Anika Therapeutics (NASDAQ:ANIK) Share Price Passes Above 200 Day Moving Average – What’s Next?

Anika Therapeutics Inc. (NASDAQ:ANIK) shares passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $10.44 and traded as high as $15.12. Anika Therapeutics shares last traded at $14.98, with a volume of 187,844 shares changing hands.

Wall Street Analyst Weigh In

Several analysts recently commented on ANIK shares. Wall Street Zen upgraded shares of Anika Therapeutics from a “buy” rating to a “strong-buy” rating in a report on Saturday, March 7th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Anika Therapeutics in a research note on Monday, December 29th. Finally, Barrington Research increased their target price on shares of Anika Therapeutics from $16.00 to $17.00 and gave the stock an “outperform” rating in a research report on Friday, February 27th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Anika Therapeutics currently has a consensus rating of “Moderate Buy” and an average price target of $19.00.

Anika Therapeutics Price Performance

The business has a 50 day simple moving average of $12.19 and a 200 day simple moving average of $10.44. The stock has a market cap of $200.73 million, a PE ratio of -19.71 and a beta of 0.28.

Anika Therapeutics (NASDAQ:ANIK) last posted its quarterly earnings results on Thursday, February 26th. The biotechnology company reported $0.31 earnings per share for the quarter, topping analysts’ consensus estimates of $0.02 by $0.29. The company had revenue of $30.62 million during 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%. As a group, sell-side analysts forecast that Anika Therapeutics Inc. will post -0.84 earnings per share for the current fiscal year.

Institutional Trading of Anika Therapeutics

A number of institutional investors have recently added to or reduced their stakes in ANIK. Hsbc Holdings PLC bought a new stake in Anika Therapeutics in the fourth quarter worth approximately $464,000. Corient Private Wealth LLC lifted its stake in shares of Anika Therapeutics by 4.3% in the 4th quarter. Corient Private Wealth LLC now owns 32,224 shares of the biotechnology company’s stock valued at $310,000 after purchasing an additional 1,324 shares during the last quarter. Invesco Ltd. lifted its stake in shares of Anika Therapeutics by 7.9% in the 4th quarter. Invesco Ltd. now owns 25,272 shares of the biotechnology company’s stock valued at $243,000 after purchasing an additional 1,843 shares during the last quarter. Mercer Global Advisors Inc. ADV bought a new stake in Anika Therapeutics in the fourth quarter worth $122,000. Finally, NewEdge Advisors LLC bought a new stake in Anika Therapeutics in the fourth quarter worth $139,000. 91.53% of the stock is currently owned by institutional investors and hedge funds.

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.