Anika Therapeutics (NASDAQ:ANIK) Cut to “Sell” at BidaskClub

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BidaskClub lowered shares of Anika Therapeutics (NASDAQ:ANIK) from a hold rating to a sell rating in a research report report published on Saturday morning, BidAskClub reports.

ANIK has been the subject of several other research reports. BWS Financial assumed coverage on Anika Therapeutics in a research note on Tuesday, November 5th. They set a sell rating and a $29.00 price target for the company. TheStreet raised Anika Therapeutics from a c rating to a b- rating in a research note on Friday, July 26th. Barrington Research reaffirmed an outperform rating and set a $58.00 price target (up previously from $49.00) on shares of Anika Therapeutics in a research note on Tuesday, September 24th. ValuEngine downgraded Anika Therapeutics from a buy rating to a hold rating in a research note on Wednesday, October 2nd. Finally, Zacks Investment Research raised Anika Therapeutics from a hold rating to a strong-buy rating and set a $61.00 price target for the company in a research note on Thursday, September 26th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating, three have given a buy rating and one has issued a strong buy rating to the company’s stock. Anika Therapeutics has a consensus rating of Hold and an average target price of $50.40.

Shares of ANIK traded down $0.19 during mid-day trading on Friday, reaching $60.22. 158,900 shares of the company’s stock were exchanged, compared to its average volume of 184,290. The stock has a market capitalization of $893.41 million, a PE ratio of 32.73, a price-to-earnings-growth ratio of 3.09 and a beta of 1.07. Anika Therapeutics has a 52-week low of $29.01 and a 52-week high of $75.71. The business’s fifty day simple moving average is $59.53 and its 200-day simple moving average is $48.65. The company has a debt-to-equity ratio of 0.08, a current ratio of 19.99 and a quick ratio of 17.74.

Anika Therapeutics (NASDAQ:ANIK) last released its quarterly earnings results on Thursday, October 24th. The biotechnology company reported $0.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.39 by $0.25. The business had revenue of $29.70 million during the quarter, compared to the consensus estimate of $27.01 million. Anika Therapeutics had a return on equity of 11.59% and a net margin of 27.60%. The business’s revenue was up 10.9% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.53 EPS. Equities research analysts predict that Anika Therapeutics will post 2.03 earnings per share for the current year.

In related news, CFO Sylvia Cheung sold 20,000 shares of the business’s stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $59.71, for a total value of $1,194,200.00. Following the completion of the transaction, the chief financial officer now owns 71,422 shares of the company’s stock, valued at approximately $4,264,607.62. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Glenn R. Larsen sold 4,355 shares of the business’s stock in a transaction dated Wednesday, August 28th. The shares were sold at an average price of $57.21, for a total transaction of $249,149.55. Following the completion of the transaction, the director now directly owns 7,590 shares of the company’s stock, valued at approximately $434,223.90. The disclosure for this sale can be found here. Insiders have sold a total of 26,349 shares of company stock valued at $1,554,156 in the last ninety days. Corporate insiders own 3.67% of the company’s stock.

A number of hedge funds have recently made changes to their positions in the stock. California Public Employees Retirement System raised its stake in Anika Therapeutics by 1.2% in the 3rd quarter. California Public Employees Retirement System now owns 21,247 shares of the biotechnology company’s stock valued at $1,166,000 after purchasing an additional 244 shares during the last quarter. State Board of Administration of Florida Retirement System raised its stake in Anika Therapeutics by 5.3% in the 2nd quarter. State Board of Administration of Florida Retirement System now owns 11,873 shares of the biotechnology company’s stock valued at $482,000 after purchasing an additional 600 shares during the last quarter. BB&T Securities LLC raised its stake in Anika Therapeutics by 5.0% in the 3rd quarter. BB&T Securities LLC now owns 16,366 shares of the biotechnology company’s stock valued at $898,000 after purchasing an additional 772 shares during the last quarter. Swiss National Bank raised its stake in Anika Therapeutics by 3.5% in the 2nd quarter. Swiss National Bank now owns 26,400 shares of the biotechnology company’s stock valued at $1,072,000 after purchasing an additional 900 shares during the last quarter. Finally, C M Bidwell & Associates Ltd. acquired a new position in Anika Therapeutics in the 2nd quarter valued at about $44,000. 98.97% of the stock is owned by hedge funds and other institutional investors.

About Anika Therapeutics

Anika Therapeutics, Inc, together with its subsidiaries, provides orthopedic medicines for patients with degenerative orthopedic diseases and traumatic conditions in the United States and internationally. The company develops, manufactures, and commercializes therapeutic products based on its proprietary hyaluronic acid (HA) technology.

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