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

Shares of Anika Therapeutics Inc. (NASDAQ:ANIK) passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $12.77 and traded as high as $14.87. Anika Therapeutics shares last traded at $14.63, with a volume of 74,759 shares traded.

Analyst Upgrades and Downgrades

Several brokerages recently commented on ANIK. Wall Street Zen cut shares of Anika Therapeutics from a “strong-buy” rating to a “buy” rating in a research note on Saturday, May 2nd. Weiss Ratings reiterated a “sell (d-)” rating on shares of Anika Therapeutics in a research report on Wednesday, June 24th. One research analyst has rated the stock with a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $17.00.

Anika Therapeutics Stock Up 1.2%

The stock has a market cap of $204.44 million, a PE ratio of -19.44 and a beta of 0.23. The company’s fifty day moving average is $14.74 and its 200 day moving average is $12.85.

Anika Therapeutics (NASDAQ:ANIK) last announced its quarterly earnings results on Wednesday, April 29th. The biotechnology company reported $0.27 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.34. Anika Therapeutics had a negative net margin of 9.52% and a negative return on equity of 5.90%. The firm had revenue of $29.61 million during the quarter, compared to analysts’ expectations of $28.14 million. Equities analysts expect that Anika Therapeutics Inc. will post -0.74 EPS for the current year.

Insiders Place Their Bets

In other Anika Therapeutics news, Director John B. Henneman III acquired 5,000 shares of the stock in a transaction on Friday, May 1st. The stock was purchased at an average price of $14.66 per share, for a total transaction of $73,300.00. Following the purchase, the director directly owned 54,871 shares in the company, valued at $804,408.86. This trade represents a 10.03% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Stephen D. Griffin purchased 12,200 shares of the business’s stock in a transaction that occurred on Thursday, April 30th. The stock was bought at an average cost of $12.29 per share, for a total transaction of $149,938.00. Following the completion of the acquisition, the chief executive officer directly owned 36,163 shares of the company’s stock, valued at $444,443.27. This represents a 50.91% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders own 12.08% of the company’s stock.

Institutional Trading of Anika Therapeutics

Several institutional investors and hedge funds have recently bought and sold shares of ANIK. Quarry LP bought a new position in Anika Therapeutics during the third quarter worth $71,000. CWM LLC grew its position in Anika Therapeutics by 14.5% in the 4th quarter. CWM LLC now owns 8,537 shares of the biotechnology company’s stock worth $82,000 after purchasing an additional 1,080 shares during the last quarter. Occudo Quantitative Strategies LP acquired a new stake in Anika Therapeutics in the 3rd quarter valued at approximately $95,000. Ieq Capital LLC acquired a new position in shares of Anika Therapeutics during the fourth quarter valued at $97,000. Finally, Tudor Investment Corp ET AL bought a new stake in shares of Anika Therapeutics during the 3rd quarter worth about $107,000. Institutional investors and hedge funds own 91.53% of the company’s stock.

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.