Anika Therapeutics, Inc. (NASDAQ:ANIK) Sees Large Drop in Short Interest

Anika Therapeutics, Inc. (NASDAQ:ANIK) was the recipient of a large drop in short interest in May. As of May 31st, there was short interest totalling 744,500 shares, a drop of 5.6% from the May 15th total of 788,500 shares. Based on an average trading volume of 66,800 shares, the short-interest ratio is currently 11.1 days.

Hedge Funds Weigh In On Anika Therapeutics

A number of hedge funds have recently added to or reduced their stakes in ANIK. Trigran Investments Inc. boosted its stake in Anika Therapeutics by 22.7% during the 3rd quarter. Trigran Investments Inc. now owns 2,217,019 shares of the biotechnology company’s stock valued at $41,303,000 after purchasing an additional 410,390 shares during the last quarter. Capital Management Corp VA boosted its stake in Anika Therapeutics by 322.1% during the 4th quarter. Capital Management Corp VA now owns 355,534 shares of the biotechnology company’s stock valued at $8,056,000 after purchasing an additional 271,309 shares during the last quarter. Acadian Asset Management LLC boosted its stake in Anika Therapeutics by 184.5% during the 3rd quarter. Acadian Asset Management LLC now owns 336,058 shares of the biotechnology company’s stock valued at $6,255,000 after purchasing an additional 217,915 shares during the last quarter. Invenomic Capital Management LP boosted its stake in Anika Therapeutics by 124.6% during the 4th quarter. Invenomic Capital Management LP now owns 210,332 shares of the biotechnology company’s stock valued at $4,766,000 after purchasing an additional 116,679 shares during the last quarter. Finally, GSA Capital Partners LLP acquired a new position in Anika Therapeutics during the 3rd quarter valued at about $962,000. Institutional investors and hedge funds own 91.53% of the company’s stock.

Anika Therapeutics Price Performance

Shares of Anika Therapeutics stock opened at $25.93 on Wednesday. Anika Therapeutics has a one year low of $16.54 and a one year high of $28.67. The firm has a market capitalization of $378.32 million, a price-to-earnings ratio of -4.94, a PEG ratio of 2.43 and a beta of 0.84. The business has a 50-day simple moving average of $25.92 and a 200 day simple moving average of $24.63.

Anika Therapeutics (NASDAQ:ANIK) last issued its earnings results on Wednesday, May 8th. The biotechnology company reported $0.09 EPS for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.04). Anika Therapeutics had a negative net margin of 45.39% and a positive return on equity of 0.48%. The firm had revenue of $40.52 million during the quarter, compared to the consensus estimate of $39.23 million. On average, sell-side analysts expect that Anika Therapeutics will post 1.08 EPS for the current year.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on ANIK shares. Barrington Research reissued an “outperform” rating and issued a $37.00 price objective on shares of Anika Therapeutics in a research report on Thursday, May 9th. StockNews.com raised Anika Therapeutics from a “hold” rating to a “buy” rating in a research report on Thursday, March 14th. Finally, Stephens reaffirmed an “equal weight” rating and issued a $24.00 target price on shares of Anika Therapeutics in a research report on Wednesday, May 29th.

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.