Trigran Investments Inc. Sells 415,296 Shares of Anika Therapeutics Inc. $ANIK

Trigran Investments Inc. lowered its stake in shares of Anika Therapeutics Inc. (NASDAQ:ANIK) by 20.4% in the third quarter, according to its most recent disclosure with the SEC. The fund owned 1,621,215 shares of the biotechnology company’s stock after selling 415,296 shares during the period. Anika Therapeutics makes up 2.8% of Trigran Investments Inc.’s investment portfolio, making the stock its 14th biggest holding. Trigran Investments Inc. owned about 11.24% of Anika Therapeutics worth $15,239,000 as of its most recent filing with the SEC.

A number of other institutional investors have also added to or reduced their stakes in the company. Opaleye Management Inc. raised its holdings in Anika Therapeutics by 49.1% in the 2nd quarter. Opaleye Management Inc. now owns 588,797 shares of the biotechnology company’s stock valued at $6,229,000 after acquiring an additional 193,797 shares in the last quarter. Acadian Asset Management LLC raised its stake in shares of Anika Therapeutics by 6.7% in the second quarter. Acadian Asset Management LLC now owns 575,644 shares of the biotechnology company’s stock valued at $6,084,000 after purchasing an additional 36,030 shares in the last quarter. Capital Management Corp VA lifted its position in Anika Therapeutics by 34.8% in the third quarter. Capital Management Corp VA now owns 551,248 shares of the biotechnology company’s stock worth $5,182,000 after purchasing an additional 142,403 shares during the period. Envestnet Asset Management Inc. boosted its stake in Anika Therapeutics by 7.8% during the third quarter. Envestnet Asset Management Inc. now owns 130,809 shares of the biotechnology company’s stock worth $1,230,000 after buying an additional 9,422 shares in the last quarter. Finally, Assenagon Asset Management S.A. bought a new stake in Anika Therapeutics in the 3rd quarter valued at $431,000. 91.53% of the stock is owned by institutional investors and hedge funds.

Anika Therapeutics Stock Down 0.8%

Shares of ANIK stock opened at $14.25 on Friday. The company has a market capitalization of $190.95 million, a P/E ratio of -18.75 and a beta of 0.33. Anika Therapeutics Inc. has a 12-month low of $7.87 and a 12-month high of $17.35. The firm has a 50-day moving average price of $10.35 and a 200 day moving average price of $9.71.

Anika Therapeutics (NASDAQ:ANIK) last posted its earnings results on Thursday, February 26th. The biotechnology company reported $0.31 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.02 by $0.29. Anika Therapeutics had a negative net margin of 9.64% and a negative return on equity of 6.26%. The company had revenue of $30.62 million during the quarter, compared to analysts’ expectations of $28.88 million. As a group, research analysts expect that Anika Therapeutics Inc. will post -0.84 earnings per share for the current year.

Analyst Ratings Changes

ANIK has been the subject of a number of analyst reports. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Anika Therapeutics in a report on Monday, December 29th. Wall Street Zen upgraded shares of Anika Therapeutics from a “hold” rating to a “buy” rating in a research note on Saturday, November 8th. Finally, Barrington Research lifted their price objective on Anika Therapeutics from $16.00 to $17.00 and gave the company an “outperform” rating in a report on Friday, February 27th. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has issued a Sell rating to the company. According to MarketBeat, Anika Therapeutics presently has a consensus rating of “Moderate Buy” and a consensus price target of $19.00.

Anika Therapeutics Profile

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.