Anika Therapeutics (NASDAQ:ANIK) Shares Break Above 200 Day Moving Average – Here’s Why

Anika Therapeutics Inc. (NASDAQ:ANIK)’s stock price passed above its 200-day moving average during trading on Wednesday. The stock has a 200-day moving average of $16.95 and traded as high as $19.63. Anika Therapeutics shares last traded at $19.53, with a volume of 182,653 shares.

Wall Street Analyst Weigh In

ANIK has been the topic of a number of research reports. B. Riley Financial assumed coverage on shares of Anika Therapeutics in a research report on Friday, September 18th. They set a “buy” rating and a $23.00 target price for the company. Barrington Research set a $21.00 price target on shares of Anika Therapeutics in a research report on Thursday, July 30th. Zacks Research downgraded shares of Anika Therapeutics from a “strong-buy” rating to a “hold” rating in a research report on Monday, September 28th. Wall Street Zen upgraded Anika Therapeutics from a “buy” rating to a “strong-buy” rating in a research note on Saturday, August 1st. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Anika Therapeutics in a report on Monday, September 21st. Two investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $22.00.

Anika Therapeutics Stock Performance

The firm has a market capitalization of $261.98 million, a PE ratio of -72.52, a PEG ratio of 13.95 and a beta of 0.21. The company has a fifty day moving average price of $20.69 and a 200-day moving average price of $16.99.

Anika Therapeutics (NASDAQ:ANIK) last posted its earnings results on Wednesday, July 29th. The biotechnology company reported $0.42 earnings per share for the quarter, topping analysts’ consensus estimates of $0.03 by $0.39. The firm had revenue of $32.61 million for the quarter, compared to the consensus estimate of $29.21 million. Anika Therapeutics had a negative net margin of 3.14% and a positive return on equity of 0.20%. On average, equities analysts predict that Anika Therapeutics Inc. will post 0.14 earnings per share for the current year.

Hedge Funds Weigh In On Anika Therapeutics

Hedge funds have recently bought and sold shares of the business. Man Group plc bought a new position in shares of Anika Therapeutics in the second quarter worth about $2,059,000. Globeflex Capital L P purchased a new position in Anika Therapeutics during the 2nd quarter worth $1,282,000. Hsbc Holdings PLC bought a new stake in Anika Therapeutics during the 2nd quarter valued at $727,000. BlackRock Inc. purchased a new stake in shares of Anika Therapeutics in the 2nd quarter worth $21,209,000. Finally, Deutsche Bank AG purchased a new stake in shares of Anika Therapeutics in the 2nd quarter worth $5,172,000. Institutional investors own 91.53% of the company’s stock.

About Anika Therapeutics

Anika Therapeutics, Inc is a medical technology company focused on joint preservation and orthopedic care. The company develops and commercializes products designed to relieve pain, restore mobility and support the repair or protection of damaged joints and tissues, with an emphasis on therapies based on hyaluronic acid and other regenerative technologies.

Anika’s portfolio includes viscosupplementation products for osteoarthritis, including Orthovisc, Monovisc and Cingal. These injectable treatments are intended to supplement the natural synovial fluid in the knee and other joints.