Anika Therapeutics (NASDAQ:ANIK) Downgraded to Hold Rating by StockNews.com

Anika Therapeutics (NASDAQ:ANIK) was downgraded by equities researchers at StockNews.com from a “buy” rating to a “hold” rating in a report issued on Monday.

Separately, Barrington Research decreased their price target on Anika Therapeutics from $37.00 to $25.00 and set an “outperform” rating for the company in a research note on Friday.

Anika Therapeutics Price Performance

Anika Therapeutics stock traded up $0.54 during midday trading on Monday, reaching $17.07. The company’s stock had a trading volume of 221,722 shares, compared to its average volume of 65,680. The stock’s 50-day simple moving average is $24.45 and its 200-day simple moving average is $25.58. Anika Therapeutics has a 52-week low of $16.00 and a 52-week high of $29.11. The stock has a market capitalization of $252.58 million, a P/E ratio of -2.57 and a beta of 0.86.

Anika Therapeutics (NASDAQ:ANIK) last released its quarterly earnings results on Thursday, August 8th. The biotechnology company reported ($0.01) EPS for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.24). Anika Therapeutics had a negative net margin of 59.40% and a negative return on equity of 2.22%. The business had revenue of $41.92 million during the quarter, compared to analysts’ expectations of $39.90 million. During the same quarter last year, the business posted ($0.06) earnings per share. As a group, equities research analysts expect that Anika Therapeutics will post -0.1 earnings per share for the current fiscal year.

Institutional Trading of Anika Therapeutics

Several hedge funds and other institutional investors have recently bought and sold shares of ANIK. Vanguard Group Inc. raised its stake in shares of 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 buying an additional 9,657 shares during the period. Renaissance Technologies LLC raised its stake in shares of Anika Therapeutics by 6.9% during the 2nd quarter. Renaissance Technologies LLC now owns 598,229 shares of the biotechnology company’s stock worth $15,153,000 after buying an additional 38,412 shares during the period. Acadian Asset Management LLC raised its stake in shares of Anika Therapeutics by 5.1% during the 2nd quarter. Acadian Asset Management LLC now owns 442,944 shares of the biotechnology company’s stock worth $11,217,000 after buying an additional 21,517 shares during the period. Capital Management Corp VA raised its stake in shares of Anika Therapeutics by 2.4% during the 1st quarter. Capital Management Corp VA now owns 364,025 shares of the biotechnology company’s stock worth $9,246,000 after buying an additional 8,491 shares during the period. Finally, Meros Investment Management LP raised its stake in Anika Therapeutics by 25.0% in the 2nd quarter. Meros Investment Management LP now owns 212,714 shares of the biotechnology company’s stock valued at $5,388,000 after purchasing an additional 42,587 shares during the last quarter. 91.53% of the stock is owned by institutional investors and hedge funds.

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.