Anika Therapeutics (NASDAQ:ANIK) Rating Increased to Buy at Zacks Investment Research
Anika Therapeutics (NASDAQ:ANIK) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Monday, Zacks.com reports. The firm presently has a $45.00 price objective on the biotechnology company’s stock. Zacks Investment Research‘s price target points to a potential upside of 10.38% from the company’s current price.
According to Zacks, “Anika Therapeutics, Inc. is a global, integrated orthopedic medicines company based in Bedford, Massachusetts. Anika is committed to improving the lives of patients with degenerative orthopedic diseases and traumatic conditions with clinically meaningful therapies along the continuum of care, from palliative pain management to regenerative cartilage repair. Anika’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. “
A number of other research firms have also recently weighed in on ANIK. ValuEngine raised Vistra Energy from a “hold” rating to a “buy” rating in a report on Wednesday, July 3rd. BidaskClub raised Zai Lab from a “buy” rating to a “strong-buy” rating in a report on Friday, June 28th. Finally, TheStreet cut 22nd Century Group from a “c-” rating to a “d+” rating in a report on Friday, March 29th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and three have given a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $40.25.
Anika Therapeutics (NASDAQ:ANIK) last released its quarterly earnings results on Thursday, May 2nd. The biotechnology company reported $0.31 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.21 by $0.10. The company had revenue of $24.72 million for the quarter, compared to analysts’ expectations of $22.06 million. Anika Therapeutics had a return on equity of 11.57% and a net margin of 27.44%. The business’s revenue for the quarter was up 16.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.46) earnings per share. On average, research analysts anticipate that Anika Therapeutics will post 1.3 earnings per share for the current year.
Several institutional investors and hedge funds have recently added to or reduced their stakes in ANIK. Quantamental Technologies LLC bought a new stake in Anika Therapeutics during the first quarter worth approximately $69,000. Massmutual Trust Co. FSB ADV bought a new stake in Anika Therapeutics during the fourth quarter worth approximately $76,000. BNP Paribas Arbitrage SA raised its holdings in Anika Therapeutics by 356.0% during the first quarter. BNP Paribas Arbitrage SA now owns 2,891 shares of the biotechnology company’s stock worth $87,000 after purchasing an additional 2,257 shares in the last quarter. Municipal Employees Retirement System of Michigan bought a new stake in Anika Therapeutics during the fourth quarter worth approximately $140,000. Finally, Metropolitan Life Insurance Co. NY raised its holdings in Anika Therapeutics by 382.3% during the fourth quarter. Metropolitan Life Insurance Co. NY now owns 5,141 shares of the biotechnology company’s stock worth $173,000 after purchasing an additional 4,075 shares in the last quarter. 93.86% of the stock is currently owned by institutional investors.
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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