Anika Therapeutics Inc. (ANIK) Raised to Buy at BidaskClub

BidaskClub upgraded shares of Anika Therapeutics Inc. (NASDAQ:ANIK) from a hold rating to a buy rating in a research note published on Tuesday.

Separately, Zacks Investment Research raised Anika Therapeutics from a sell rating to a hold rating in a report on Wednesday, July 5th.

Anika Therapeutics (ANIK) traded up 0.66% during mid-day trading on Tuesday, reaching $51.72. The company had a trading volume of 87,125 shares. The firm has a market capitalization of $758.11 million, a P/E ratio of 22.98 and a beta of 1.69. The stock’s 50-day moving average is $49.30 and its 200 day moving average is $47.05. Anika Therapeutics has a 12 month low of $41.38 and a 12 month high of $53.99.

Anika Therapeutics (NASDAQ:ANIK) last announced its earnings results on Wednesday, July 26th. The biotechnology company reported $0.76 EPS for the quarter, beating the consensus estimate of $0.44 by $0.32. Anika Therapeutics had a return on equity of 14.88% and a net margin of 30.44%. The business had revenue of $33.50 million during the quarter, compared to the consensus estimate of $27.20 million. During the same period in the prior year, the business posted $0.57 earnings per share. Anika Therapeutics’s revenue was up 25.9% compared to the same quarter last year. On average, analysts predict that Anika Therapeutics will post $2.00 earnings per share for the current fiscal year.

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In other news, CEO Charles H. Sherwood sold 14,201 shares of the company’s stock in a transaction on Wednesday, July 5th. The stock was sold at an average price of $50.03, for a total transaction of $710,476.03. Following the completion of the sale, the chief executive officer now directly owns 246,740 shares of the company’s stock, valued at $12,344,402.20. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Jeffery S. Thompson sold 10,725 shares of the company’s stock in a transaction on Monday, May 22nd. The shares were sold at an average price of $47.39, for a total value of $508,257.75. Following the sale, the director now directly owns 15,845 shares of the company’s stock, valued at $750,894.55. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 88,725 shares of company stock valued at $4,459,085. 6.57% of the stock is currently owned by company insiders.

Large investors have recently made changes to their positions in the stock. Atria Investments LLC increased its stake in shares of Anika Therapeutics by 1.2% in the second quarter. Atria Investments LLC now owns 5,631 shares of the biotechnology company’s stock valued at $278,000 after buying an additional 68 shares in the last quarter. Rhumbline Advisers increased its stake in shares of Anika Therapeutics by 0.3% in the second quarter. Rhumbline Advisers now owns 27,720 shares of the biotechnology company’s stock valued at $1,368,000 after buying an additional 96 shares in the last quarter. Louisiana State Employees Retirement System increased its stake in shares of Anika Therapeutics by 1.7% in the first quarter. Louisiana State Employees Retirement System now owns 6,000 shares of the biotechnology company’s stock valued at $261,000 after buying an additional 100 shares in the last quarter. Arizona State Retirement System increased its stake in shares of Anika Therapeutics by 1.3% in the first quarter. Arizona State Retirement System now owns 7,590 shares of the biotechnology company’s stock valued at $330,000 after buying an additional 100 shares in the last quarter. Finally, Municipal Employees Retirement System of Michigan increased its stake in shares of Anika Therapeutics by 3.0% in the second quarter. Municipal Employees Retirement System of Michigan now owns 3,450 shares of the biotechnology company’s stock valued at $170,000 after buying an additional 100 shares in the last quarter. 81.27% of the stock is owned by institutional investors and hedge funds.

Anika Therapeutics Company Profile

Anika Therapeutics, Inc is an orthopedic medicines company. The Company is engaged in developing, manufacturing and commercializing products based on its hyaluronic acid (HA) technology. The Company’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.

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