Anika Therapeutics (NASDAQ:ANIK) Rating Lowered to Buy at BidaskClub

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Anika Therapeutics (NASDAQ:ANIK) was downgraded by equities research analysts at BidaskClub from a “strong-buy” rating to a “buy” rating in a research report issued on Tuesday, BidAskClub reports.

ANIK has been the subject of several other reports. TheStreet upgraded shares of Anika Therapeutics from a “c” rating to a “b-” rating in a research report on Friday, February 22nd. ValuEngine upgraded shares of Anika Therapeutics from a “strong sell” rating to a “sell” rating in a research report on Thursday, April 11th. Zacks Investment Research upgraded shares of Anika Therapeutics from a “hold” rating to a “buy” rating and set a $44.00 price objective for the company in a research report on Monday, February 18th. First Analysis downgraded shares of Anika Therapeutics from an “outperform” rating to a “neutral” rating and cut their price objective for the stock from $41.00 to $37.00 in a research report on Friday, February 22nd. Finally, Singular Research restated a “buy” rating on shares of Anika Therapeutics in a research report on Thursday, February 28th. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $40.00.

Anika Therapeutics stock opened at $40.48 on Tuesday. Anika Therapeutics has a 52 week low of $28.54 and a 52 week high of $46.43. The company has a debt-to-equity ratio of 0.08, a current ratio of 18.07 and a quick ratio of 16.12. The stock has a market cap of $565.30 million, a P/E ratio of 22.00, a price-to-earnings-growth ratio of 3.13 and a beta of 1.06.

Anika Therapeutics (NASDAQ:ANIK) last issued its quarterly earnings data on Thursday, May 2nd. The biotechnology company reported $0.31 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.21 by $0.10. The firm had revenue of $24.72 million during the quarter, compared to the consensus estimate of $22.06 million. Anika Therapeutics had a net margin of 27.44% and a return on equity of 11.57%. The business’s revenue for the quarter was up 16.3% compared to the same quarter last year. During the same period last year, the business posted ($0.46) earnings per share. As a group, sell-side analysts predict that Anika Therapeutics will post 1.28 EPS for the current year.

A number of hedge funds have recently modified their holdings of the business. Kayne Anderson Rudnick Investment Management LLC raised its position in shares of Anika Therapeutics by 13.2% in the first quarter. Kayne Anderson Rudnick Investment Management LLC now owns 1,605,661 shares of the biotechnology company’s stock valued at $48,555,000 after buying an additional 187,056 shares in the last quarter. Renaissance Technologies LLC raised its position in shares of Anika Therapeutics by 38.9% in the first quarter. Renaissance Technologies LLC now owns 365,410 shares of the biotechnology company’s stock valued at $11,050,000 after buying an additional 102,277 shares in the last quarter. Millennium Management LLC raised its position in shares of Anika Therapeutics by 109.0% in the fourth quarter. Millennium Management LLC now owns 190,548 shares of the biotechnology company’s stock valued at $6,404,000 after buying an additional 99,387 shares in the last quarter. Morgan Stanley raised its position in shares of Anika Therapeutics by 144.3% in the first quarter. Morgan Stanley now owns 146,941 shares of the biotechnology company’s stock valued at $4,444,000 after buying an additional 86,804 shares in the last quarter. Finally, Barrow Hanley Mewhinney & Strauss LLC acquired a new stake in shares of Anika Therapeutics in the fourth quarter valued at approximately $2,426,000. Hedge funds and other institutional investors own 94.18% of the company’s stock.

About Anika Therapeutics

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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