boothbay Fund Management LLC now owns 539,642 shares of the biotechnology company’s stock worth $5,073,000 after purchasing an additional 10,139 shares during the last quarter. Finally, Envestnet Asset Management Inc. grew its stake in Anika Therapeutics by 7.8% in the 3rd quarter. Envestnet Asset Management Inc. now owns 130,809 shares of the biotechnology company’s stock worth $1,230,000 after acquiring an additional 9,422 shares during the period. 91.53% of the stock is currently owned by institutional investors and hedge funds.

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.