Zacks Research Upgrades Anika Therapeutics (NASDAQ:ANIK) to Strong-Buy

Anika Therapeutics (NASDAQ:ANIK) was upgraded by investment analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research note issued on Wednesday,Zacks.com reports.

A number of other research firms have also recently weighed in on ANIK. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Anika Therapeutics in a research report on Wednesday, June 24th. Wall Street Zen raised Anika Therapeutics from a “buy” rating to a “strong-buy” rating in a report on Saturday, August 1st. B. Riley Financial upped their price target on Anika Therapeutics from $18.00 to $21.00 and gave the stock a “buy” rating in a research note on Thursday, July 30th. Finally, Barrington Research set a $21.00 price target on Anika Therapeutics in a report on Thursday, July 30th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Anika Therapeutics has a consensus rating of “Moderate Buy” and a consensus target price of $21.00.

Anika Therapeutics Stock Performance

Shares of ANIK opened at $20.16 on Wednesday. Anika Therapeutics has a fifty-two week low of $7.92 and a fifty-two week high of $21.11. The company has a market capitalization of $269.80 million, a price-to-earnings ratio of -74.66, a price-to-earnings-growth ratio of 13.71 and a beta of 0.20. The firm has a 50-day simple moving average of $15.56 and a 200-day simple moving average of $14.08.

Anika Therapeutics (NASDAQ:ANIK) last released its quarterly earnings results on Wednesday, July 29th. The biotechnology company reported $0.42 earnings per share (EPS) 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 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 research analysts forecast that Anika Therapeutics will post 0.14 EPS for the current year.

Hedge Funds Weigh In On Anika Therapeutics

Large investors have recently made changes to their positions in the stock. Quarry LP purchased a new stake in Anika Therapeutics during the third quarter worth about $71,000. CWM LLC increased its holdings in Anika Therapeutics by 14.5% in the fourth quarter. CWM LLC now owns 8,537 shares of the biotechnology company’s stock valued at $82,000 after buying an additional 1,080 shares in the last quarter. Occudo Quantitative Strategies LP acquired a new stake in shares of Anika Therapeutics during the 3rd quarter valued at approximately $95,000. Ieq Capital LLC acquired a new stake in shares of Anika Therapeutics during the 4th quarter valued at approximately $97,000. Finally, Tudor Investment Corp ET AL purchased a new stake in shares of Anika Therapeutics during the 3rd quarter worth approximately $107,000. Hedge funds and other institutional investors 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.