Anika Therapeutics (NASDAQ:ANIK) Stock Price Passes Above 200-Day Moving Average – Should You Sell?

Shares of Anika Therapeutics Inc. (NASDAQ:ANIK) crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $12.55 and traded as high as $14.51. Anika Therapeutics shares last traded at $14.20, with a volume of 92,777 shares changing hands.

Analysts Set New Price Targets

Several research firms recently issued reports on ANIK. Barrington Research raised their price objective on shares of Anika Therapeutics from $16.00 to $17.00 and gave the stock an “outperform” rating in a research report on Friday, February 27th. Wall Street Zen cut shares of Anika Therapeutics from a “strong-buy” rating to a “buy” rating in a research note on Saturday, May 2nd. One research analyst has rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Anika Therapeutics currently has a consensus rating of “Hold” and an average price target of $17.00.

Anika Therapeutics Stock Up 1.0%

The stock has a 50-day simple moving average of $14.80 and a 200 day simple moving average of $12.62. The company has a market cap of $196.06 million, a PE ratio of -18.65 and a beta of 0.23.

Anika Therapeutics (NASDAQ:ANIK) last released its quarterly earnings results on Wednesday, April 29th. The biotechnology company reported $0.27 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.34. The business had revenue of $29.61 million during the quarter, compared to analysts’ expectations of $28.14 million. Anika Therapeutics had a negative return on equity of 5.90% and a negative net margin of 9.52%. As a group, research analysts anticipate that Anika Therapeutics Inc. will post -0.74 earnings per share for the current fiscal year.

Insider Activity at Anika Therapeutics

In other news, Director John B. Henneman III bought 5,000 shares of the business’s stock in a transaction on Friday, May 1st. The shares were bought at an average price of $14.66 per share, with a total value of $73,300.00. Following the completion of the transaction, the director directly owned 54,871 shares in the company, valued at $804,408.86. This trade represents a 10.03% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Stephen D. Griffin acquired 12,200 shares of the business’s stock in a transaction that occurred on Thursday, April 30th. The stock was purchased at an average price of $12.29 per share, for a total transaction of $149,938.00. Following the acquisition, the chief executive officer directly owned 36,163 shares in the company, valued at approximately $444,443.27. This trade represents a 50.91% increase in their position. The SEC filing for this purchase provides additional information. 12.08% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Anika Therapeutics

Several large investors have recently bought and sold shares of ANIK. GSA Capital Partners LLP boosted its stake in shares of Anika Therapeutics by 192.4% in the 4th quarter. GSA Capital Partners LLP now owns 122,062 shares of the biotechnology company’s stock valued at $1,173,000 after buying an additional 80,319 shares during the period. Indivisible Partners purchased a new stake in shares of Anika Therapeutics during the fourth quarter worth approximately $484,000. Hsbc Holdings PLC purchased a new stake in shares of Anika Therapeutics during the fourth quarter worth approximately $464,000. Hillsdale Investment Management Inc. acquired a new stake in Anika Therapeutics in the first quarter valued at approximately $368,000. Finally, R Squared Ltd raised its holdings in Anika Therapeutics by 20.7% in the first quarter. R Squared Ltd now owns 50,184 shares of the biotechnology company’s stock valued at $728,000 after acquiring an additional 8,603 shares in the last quarter. 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.