Anika Therapeutics (NASDAQ:ANIK) Upgraded at Zacks Investment Research

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Zacks Investment Research upgraded shares of Anika Therapeutics (NASDAQ:ANIK) from a hold rating to a buy rating in a research note published on Monday morning, Zacks.com reports. They currently have $45.00 price objective on the biotechnology company’s stock.

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 analysts have also recently commented on the company. TheStreet cut 22nd Century Group from a c- rating to a d+ rating in a research report on Friday, March 29th. BidaskClub raised Zai Lab from a buy rating to a strong-buy rating in a research report on Friday, June 28th. Finally, ValuEngine raised Vistra Energy from a hold rating to a buy rating in a research report on Wednesday, July 3rd. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the company. The stock presently has an average rating of Hold and an average target price of $40.25.

Shares of NASDAQ ANIK opened at $40.87 on Monday. Anika Therapeutics has a one year low of $29.01 and a one year high of $44.95. The company has a debt-to-equity ratio of 0.08, a current ratio of 18.07 and a quick ratio of 16.12. The company’s fifty day moving average price is $39.99. The stock has a market cap of $579.22 million, a PE ratio of 22.21, a PEG ratio of 3.12 and a beta of 1.08.

Anika Therapeutics (NASDAQ:ANIK) last issued its quarterly earnings results on Thursday, May 2nd. The biotechnology company reported $0.31 EPS for the quarter, beating analysts’ consensus estimates of $0.21 by $0.10. Anika Therapeutics had a return on equity of 11.57% and a net margin of 27.44%. The firm had revenue of $24.72 million for the quarter, compared to analysts’ expectations of $22.06 million. During the same quarter in the prior year, the firm earned ($0.46) EPS. The business’s revenue for the quarter was up 16.3% compared to the same quarter last year. As a group, research analysts forecast that Anika Therapeutics will post 1.3 earnings per share for the current fiscal year.

Large investors have recently added to or reduced their stakes in the stock. Quantamental Technologies LLC bought a new stake in shares of Anika Therapeutics during the 1st quarter valued at $69,000. Massmutual Trust Co. FSB ADV bought a new stake in shares of Anika Therapeutics during the 4th quarter valued at $76,000. BNP Paribas Arbitrage SA raised its stake in shares of Anika Therapeutics by 356.0% during the 1st quarter. BNP Paribas Arbitrage SA now owns 2,891 shares of the biotechnology company’s stock valued at $87,000 after purchasing an additional 2,257 shares during the period. Municipal Employees Retirement System of Michigan bought a new stake in shares of Anika Therapeutics during the 4th quarter valued at $140,000. Finally, Metropolitan Life Insurance Co. NY raised its stake in shares of Anika Therapeutics by 382.3% during the 4th quarter. Metropolitan Life Insurance Co. NY now owns 5,141 shares of the biotechnology company’s stock valued at $173,000 after purchasing an additional 4,075 shares during the period. Institutional investors own 93.86% of the company’s stock.

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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