Anika Therapeutics (NASDAQ:ANIK) Stock Price Passes Above Two Hundred Day Moving Average – Here’s Why

Anika Therapeutics Inc. (NASDAQ:ANIK) shares crossed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $9.37 and traded as high as $10.62. Anika Therapeutics shares last traded at $10.33, with a volume of 133,279 shares.

Analyst Ratings Changes

Several analysts recently commented on ANIK shares. Wall Street Zen upgraded 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 note on Monday, December 29th. Finally, Barrington Research reiterated an “outperform” rating and set a $16.00 target price on shares of Anika Therapeutics in a research note on Friday, January 9th. One investment 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 stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $18.50.

Anika Therapeutics Stock Performance

The stock has a market capitalization of $148.97 million, a PE ratio of -4.53 and a beta of 0.43. The business’s 50-day moving average is $9.58 and its two-hundred day moving average is $9.37.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the company. CWM LLC lifted its position in Anika Therapeutics by 526.6% in the third quarter. CWM LLC now owns 7,457 shares of the biotechnology company’s stock valued at $70,000 after purchasing an additional 6,267 shares during the period. Quarry LP purchased a new position in shares of Anika Therapeutics during the 3rd quarter worth approximately $71,000. Occudo Quantitative Strategies LP purchased a new position in shares of Anika Therapeutics during the 3rd quarter worth approximately $95,000. Williams & Novak LLC acquired a new stake in shares of Anika Therapeutics in the 3rd quarter valued at approximately $102,000. Finally, Tudor Investment Corp ET AL purchased a new stake in shares of Anika Therapeutics in the third quarter valued at approximately $107,000. 91.53% of the stock is owned by hedge funds and other institutional investors.

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.