Envestnet Asset Management Inc. Reduces Stake in Anika Therapeutics Inc (NASDAQ:ANIK)

Envestnet Asset Management Inc. lowered its position in Anika Therapeutics Inc (NASDAQ:ANIK) by 8.0% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 17,372 shares of the biotechnology company’s stock after selling 1,510 shares during the period. Envestnet Asset Management Inc. owned approximately 0.13% of Anika Therapeutics worth $954,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Nisa Investment Advisors LLC boosted its position in Anika Therapeutics by 146.8% in the third quarter. Nisa Investment Advisors LLC now owns 2,740 shares of the biotechnology company’s stock valued at $150,000 after buying an additional 1,630 shares during the last quarter. Meeder Asset Management Inc. purchased a new stake in Anika Therapeutics in the third quarter valued at approximately $94,000. State of Alaska Department of Revenue boosted its position in Anika Therapeutics by 118.9% in the third quarter. State of Alaska Department of Revenue now owns 10,588 shares of the biotechnology company’s stock valued at $581,000 after buying an additional 5,751 shares during the last quarter. Macquarie Group Ltd. purchased a new stake in Anika Therapeutics in the second quarter valued at approximately $268,000. Finally, Kayne Anderson Rudnick Investment Management LLC boosted its position in Anika Therapeutics by 2.2% in the second quarter. Kayne Anderson Rudnick Investment Management LLC now owns 1,627,634 shares of the biotechnology company’s stock valued at $66,114,000 after buying an additional 34,313 shares during the last quarter. Hedge funds and other institutional investors own 98.97% of the company’s stock.

Anika Therapeutics stock opened at $60.22 on Friday. The company has a current ratio of 19.99, a quick ratio of 17.74 and a debt-to-equity ratio of 0.08. Anika Therapeutics Inc has a 12 month low of $29.01 and a 12 month high of $75.71. The stock’s 50 day simple moving average is $59.53 and its two-hundred day simple moving average is $48.65. The firm has a market cap of $893.41 million, a PE ratio of 32.73, a P/E/G ratio of 3.09 and a beta of 1.07.

Anika Therapeutics (NASDAQ:ANIK) last released its quarterly earnings data on Thursday, October 24th. The biotechnology company reported $0.64 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.39 by $0.25. Anika Therapeutics had a return on equity of 11.59% and a net margin of 27.60%. The business had revenue of $29.70 million for the quarter, compared to analyst estimates of $27.01 million. During the same quarter in the prior year, the firm posted $0.53 EPS. The business’s quarterly revenue was up 10.9% compared to the same quarter last year. On average, equities research analysts forecast that Anika Therapeutics Inc will post 2.03 EPS for the current year.

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A number of brokerages recently commented on ANIK. Sidoti set a $50.00 target price on Anika Therapeutics and gave the company a “hold” rating in a research report on Friday, October 25th. TheStreet upgraded Anika Therapeutics from a “c” rating to a “b-” rating in a research report on Friday, July 26th. Barrington Research restated an “outperform” rating and issued a $58.00 price objective (up previously from $49.00) on shares of Anika Therapeutics in a research report on Tuesday, September 24th. First Analysis lowered Anika Therapeutics from a “strong-buy” rating to an “outperform” rating and set a $54.00 price objective on the stock. in a research report on Monday, September 23rd. Finally, BidaskClub lowered Anika Therapeutics from a “buy” rating to a “hold” rating in a research report on Wednesday, October 23rd. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, three have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $50.40.

In other news, Director Glenn R. Larsen sold 4,355 shares of the company’s stock in a transaction that occurred on Wednesday, August 28th. The stock was sold at an average price of $57.21, for a total transaction of $249,149.55. Following the completion of the transaction, the director now directly owns 7,590 shares of the company’s stock, valued at approximately $434,223.90. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Joseph L. Bower sold 1,994 shares of the company’s stock in a transaction that occurred on Tuesday, August 20th. The stock was sold at an average price of $55.57, for a total value of $110,806.58. Following the transaction, the director now directly owns 43,010 shares of the company’s stock, valued at $2,390,065.70. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 26,349 shares of company stock valued at $1,554,156. Corporate insiders own 3.67% of the company’s stock.

Anika Therapeutics Profile

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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Institutional Ownership by Quarter for Anika Therapeutics (NASDAQ:ANIK)

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