Anika Therapeutics (NASDAQ:ANIK) Stock Passes Above 200 Day Moving Average – Time to Sell?

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 $9.57 and traded as high as $9.57. Anika Therapeutics shares last traded at $9.31, with a volume of 125,100 shares.

Analyst Ratings Changes

ANIK has been the topic of a number of recent research reports. Wall Street Zen raised shares of Anika Therapeutics from a “hold” rating to a “buy” rating in a research report on Saturday, November 8th. Weiss Ratings reissued a “sell (e+)” rating on shares of Anika Therapeutics in a research note on Monday, December 29th. Finally, Barrington Research restated an “outperform” rating and issued a $16.00 price objective on shares of Anika Therapeutics in a report on Friday, January 9th. One 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. Based on data from MarketBeat, Anika Therapeutics currently has a consensus rating of “Moderate Buy” and a consensus target price of $18.50.

Anika Therapeutics Price Performance

The firm’s 50 day moving average price is $9.63 and its 200-day moving average price is $9.57. The stock has a market cap of $134.25 million, a P/E ratio of -4.08 and a beta of 0.46.

Anika Therapeutics (NASDAQ:ANIK) last announced its quarterly earnings data on Wednesday, November 5th. The biotechnology company reported $0.04 earnings per share for the quarter, topping analysts’ consensus estimates of $0.02 by $0.02. Anika Therapeutics had a negative net margin of 29.29% and a negative return on equity of 8.80%. The company had revenue of $27.82 million during the quarter, compared to analyst estimates of $27.80 million. On average, analysts expect that Anika Therapeutics Inc. will post -0.84 earnings per share for the current year.

Institutional Investors Weigh In On Anika Therapeutics

Several large investors have recently bought and sold shares of the business. Connor Clark & Lunn Investment Management Ltd. grew its stake in shares of Anika Therapeutics by 24.9% during the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 42,994 shares of the biotechnology company’s stock valued at $455,000 after purchasing an additional 8,573 shares during the period. Envestnet Asset Management Inc. boosted its holdings in shares of Anika Therapeutics by 26.9% in the second 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 grew its position in Anika Therapeutics by 6.7% during the second quarter. Acadian Asset Management LLC now owns 575,644 shares of the biotechnology company’s stock valued at $6,084,000 after buying an additional 36,030 shares during the period. Capital Management Corp VA increased its holdings in Anika Therapeutics by 24.0% during the second quarter. Capital Management Corp VA now owns 408,845 shares of the biotechnology company’s stock valued at $4,326,000 after buying an additional 79,185 shares during the last quarter. Finally, R Squared Ltd bought a new position in Anika Therapeutics in the second quarter worth approximately $143,000. 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.