Anika Therapeutics (NASDAQ:ANIK) Share Price Breaks Above Two Hundred Day Moving Average – Here’s What Happened

Shares of Anika Therapeutics Inc. (NASDAQ:ANIK) passed above its two hundred day moving average during trading on Thursday. The stock has a two hundred day moving average of $17.19 and traded as high as $20.91. Anika Therapeutics shares last traded at $20.69, with a volume of 84,759 shares trading hands.

Analyst Ratings Changes

Several equities analysts recently commented on the company. Wall Street Zen raised Anika Therapeutics from a “buy” rating to a “strong-buy” rating in a research report on Saturday, August 1st. Barrington Research set a $21.00 price objective on shares of Anika Therapeutics in a research report on Thursday, July 30th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Anika Therapeutics in a research report on Monday, September 21st. B. Riley Financial began coverage on shares of Anika Therapeutics in a research note on Friday, September 18th. They set a “buy” rating and a $23.00 price objective on the stock. Finally, Zacks Research lowered shares of Anika Therapeutics from a “strong-buy” rating to a “hold” rating in a research note on Monday, September 28th. Two research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Anika Therapeutics presently has an average rating of “Hold” and a consensus target price of $22.00.

Anika Therapeutics Stock Down 3.4%

The stock has a market capitalization of $267.33 million, a P/E ratio of -74.00, a PEG ratio of 14.78 and a beta of 0.21. The company has a 50 day moving average of $20.71 and a 200-day moving average of $17.21.

Anika Therapeutics (NASDAQ:ANIK) last issued its earnings results on Wednesday, July 29th. The biotechnology company reported $0.42 earnings per share for the quarter, topping analysts’ consensus estimates 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 analysts’ expectations of $29.21 million. Equities analysts forecast that Anika Therapeutics Inc. will post 0.14 EPS for the current fiscal year.

Institutional Investors Weigh In On Anika Therapeutics

Several institutional investors and hedge funds have recently bought and sold shares of the business. BlackRock Inc. bought a new stake in Anika Therapeutics in the second quarter valued at $21,209,000. Deutsche Bank AG acquired a new position in shares of Anika Therapeutics during the second quarter valued at $5,172,000. Man Group plc bought a new position in shares of Anika Therapeutics during the second quarter worth about $2,059,000. Globeflex Capital L P bought a new position in shares of Anika Therapeutics during the second quarter worth about $1,282,000. Finally, Hsbc Holdings PLC bought a new position in shares of Anika Therapeutics during the second quarter worth about $727,000. Institutional investors and hedge funds own 91.53% of the company’s stock.

About Anika Therapeutics

Anika Therapeutics, Inc is a medical technology company focused on joint preservation and orthopedic care. The company develops and commercializes products designed to relieve pain, restore mobility and support the repair or protection of damaged joints and tissues, with an emphasis on therapies based on hyaluronic acid and other regenerative technologies.

Anika’s portfolio includes viscosupplementation products for osteoarthritis, including Orthovisc, Monovisc and Cingal. These injectable treatments are intended to supplement the natural synovial fluid in the knee and other joints.