Anika Therapeutics (NASDAQ:ANIK) Share Price Passes Above Two Hundred Day Moving Average – Time to Sell?

Shares of Anika Therapeutics Inc. (NASDAQ:ANIK) crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $9.41 and traded as high as $10.59. Anika Therapeutics shares last traded at $10.52, with a volume of 80,299 shares.

Analyst Upgrades and Downgrades

ANIK has been the subject of a number of research reports. 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 reaffirmed a “sell (e+)” rating on shares of Anika Therapeutics in a report on Monday, December 29th. Finally, Barrington Research reissued an “outperform” rating and set a $16.00 target price on shares of Anika Therapeutics in a report on Friday, January 9th. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Anika Therapeutics presently has an average rating of “Moderate Buy” and an average price target of $18.50.

Anika Therapeutics Trading Up 1.0%

The firm has a market cap of $151.70 million, a P/E ratio of -4.61 and a beta of 0.43. The stock’s fifty day moving average is $9.66 and its two-hundred day moving average is $9.41.

Hedge Funds Weigh In On Anika Therapeutics

Institutional investors have recently added to or reduced their stakes in the business. CWM LLC raised its holdings in shares of Anika Therapeutics by 526.6% in the 3rd quarter. CWM LLC now owns 7,457 shares of the biotechnology company’s stock valued at $70,000 after acquiring an additional 6,267 shares in the last quarter. Quarry LP bought a new position in shares of Anika Therapeutics in the third quarter worth approximately $71,000. Ieq Capital LLC bought a new position in shares of Anika Therapeutics in the fourth quarter worth approximately $97,000. Occudo Quantitative Strategies LP purchased a new stake in Anika Therapeutics in the third quarter valued at approximately $95,000. Finally, Williams & Novak LLC bought a new stake in Anika Therapeutics during the third quarter valued at approximately $102,000. 91.53% of the stock is currently owned by institutional investors.

Anika Therapeutics Company Profile

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.