BidaskClub Upgrades Anika Therapeutics Inc. (ANIK) to Buy

BidaskClub upgraded shares of Anika Therapeutics Inc. (NASDAQ:ANIK) from a hold rating to a buy rating in a research note issued to investors on Tuesday, August 8th.

Separately, Zacks Investment Research lowered Anika Therapeutics from a hold rating to a sell rating in a research report on Monday, May 8th.

Anika Therapeutics (ANIK) traded up 0.85% on Tuesday, reaching $53.13. 34,137 shares of the company’s stock were exchanged. Anika Therapeutics has a one year low of $41.38 and a one year high of $53.99. The firm has a 50 day moving average of $49.67 and a 200-day moving average of $47.11. The stock has a market cap of $778.78 million, a price-to-earnings ratio of 23.60 and a beta of 1.69.

Anika Therapeutics (NASDAQ:ANIK) last announced its quarterly earnings data on Wednesday, July 26th. The biotechnology company reported $0.76 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.44 by $0.32. The business had revenue of $33.50 million during the quarter, compared to analyst estimates of $27.20 million. Anika Therapeutics had a return on equity of 14.88% and a net margin of 30.44%. The company’s revenue was up 25.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.57 earnings per share. Equities research analysts forecast that Anika Therapeutics will post $2.20 EPS for the current fiscal year.

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In other Anika Therapeutics news, CEO Charles H. Sherwood sold 63,799 shares of the company’s stock in a transaction dated Thursday, July 27th. The stock was sold at an average price of $50.79, for a total value of $3,240,351.21. Following the transaction, the chief executive officer now directly owns 174,705 shares of the company’s stock, valued at approximately $8,873,266.95. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Charles H. Sherwood sold 14,201 shares of the company’s stock in a transaction dated Wednesday, July 5th. The stock was sold at an average price of $50.03, for a total value of $710,476.03. Following the completion of the transaction, the chief executive officer now directly owns 246,740 shares in the company, valued at $12,344,402.20. The disclosure for this sale can be found here. Insiders have sold 88,725 shares of company stock worth $4,459,085 over the last three months. 6.57% of the stock is owned by insiders.

Hedge funds have recently added to or reduced their stakes in the company. Comerica Bank increased its stake in Anika Therapeutics by 4.3% in the first quarter. Comerica Bank now owns 16,519 shares of the biotechnology company’s stock valued at $756,000 after buying an additional 685 shares during the period. BB&T Securities LLC acquired a new stake in shares of Anika Therapeutics during the first quarter valued at $405,000. Fisher Asset Management LLC increased its stake in shares of Anika Therapeutics by 18.4% in the first quarter. Fisher Asset Management LLC now owns 70,153 shares of the biotechnology company’s stock valued at $3,047,000 after buying an additional 10,919 shares during the last quarter. Bbva Compass Bancshares Inc. purchased a new stake in shares of Anika Therapeutics during the first quarter worth approximately $355,000. Finally, Spark Investment Management LLC purchased a new stake in shares of Anika Therapeutics during the first quarter worth approximately $1,542,000. Institutional investors own 82.25% of the company’s stock.

About Anika Therapeutics

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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