Anika Therapeutics (NASDAQ:ANIK) Releases Earnings Results

Anika Therapeutics (NASDAQ:ANIK) issued its quarterly earnings data on Wednesday. The biotechnology company reported $0.04 EPS for the quarter, topping analysts’ consensus estimates of $0.02 by $0.02, FiscalAI reports. The company had revenue of $27.82 million for the quarter, compared to analysts’ expectations of $27.80 million. Anika Therapeutics had a negative return on equity of 10.97% and a negative net margin of 48.99%.

Anika Therapeutics Stock Performance

Shares of NASDAQ ANIK traded down $0.10 during mid-day trading on Thursday, reaching $9.75. The company had a trading volume of 153,625 shares, compared to its average volume of 92,476. Anika Therapeutics has a twelve month low of $7.87 and a twelve month high of $18.37. The stock has a market capitalization of $140.58 million, a PE ratio of -2.35 and a beta of 0.61. The stock’s 50 day moving average is $9.22 and its 200-day moving average is $10.49.

Hedge Funds Weigh In On Anika Therapeutics

A number of hedge funds have recently modified their holdings of ANIK. Opaleye Management Inc. increased its stake in shares of Anika Therapeutics by 49.1% in the second quarter. Opaleye Management Inc. now owns 588,797 shares of the biotechnology company’s stock worth $6,229,000 after acquiring an additional 193,797 shares during the last quarter. Marshall Wace LLP acquired a new position in shares of Anika Therapeutics in the second quarter worth $241,000. Bridgeway Capital Management LLC acquired a new position in Anika Therapeutics during the second quarter worth $185,000. Man Group plc acquired a new position in Anika Therapeutics during the second quarter worth $140,000. Finally, AQR Capital Management LLC acquired a new position in Anika Therapeutics during the first quarter worth $181,000. 91.53% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on ANIK. Weiss Ratings restated a “sell (d-)” rating on shares of Anika Therapeutics in a research note on Thursday, October 30th. Barrington Research boosted their price objective on Anika Therapeutics from $15.00 to $16.00 and gave the company an “outperform” rating in a report on Thursday. One research 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 stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $18.50.

Anika Therapeutics Company Profile

Anika Therapeutics, Inc, a joint preservation company, creates and delivers advancements in early intervention orthopedic care in the areas of osteoarthritis (OA) pain management, regenerative solutions, sports medicine, and arthrosurface joint solutions in the United States, Europe, and internationally.