Barrington Research Reiterates “Outperform” Rating for Anika Therapeutics (NASDAQ:ANIK)

Anika Therapeutics (NASDAQ:ANIK)‘s stock had its “outperform” rating reiterated by stock analysts at Barrington Research in a note issued to investors on Tuesday, Benzinga reports. They presently have a $37.00 price objective on the biotechnology company’s stock. Barrington Research’s price objective would indicate a potential upside of 50.77% from the company’s previous close.

Anika Therapeutics Stock Down 0.6 %

NASDAQ:ANIK opened at $24.54 on Tuesday. Anika Therapeutics has a 52 week low of $18.08 and a 52 week high of $29.11. The stock’s fifty day moving average is $25.09 and its two-hundred day moving average is $25.79. The company has a market capitalization of $357.96 million, a P/E ratio of -4.67 and a beta of 0.83.

Anika Therapeutics (NASDAQ:ANIK) last issued its quarterly earnings data on Thursday, August 8th. The biotechnology company reported ($0.01) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.23 by ($0.24). The company had revenue of $41.92 million during the quarter, compared to analysts’ expectations of $39.90 million. Anika Therapeutics had a negative net margin of 44.45% and a positive return on equity of 0.94%. During the same quarter last year, the firm posted ($0.06) earnings per share. Sell-side analysts anticipate that Anika Therapeutics will post -0.1 earnings per share for the current fiscal year.

Institutional Trading of Anika Therapeutics

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC grew its stake in shares of Anika Therapeutics by 28.0% in the first quarter. Allspring Global Investments Holdings LLC now owns 65,270 shares of the biotechnology company’s stock valued at $1,658,000 after buying an additional 14,259 shares in the last quarter. BNP Paribas Financial Markets increased its stake in Anika Therapeutics by 16.9% during the first quarter. BNP Paribas Financial Markets now owns 22,240 shares of the biotechnology company’s stock worth $565,000 after purchasing an additional 3,217 shares during the period. SG Americas Securities LLC lifted its position in shares of Anika Therapeutics by 7.8% during the first 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 in the last quarter. State Board of Administration of Florida Retirement System purchased a new position in shares of Anika Therapeutics in the first quarter valued at approximately $198,000. Finally, Vanguard Group Inc. grew its holdings in shares of Anika Therapeutics by 1.3% in the first quarter. Vanguard Group Inc. now owns 773,702 shares of the biotechnology company’s stock valued at $19,652,000 after purchasing an additional 9,657 shares in the last quarter. Hedge funds and other 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.