Short Interest in Anika Therapeutics, Inc. (NASDAQ:ANIK) Drops By 27.8%

Anika Therapeutics, Inc. (NASDAQ:ANIK) was the recipient of a large decrease in short interest in the month of November. As of November 30th, there was short interest totalling 367,500 shares, a decrease of 27.8% from the November 15th total of 508,900 shares. Based on an average daily volume of 92,800 shares, the days-to-cover ratio is currently 4.0 days. Currently, 2.6% of the shares of the company are short sold.

Institutional Trading of Anika Therapeutics

Institutional investors and hedge funds have recently made changes to their positions in the stock. Stonepine Capital Management LLC boosted its holdings in shares of Anika Therapeutics by 171.4% during the second quarter. Stonepine Capital Management LLC now owns 165,397 shares of the biotechnology company’s stock worth $4,190,000 after purchasing an additional 104,448 shares during the last quarter. Riverwater Partners LLC grew its holdings in Anika Therapeutics by 539.1% in the third quarter. Riverwater Partners LLC now owns 101,996 shares of the biotechnology company’s stock valued at $2,552,000 after purchasing an additional 86,037 shares during the period. Meros Investment Management LP grew its holdings in Anika Therapeutics by 25.0% in the second quarter. Meros Investment Management LP now owns 212,714 shares of the biotechnology company’s stock valued at $5,388,000 after purchasing an additional 42,587 shares during the period. Renaissance Technologies LLC increased its position in Anika Therapeutics by 6.9% during the second quarter. Renaissance Technologies LLC now owns 598,229 shares of the biotechnology company’s stock worth $15,153,000 after purchasing an additional 38,412 shares during the last quarter. Finally, Acadian Asset Management LLC raised its stake in Anika Therapeutics by 5.1% during the second quarter. Acadian Asset Management LLC now owns 442,944 shares of the biotechnology company’s stock worth $11,217,000 after purchasing an additional 21,517 shares during the period. 91.53% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on ANIK. Barrington Research reduced their price objective on Anika Therapeutics from $37.00 to $25.00 and set an “outperform” rating for the company in a research note on Friday, November 1st. StockNews.com cut shares of Anika Therapeutics from a “buy” rating to a “hold” rating in a research note on Monday, November 4th.

Anika Therapeutics Price Performance

ANIK opened at $17.16 on Friday. Anika Therapeutics has a 1-year low of $16.00 and a 1-year high of $29.11. The stock has a market cap of $251.39 million, a P/E ratio of -2.58 and a beta of 0.89. The stock’s 50 day simple moving average is $20.16 and its 200 day simple moving average is $23.88.

Anika Therapeutics Company Profile

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.