Anika Therapeutics (NASDAQ:ANIK) Raised to Strong-Buy at Wall Street Zen

Anika Therapeutics (NASDAQ:ANIK) was upgraded by research analysts at Wall Street Zen from a “buy” rating to a “strong-buy” rating in a report released on Saturday.

Several other equities research analysts have also recently issued reports on ANIK. Barrington Research lifted their target price on shares of Anika Therapeutics from $16.00 to $17.00 and gave the stock an “outperform” rating in a research note on Friday, February 27th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Anika Therapeutics in a research report on Monday, December 29th. One equities research 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. According to MarketBeat.com, Anika Therapeutics has a consensus rating of “Moderate Buy” and an average price target of $19.00.

Anika Therapeutics Stock Performance

Shares of ANIK stock opened at $14.12 on Friday. The stock’s 50-day simple moving average is $10.44 and its 200-day simple moving average is $9.75. The firm has a market capitalization of $189.21 million, a PE ratio of -18.58 and a beta of 0.33. Anika Therapeutics has a fifty-two week low of $7.87 and a fifty-two week high of $17.21.

Anika Therapeutics (NASDAQ:ANIK) last announced its quarterly earnings results on Thursday, February 26th. The biotechnology company reported $0.31 earnings per share for the quarter, topping the consensus estimate of $0.02 by $0.29. The company had revenue of $30.62 million for the quarter, compared to the consensus estimate of $28.88 million. Anika Therapeutics had a negative return on equity of 6.26% and a negative net margin of 9.64%. Sell-side analysts forecast that Anika Therapeutics will post -0.84 earnings per share for the current year.

Hedge Funds Weigh In On Anika Therapeutics

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Capital Management Corp VA increased its stake in Anika Therapeutics by 34.8% in the third quarter. Capital Management Corp VA now owns 551,248 shares of the biotechnology company’s stock valued at $5,182,000 after purchasing an additional 142,403 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its holdings in Anika Therapeutics by 24.9% during the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 42,994 shares of the biotechnology company’s stock worth $455,000 after purchasing an additional 8,573 shares in the last quarter. Envestnet Asset Management Inc. lifted its position in shares of Anika Therapeutics by 26.9% during the 2nd quarter. Envestnet Asset Management Inc. now owns 121,387 shares of the biotechnology company’s stock worth $1,284,000 after buying an additional 25,753 shares during the last quarter. Acadian Asset Management LLC lifted its holdings in shares of Anika Therapeutics by 6.7% in the 2nd quarter. Acadian Asset Management LLC now owns 575,644 shares of the biotechnology company’s stock valued at $6,084,000 after purchasing an additional 36,030 shares during the last quarter. Finally, R Squared Ltd boosted its stake in Anika Therapeutics by 27.0% during the 3rd quarter. R Squared Ltd now owns 17,206 shares of the biotechnology company’s stock worth $162,000 after purchasing an additional 3,661 shares during the period. 91.53% of the stock is 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.