Anika Therapeutics (NASDAQ:ANIK) Upgraded to “Buy” at BidaskClub

BidaskClub upgraded shares of Anika Therapeutics (NASDAQ:ANIK) from a hold rating to a buy rating in a research report sent to investors on Tuesday morning, BidAskClub reports.

A number of other brokerages have also recently weighed in on ANIK. First Analysis raised Anika Therapeutics from a neutral rating to a strong-buy rating and lifted their price objective for the company from $37.00 to $54.00 in a research note on Thursday, July 25th. Zacks Investment Research cut Anika Therapeutics from a buy rating to a hold rating in a research note on Friday, July 26th. TheStreet raised Anika Therapeutics from a c rating to a b- rating in a research note on Friday, July 26th. Barrington Research reaffirmed a buy rating and issued a $49.00 price objective (up from $45.00) on shares of Anika Therapeutics in a research note on Thursday, July 25th. Finally, ValuEngine raised Anika Therapeutics from a hold rating to a buy rating in a research note on Wednesday, July 3rd. Two research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. The stock presently has a consensus rating of Buy and an average target price of $46.00.

Shares of NASDAQ ANIK opened at $56.21 on Tuesday. Anika Therapeutics has a twelve month low of $29.01 and a twelve month high of $57.95. The company has a current ratio of 18.28, a quick ratio of 16.07 and a debt-to-equity ratio of 0.09. The stock has a fifty day simple moving average of $47.44 and a 200-day simple moving average of $38.44. The stock has a market capitalization of $778.29 million, a PE ratio of 30.55, a PEG ratio of 3.23 and a beta of 1.08.

Anika Therapeutics (NASDAQ:ANIK) last issued its quarterly earnings data on Wednesday, July 24th. The biotechnology company reported $0.67 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.42 by $0.25. Anika Therapeutics had a return on equity of 11.27% and a net margin of 26.87%. The business had revenue of $30.42 million during the quarter, compared to analysts’ expectations of $27.41 million. During the same period in the previous year, the firm posted $0.68 earnings per share. The company’s revenue was down .4% on a year-over-year basis. On average, equities analysts predict that Anika Therapeutics will post 1.75 earnings per share for the current year.

In related news, Director Raymond J. Land sold 3,000 shares of the business’s stock in a transaction on Monday, July 29th. The stock was sold at an average price of $55.44, for a total transaction of $166,320.00. Following the completion of the transaction, the director now directly owns 11,992 shares of the company’s stock, valued at approximately $664,836.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Jeffery S. Thompson sold 4,843 shares of the business’s stock in a transaction on Thursday, August 8th. The stock was sold at an average price of $56.66, for a total value of $274,404.38. Following the transaction, the director now directly owns 6,842 shares of the company’s stock, valued at $387,667.72. The disclosure for this sale can be found here. Insiders own 3.67% of the company’s stock.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ANIK. Kayne Anderson Rudnick Investment Management LLC grew its stake in Anika Therapeutics by 13.2% during the 1st quarter. Kayne Anderson Rudnick Investment Management LLC now owns 1,605,661 shares of the biotechnology company’s stock worth $48,555,000 after purchasing an additional 187,056 shares in the last quarter. Jefferies Group LLC grew its stake in Anika Therapeutics by 105.2% during the 2nd quarter. Jefferies Group LLC now owns 5,435 shares of the biotechnology company’s stock worth $221,000 after purchasing an additional 110,490 shares in the last quarter. BTIM Corp. grew its stake in Anika Therapeutics by 40.9% during the 2nd quarter. BTIM Corp. now owns 371,190 shares of the biotechnology company’s stock worth $15,077,000 after purchasing an additional 107,675 shares in the last quarter. D. E. Shaw & Co. Inc. grew its stake in Anika Therapeutics by 32.6% during the 2nd quarter. D. E. Shaw & Co. Inc. now owns 413,051 shares of the biotechnology company’s stock worth $16,778,000 after purchasing an additional 101,443 shares in the last quarter. Finally, Natixis Advisors L.P. grew its stake in Anika Therapeutics by 179.7% during the 2nd quarter. Natixis Advisors L.P. now owns 157,559 shares of the biotechnology company’s stock worth $6,400,000 after purchasing an additional 101,237 shares in the last quarter. 97.95% of the stock is owned by hedge funds and other institutional investors.

Anika Therapeutics Company Profile

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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