Anika Therapeutics (NASDAQ:ANIK) Shares Cross Above Two Hundred Day Moving Average – What’s Next?

Anika Therapeutics Inc. (NASDAQ:ANIK)’s share price crossed above its 200-day moving average during trading on Friday. The stock has a 200-day moving average of $17.43 and traded as high as $21.45. Anika Therapeutics shares last traded at $21.42, with a volume of 59,202 shares.

Wall Street Analyst Weigh In

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

Anika Therapeutics Stock Up 1.6%

The company has a 50-day moving average price of $20.65 and a 200 day moving average price of $17.43. The firm has a market cap of $286.66 million, a price-to-earnings ratio of -79.33, a PEG ratio of 15.30 and a beta of 0.21.

Anika Therapeutics (NASDAQ:ANIK) last announced its quarterly earnings data on Wednesday, July 29th. The biotechnology company reported $0.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.03 by $0.39. The business had revenue of $32.61 million during the quarter, compared to analyst estimates of $29.21 million. Anika Therapeutics had a positive return on equity of 0.20% and a negative net margin of 3.14%. Equities analysts forecast that Anika Therapeutics Inc. will post 0.14 EPS for the current year.

Institutional Investors Weigh In On Anika Therapeutics

A number of institutional investors have recently added to or reduced their stakes in ANIK. Hsbc Holdings PLC lifted its position in Anika Therapeutics by 4.0% in the first quarter. Hsbc Holdings PLC now owns 50,292 shares of the biotechnology company’s stock worth $729,000 after purchasing an additional 1,951 shares during the period. Corient Private Wealth LP lifted its holdings in Anika Therapeutics by 6.6% in the second quarter. Corient Private Wealth LP now owns 35,415 shares of the biotechnology company’s stock valued at $518,000 after buying an additional 2,192 shares during the period. Meeder Asset Management Inc. bought a new position in shares of Anika Therapeutics in the 2nd quarter worth $37,000. Public Employees Retirement System of Ohio grew its position in shares of Anika Therapeutics by 51.4% during the 1st quarter. Public Employees Retirement System of Ohio now owns 23,614 shares of the biotechnology company’s stock worth $342,000 after buying an additional 8,022 shares during the period. Finally, R Squared Ltd grew its holdings in Anika Therapeutics by 20.7% during the first quarter. R Squared Ltd now owns 50,184 shares of the biotechnology company’s stock valued at $728,000 after purchasing an additional 8,603 shares during the period. 91.53% of the stock is owned by institutional investors and hedge funds.

About Anika Therapeutics

Anika Therapeutics, Inc develops, manufactures and commercializes therapeutic products designed to support tissue protection, healing and repair. The company focuses primarily on orthopedics, with products based in part on hyaluronic acid, a naturally occurring substance found in connective tissue and joint fluid.

Anika’s orthopedic portfolio includes Monovisc and Orthovisc, viscosupplementation products used to help relieve pain associated with osteoarthritis of the knee, as well as Cingal, which combines hyaluronic acid with a corticosteroid.