Barrington Research Cuts Anika Therapeutics (NASDAQ:ANIK) Price Target to $25.00

Anika Therapeutics (NASDAQ:ANIK) had its price target trimmed by Barrington Research from $37.00 to $25.00 in a research note issued to investors on Friday, MarketBeat Ratings reports. They currently have an outperform rating on the biotechnology company’s stock.

Anika Therapeutics Stock Performance

Shares of NASDAQ:ANIK opened at $17.07 on Friday. Anika Therapeutics has a 52-week low of $16.00 and a 52-week high of $29.11. The firm has a fifty day moving average of $24.45 and a 200 day moving average of $25.58. The firm has a market capitalization of $252.58 million, a PE ratio of -2.57 and a beta of 0.86.

Anika Therapeutics (NASDAQ:ANIK) last posted its quarterly earnings results on Thursday, August 8th. The biotechnology company reported ($0.01) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.23 by ($0.24). Anika Therapeutics had a negative net margin of 59.40% and a negative return on equity of 2.22%. The business had revenue of $41.92 million for the quarter, compared to analysts’ expectations of $39.90 million. During the same quarter in the previous year, the company earned ($0.06) earnings per share. On average, sell-side analysts forecast that Anika Therapeutics will post -0.1 EPS for the current fiscal year.

Hedge Funds Weigh In On Anika Therapeutics

Several hedge funds and other institutional investors have recently modified their holdings of ANIK. Eastern Bank bought a new position in shares of Anika Therapeutics during the third quarter valued at about $28,000. Lazard Asset Management LLC bought a new position in shares of Anika Therapeutics during the first quarter valued at about $180,000. State Board of Administration of Florida Retirement System bought a new position in shares of Anika Therapeutics during the first quarter valued at about $198,000. Atria Investments Inc bought a new position in shares of Anika Therapeutics during the third quarter valued at about $218,000. Finally, SG Americas Securities LLC raised its stake in shares of Anika Therapeutics by 7.8% during the first quarter. SG Americas Securities LLC now owns 8,615 shares of the biotechnology company’s stock valued at $219,000 after acquiring an additional 627 shares during the last quarter. 91.53% of the stock is owned by institutional investors.

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.