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

Anika Therapeutics, Inc. (NASDAQ:ANIK - Get Free Report) saw a significant decline in short interest in the month of October. As of October 15th, there was short interest totalling 489,100 shares, a decline of 23.5% from the September 30th total of 639,300 shares. Based on an average trading volume of 49,200 shares, the days-to-cover ratio is currently 9.9 days. Approximately 3.4% of the company's shares are sold short.

Hedge Funds Weigh In On Anika Therapeutics

Institutional investors have recently added to or reduced their stakes in the business. Eastern Bank acquired a new position in Anika Therapeutics in the third quarter valued at approximately $28,000. Lazard Asset Management LLC acquired a new position in Anika Therapeutics in the first quarter valued at approximately $180,000. State Board of Administration of Florida Retirement System bought a new stake in shares of Anika Therapeutics during the first quarter valued at approximately $198,000. SG Americas Securities LLC increased its holdings 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 in the last quarter. Finally, BNP Paribas Financial Markets increased its holdings in shares of Anika Therapeutics by 16.9% during the first quarter. BNP Paribas Financial Markets now owns 22,240 shares of the biotechnology company's stock valued at $565,000 after acquiring an additional 3,217 shares in the last quarter. 91.53% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Separately, Barrington Research reaffirmed an "outperform" rating and issued a $37.00 price objective on shares of Anika Therapeutics in a research note on Tuesday, October 22nd.

Anika Therapeutics Price Performance

Shares of Anika Therapeutics stock traded down $0.19 during midday trading on Friday, reaching $24.32. The company had a trading volume of 31,893 shares, compared to its average volume of 62,276. The stock has a fifty day moving average price of $25.04 and a 200 day moving average price of $25.78. The firm has a market cap of $354.76 million, a PE ratio of -4.63 and a beta of 0.83. Anika Therapeutics has a fifty-two week low of $18.44 and a fifty-two week high of $29.11.

Anika Therapeutics (NASDAQ:ANIK - Get Free Report) last issued 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 44.45% and a positive return on equity of 0.94%. The business had revenue of $41.92 million during the quarter, compared to analyst estimates of $39.90 million. During the same period last year, the firm posted ($0.06) earnings per share. As a group, sell-side analysts forecast that Anika Therapeutics will post -0.1 EPS for the current year.

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.