Anika Therapeutics (NASDAQ:ANIK) Cut to “Hold” at StockNews.com

StockNews.com downgraded shares of Anika Therapeutics (NASDAQ:ANIK) from a buy rating to a hold rating in a research note published on Monday morning.

A number of other equities research analysts have also commented on ANIK. Barrington Research decreased their price objective on shares of Anika Therapeutics from $20.00 to $19.00 and set an “outperform” rating on the stock in a report on Monday. B. Riley assumed coverage on shares of Anika Therapeutics in a research note on Thursday, April 17th. They issued a “buy” rating and a $21.00 target price on the stock.

Anika Therapeutics Stock Down 8.8%

Shares of NASDAQ:ANIK opened at $11.32 on Monday. Anika Therapeutics has a 12 month low of $11.11 and a 12 month high of $29.12. The company’s 50-day moving average price is $14.49 and its two-hundred day moving average price is $16.28. The firm has a market cap of $162.34 million, a P/E ratio of -1.70 and a beta of 0.76.

Anika Therapeutics (NASDAQ:ANIK) last issued its quarterly earnings data on Wednesday, March 12th. The biotechnology company reported ($0.14) EPS for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.13). Anika Therapeutics had a negative return on equity of 2.22% and a negative net margin of 59.40%. The company had revenue of $30.60 million for the quarter, compared to the consensus estimate of $29.00 million. As a group, equities analysts predict that Anika Therapeutics will post -0.84 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of ANIK. Alta Fundamental Advisers LLC boosted its stake in shares of Anika Therapeutics by 136.6% in the 4th quarter. Alta Fundamental Advisers LLC now owns 700,432 shares of the biotechnology company’s stock valued at $11,529,000 after purchasing an additional 404,350 shares during the last quarter. Jacobs Levy Equity Management Inc. bought a new position in shares of Anika Therapeutics in the 4th quarter valued at about $1,958,000. JPMorgan Chase & Co. raised its position in shares of Anika Therapeutics by 431.9% in the 4th quarter. JPMorgan Chase & Co. now owns 82,491 shares of the biotechnology company’s stock valued at $1,358,000 after acquiring an additional 66,982 shares during the period. Stonepine Capital Management LLC raised its position in shares of Anika Therapeutics by 25.8% in the 4th quarter. Stonepine Capital Management LLC now owns 238,222 shares of the biotechnology company’s stock valued at $3,921,000 after acquiring an additional 48,914 shares during the period. Finally, Nuveen LLC acquired a new stake in shares of Anika Therapeutics in the 1st quarter valued at approximately $621,000. Institutional investors own 91.53% of the company’s stock.

About Anika Therapeutics

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.