Anika Therapeutics (NASDAQ:ANIK) Earns Outperform Rating from Barrington Research

Anika Therapeutics (NASDAQ:ANIK)‘s stock had its “outperform” rating reissued by Barrington Research in a report issued on Friday,Benzinga reports. They presently have a $16.00 target price on the biotechnology company’s stock. Barrington Research’s price target would suggest a potential upside of 67.54% from the company’s previous close.

Several other research firms also recently commented on ANIK. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Anika Therapeutics in a research note on Monday, December 29th. Wall Street Zen raised Anika Therapeutics from a “hold” rating to a “buy” rating in a report on Saturday, November 8th. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat, Anika Therapeutics has an average rating of “Moderate Buy” and an average target price of $18.50.

Anika Therapeutics Stock Performance

Shares of Anika Therapeutics stock opened at $9.55 on Friday. The company has a market capitalization of $137.71 million, a P/E ratio of -4.19 and a beta of 0.46. Anika Therapeutics has a 1 year low of $7.87 and a 1 year high of $18.37. The company’s fifty day moving average is $9.66 and its two-hundred day moving average is $9.63.

Anika Therapeutics (NASDAQ:ANIK) last announced its earnings results on Wednesday, November 5th. The biotechnology company reported $0.04 EPS for the quarter, beating analysts’ consensus estimates of $0.02 by $0.02. Anika Therapeutics had a negative net margin of 29.29% and a negative return on equity of 8.80%. The business had revenue of $27.82 million during the quarter, compared to analysts’ expectations of $27.80 million. As a group, equities analysts expect that Anika Therapeutics will post -0.84 earnings per share for the current year.

Institutional Investors Weigh In On Anika Therapeutics

A number of hedge funds and other institutional investors have recently bought and sold shares of ANIK. CWM LLC increased its holdings in shares of Anika Therapeutics by 526.6% in the 3rd quarter. CWM LLC now owns 7,457 shares of the biotechnology company’s stock valued at $70,000 after purchasing an additional 6,267 shares in the last quarter. Quarry LP acquired a new stake in shares of Anika Therapeutics in the 3rd quarter worth approximately $71,000. Occudo Quantitative Strategies LP purchased a new position in Anika Therapeutics in the 3rd quarter valued at approximately $95,000. Williams & Novak LLC acquired a new position in Anika Therapeutics during the third quarter worth $102,000. Finally, Tudor Investment Corp ET AL purchased a new stake in Anika Therapeutics during the third quarter worth $107,000. Institutional investors and hedge funds own 91.53% of the company’s stock.

Anika Therapeutics Company 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.