Anika Therapeutics (NASDAQ:ANIK) Reaches New 12-Month High After Earnings Beat

Anika Therapeutics Inc (NASDAQ:ANIK) shares reached a new 52-week high during mid-day trading on Friday after the company announced better than expected quarterly earnings. The company traded as high as $70.48 and last traded at $69.07, with a volume of 16347 shares changing hands. The stock had previously closed at $54.27.

The biotechnology company reported $0.64 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.39 by $0.25. The business had revenue of $29.70 million for the quarter, compared to the consensus estimate of $27.01 million. Anika Therapeutics had a net margin of 26.87% and a return on equity of 11.27%. The firm’s quarterly revenue was up 10.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.53 EPS.

A number of research firms recently weighed in on ANIK. First Analysis cut Anika Therapeutics from a “strong-buy” rating to an “outperform” rating and set a $54.00 price target on the stock. in a research note on Monday, September 23rd. TheStreet raised Anika Therapeutics from a “c” rating to a “b-” rating in a research report on Friday, July 26th. ValuEngine lowered Anika Therapeutics from a “buy” rating to a “hold” rating in a research report on Wednesday, October 2nd. BidaskClub lowered Anika Therapeutics from a “buy” rating to a “hold” rating in a research report on Wednesday. Finally, Zacks Investment Research raised Anika Therapeutics from a “hold” rating to a “strong-buy” rating and set a $61.00 target price for the company in a research report on Thursday, September 26th. Three investment analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $52.00.

In related news, Director Jeffery S. Thompson sold 4,843 shares of the business’s stock in a transaction on Thursday, August 8th. The shares were sold at an average price of $56.66, for a total transaction of $274,404.38. Following the transaction, the director now owns 6,842 shares of the company’s stock, valued at $387,667.72. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, 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 transaction, the director now directly owns 11,992 shares in the company, valued at approximately $664,836.48. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 14,192 shares of company stock valued at $800,681. 3.67% of the stock is currently owned by corporate insiders.

Hedge funds have recently made changes to their positions in the stock. C M Bidwell & Associates Ltd. bought a new stake in Anika Therapeutics in the 2nd quarter valued at $44,000. Meeder Asset Management Inc. bought a new stake in shares of Anika Therapeutics in the 3rd quarter worth $94,000. Convergence Investment Partners LLC bought a new stake in shares of Anika Therapeutics in the 3rd quarter worth $145,000. Nisa Investment Advisors LLC increased its holdings in shares of Anika Therapeutics by 146.8% in the 3rd quarter. Nisa Investment Advisors LLC now owns 2,740 shares of the biotechnology company’s stock worth $150,000 after purchasing an additional 1,630 shares in the last quarter. Finally, Aperio Group LLC bought a new stake in shares of Anika Therapeutics in the 2nd quarter worth $205,000. 93.74% of the stock is currently owned by institutional investors and hedge funds.

The firm has a market cap of $765.64 million, a P/E ratio of 37.54, a price-to-earnings-growth ratio of 3.17 and a beta of 1.04. The stock has a fifty day simple moving average of $55.64 and a 200 day simple moving average of $45.94. The company has a debt-to-equity ratio of 0.09, a quick ratio of 16.07 and a current ratio of 18.28.

About Anika Therapeutics (NASDAQ:ANIK)

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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