Anika Therapeutics (NASDAQ:ANIK) Earns Outperform Rating from Barrington Research

Barrington Research reaffirmed their outperform rating on shares of Anika Therapeutics (NASDAQ:ANIK) in a research report sent to investors on Tuesday morning, Benzinga reports. Barrington Research currently has a $37.00 target price on the biotechnology company’s stock.

Anika Therapeutics Price Performance

Shares of ANIK stock opened at $24.51 on Tuesday. The stock has a 50-day moving average of $25.07 and a 200-day moving average of $25.78. Anika Therapeutics has a one year low of $18.08 and a one year high of $29.11. The stock has a market cap of $357.53 million, a PE ratio of -4.67 and a beta of 0.83.

Anika Therapeutics (NASDAQ:ANIK) last announced its quarterly earnings results on Thursday, August 8th. The biotechnology company reported ($0.01) earnings per share for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.24). Anika Therapeutics had a positive return on equity of 0.94% and a negative net margin of 44.45%. The firm had revenue of $41.92 million for the quarter, compared to the consensus estimate of $39.90 million. During the same period in the prior year, the business earned ($0.06) earnings per share. As a group, research analysts anticipate that Anika Therapeutics will post -0.1 earnings per share for the current year.

Hedge Funds Weigh In On Anika Therapeutics

Institutional investors have recently modified their holdings of the business. Allspring Global Investments Holdings LLC raised its holdings in Anika Therapeutics by 28.0% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 65,270 shares of the biotechnology company’s stock worth $1,658,000 after buying an additional 14,259 shares during the period. BNP Paribas Financial Markets lifted its position in Anika Therapeutics by 16.9% in the 1st quarter. BNP Paribas Financial Markets now owns 22,240 shares of the biotechnology company’s stock valued at $565,000 after acquiring an additional 3,217 shares in the last quarter. SG Americas Securities LLC boosted its stake in Anika Therapeutics by 7.8% in the 1st quarter. SG Americas Securities LLC now owns 8,615 shares of the biotechnology company’s stock worth $219,000 after purchasing an additional 627 shares during the period. State Board of Administration of Florida Retirement System acquired a new position in Anika Therapeutics in the 1st quarter worth $198,000. Finally, Vanguard Group Inc. increased its holdings in Anika Therapeutics by 1.3% during the 1st quarter. Vanguard Group Inc. now owns 773,702 shares of the biotechnology company’s stock worth $19,652,000 after purchasing an additional 9,657 shares in the last quarter. Institutional investors own 91.53% of the company’s stock.

About Anika Therapeutics

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.