Anika Therapeutics (ANIK) Upgraded by Zacks Investment Research to Buy

Zacks Investment Research upgraded shares of Anika Therapeutics (NASDAQ:ANIK) from a hold rating to a buy rating in a research note published on Wednesday morning. They currently have $47.00 target price on the biotechnology company’s stock.

According to Zacks, “Anika Therapeutics, Inc. is a global, integrated orthopedic medicines company based in Bedford, Massachusetts. Anika is committed to improving the lives of patients with degenerative orthopedic diseases and traumatic conditions with clinically meaningful therapies along the continuum of care, from palliative pain management to regenerative cartilage repair. Anika’s orthopedic medicine portfolio includes ORTHOVISC, MONOVISC, and CINGAL, which alleviate pain and restore joint function by replenishing depleted HA, and HYALOFAST, a solid HA-based scaffold to aid cartilage repair and regeneration. “

Several other equities research analysts also recently weighed in on the company. Barrington Research downgraded Anika Therapeutics from an outperform rating to a market perform rating in a report on Wednesday, June 20th. BidaskClub downgraded Anika Therapeutics from a buy rating to a hold rating in a report on Friday, September 14th. First Analysis downgraded Anika Therapeutics from an overweight rating to an equal weight rating and cut their price target for the stock from $45.00 to $34.00 in a report on Wednesday, June 20th. Finally, ValuEngine downgraded Anika Therapeutics from a sell rating to a strong sell rating in a report on Thursday, June 21st. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the company. The company currently has a consensus rating of Buy and a consensus price target of $43.00.

Shares of ANIK stock traded down $0.77 on Wednesday, hitting $40.63. The stock had a trading volume of 541 shares, compared to its average volume of 156,566. The company has a market capitalization of $615.14 million, a PE ratio of 21.10, a P/E/G ratio of 2.72 and a beta of 2.04. Anika Therapeutics has a 1 year low of $28.54 and a 1 year high of $69.81.

Anika Therapeutics (NASDAQ:ANIK) last posted its quarterly earnings data on Wednesday, July 25th. The biotechnology company reported $0.68 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.29 by $0.39. Anika Therapeutics had a return on equity of 9.53% and a net margin of 16.94%. The firm had revenue of $30.55 million for the quarter, compared to the consensus estimate of $27.47 million. During the same quarter in the previous year, the business earned $0.76 EPS. The company’s quarterly revenue was down 8.7% compared to the same quarter last year. Sell-side analysts expect that Anika Therapeutics will post 1.55 EPS for the current fiscal year.

Several large investors have recently added to or reduced their stakes in the company. BlackRock Inc. boosted its position in shares of Anika Therapeutics by 7.7% during the 2nd quarter. BlackRock Inc. now owns 2,057,830 shares of the biotechnology company’s stock worth $65,851,000 after acquiring an additional 147,627 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Anika Therapeutics by 5.0% during the 2nd quarter. Dimensional Fund Advisors LP now owns 977,569 shares of the biotechnology company’s stock worth $31,282,000 after acquiring an additional 46,798 shares in the last quarter. First Manhattan Co. boosted its position in shares of Anika Therapeutics by 1,172.9% during the 2nd quarter. First Manhattan Co. now owns 492,602 shares of the biotechnology company’s stock worth $15,763,000 after acquiring an additional 453,902 shares in the last quarter. AMI Asset Management Corp boosted its position in shares of Anika Therapeutics by 40.2% during the 2nd quarter. AMI Asset Management Corp now owns 344,668 shares of the biotechnology company’s stock worth $11,029,000 after acquiring an additional 98,873 shares in the last quarter. Finally, Renaissance Technologies LLC boosted its position in shares of Anika Therapeutics by 57.1% during the 2nd quarter. Renaissance Technologies LLC now owns 317,500 shares of the biotechnology company’s stock worth $10,160,000 after acquiring an additional 115,400 shares in the last quarter. 95.05% of the stock is owned by institutional investors and hedge funds.

About Anika Therapeutics

Anika Therapeutics, Inc, together with its subsidiaries, provides orthopedic medicines for patients with degenerative orthopedic diseases and traumatic conditions in the United States and internationally. The company develops, manufactures, and commercializes therapeutic products based on its proprietary hyaluronic acid (HA) technology.

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