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

Anika Therapeutics Inc. (NASDAQ:ANIK) shares passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $12.00 and traded as high as $15.79. Anika Therapeutics shares last traded at $14.53, with a volume of 99,745 shares changing hands.

Wall Street Analyst Weigh In

Several research firms recently issued reports on ANIK. Wall Street Zen downgraded Anika Therapeutics from a “strong-buy” rating to a “buy” rating in a research note on Saturday, May 2nd. Barrington Research boosted their price target on Anika Therapeutics from $16.00 to $17.00 and gave the company an “outperform” rating in a research note on Friday, February 27th. One research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Anika Therapeutics has an average rating of “Hold” and a consensus target price of $17.00.

Anika Therapeutics Trading Down 2.5%

The company has a 50 day moving average of $14.83 and a 200-day moving average of $12.00. The firm has a market capitalization of $193.39 million, a P/E ratio of -18.39 and a beta of 0.16.

Anika Therapeutics (NASDAQ:ANIK) last released its quarterly earnings results on Wednesday, April 29th. The biotechnology company reported $0.27 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.07) by $0.34. The business had revenue of $29.61 million during the quarter, compared to the consensus estimate of $28.14 million. Anika Therapeutics had a negative return on equity of 5.90% and a negative net margin of 9.52%. As a group, sell-side analysts forecast that Anika Therapeutics Inc. will post -0.74 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Stephen D. Griffin bought 12,200 shares of the business’s stock in a transaction dated Thursday, April 30th. The stock was purchased at an average cost of $12.29 per share, for a total transaction of $149,938.00. Following the transaction, the chief executive officer owned 36,163 shares in the company, valued at $444,443.27. The trade was a 50.91% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director John B. Henneman III bought 5,000 shares of the business’s stock in a transaction dated Friday, May 1st. The shares were bought at an average price of $14.66 per share, with a total value of $73,300.00. Following the completion of the transaction, the director owned 54,871 shares in the company, valued at approximately $804,408.86. This trade represents a 10.03% increase in their position. The disclosure for this purchase is available in the SEC filing. Corporate insiders own 12.08% of the company’s stock.

Institutional Trading of Anika Therapeutics

Institutional investors have recently modified their holdings of the stock. Capital Management Corp VA lifted its position in shares of 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 acquiring an additional 142,403 shares during the period. GSA Capital Partners LLP lifted its position in shares of Anika Therapeutics by 192.4% during the 4th quarter. GSA Capital Partners LLP now owns 122,062 shares of the biotechnology company’s stock valued at $1,173,000 after acquiring an additional 80,319 shares during the period. Indivisible Partners bought a new stake in shares of Anika Therapeutics during the 4th quarter valued at $484,000. Objectivity Squared LLC bought a new stake in shares of Anika Therapeutics during the 4th quarter valued at $303,000. Finally, Inscription Capital LLC bought a new stake in shares of Anika Therapeutics during the 4th quarter valued at $122,000. 91.53% of the stock is currently owned by 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.