Anika Therapeutics (NASDAQ:ANIK) Stock Bumped Down to Hold by Zacks Research

Zacks Research lowered shares of Anika Therapeutics (NASDAQ:ANIK) from a strong-buy rating to a hold rating in a research note published on Monday morning,Zacks reports.

ANIK has been the topic of several other reports. B. Riley Financial initiated coverage on shares of Anika Therapeutics in a research report on Friday, September 18th. They set a “buy” rating and a $23.00 target price on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Anika Therapeutics in a research report on Monday, September 21st. Wall Street Zen upgraded Anika Therapeutics from a “buy” rating to a “strong-buy” rating in a research note on Saturday, August 1st. Finally, Barrington Research set a $21.00 price objective on Anika Therapeutics in a report on Thursday, July 30th. Two investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $22.00.

Anika Therapeutics Stock Down 3.6%

ANIK stock opened at $19.94 on Monday. The company has a market capitalization of $266.80 million, a price-to-earnings ratio of -73.85, a P/E/G ratio of 14.77 and a beta of 0.20. Anika Therapeutics has a 12 month low of $8.67 and a 12 month high of $22.88. The firm has a 50 day moving average of $20.15 and a two-hundred day moving average of $16.73.

Anika Therapeutics (NASDAQ:ANIK) last announced its quarterly earnings results on Wednesday, July 29th. The biotechnology company reported $0.42 EPS for the quarter, topping the consensus estimate of $0.03 by $0.39. Anika Therapeutics had a negative net margin of 3.14% and a positive return on equity of 0.20%. The company had revenue of $32.61 million for the quarter, compared to analyst estimates of $29.21 million. On average, research analysts expect that Anika Therapeutics will post 0.14 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in ANIK. Meeder Asset Management Inc. acquired a new position in Anika Therapeutics in the second quarter worth about $37,000. Squarepoint Ops LLC bought a new position in Anika Therapeutics during the second quarter worth about $274,000. Public Employees Retirement System of Ohio acquired a new stake in Anika Therapeutics during the second quarter valued at approximately $278,000. Canada Pension Plan Investment Board acquired a new stake in Anika Therapeutics during the second quarter valued at approximately $322,000. Finally, Bank of America Corp DE bought a new stake in shares of Anika Therapeutics in the 2nd quarter valued at approximately $359,000. Institutional investors own 91.53% of the company’s stock.

About Anika Therapeutics

Anika Therapeutics, Inc is a medical technology company focused on developing, manufacturing and commercializing products for joint health, regenerative medicine and surgical care. The company uses hyaluronic acid and other biomaterials to create therapies designed to support tissue repair, reduce pain and improve patient outcomes.

Anika’s portfolio includes viscosupplementation products for osteoarthritis, such as ORTHOVISC, MONOVISC and CINGAL, which are administered by injection into the knee and other joints.