Anika Therapeutics Inc. (NASDAQ:ANIK) shares gapped up prior to trading on Thursday . The stock had previously closed at $47.94, but opened at $48.04. Anika Therapeutics shares last traded at $48.90, with a volume of 44,779 shares changing hands.

A number of research analysts have recently issued reports on the stock. Zacks Investment Research upgraded shares of Anika Therapeutics from a “hold” rating to a “strong-buy” rating and set a $58.00 target price for the company in a research note on Monday, August 1st. Northland Securities cut shares of Anika Therapeutics from an “outperform” rating to a “market perform” rating in a research note on Wednesday, April 27th.

The firm’s 50 day moving average price is $51.26 and its 200 day moving average price is $46.09. The company has a market capitalization of $723.19 million and a price-to-earnings ratio of 21.36.

Anika Therapeutics (NASDAQ:ANIK) last announced its quarterly earnings results on Wednesday, July 27th. The company reported $0.57 EPS for the quarter, beating the Zacks’ consensus estimate of $0.44 by $0.13. The company earned $26.60 million during the quarter, compared to analyst estimates of $24.75 million. During the same quarter last year, the company posted $0.51 EPS. The firm’s quarterly revenue was up 16.2% on a year-over-year basis. On average, equities research analysts expect that Anika Therapeutics Inc. will post $2.01 EPS for the current year.

A number of hedge funds and institutional investors recently made changes to their positions in the stock. Calvert Investment Management Inc. bought a new position in shares of Anika Therapeutics during the fourth quarter worth approximately $2,727,000. Royce & Associates LLC bought a new position in shares of Anika Therapeutics during the fourth quarter worth approximately $2,262,000. Finally, Russell Frank Co raised its position in shares of Anika Therapeutics by 28.7% in the fourth quarter. Russell Frank Co now owns 64,111 shares of the company’s stock worth $2,489,000 after buying an additional 14,304 shares during the period.

Anika Therapeutics, Inc develops, manufactures and commercializes therapeutic products for tissue protection, healing and repair. The Company’s products are based on hyaluronic acid (HA), a naturally occurring, biocompatible polymer found throughout the body. The Company’s wholly owned subsidiary Anika S.r.l., has about 20 products commercialized primarily in Europe.

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