Anika Therapeutics Inc (ANIK) Gets a Buy Rating from Barrington

Barrington analyst Michael Petusky maintained a Buy rating on Anika Therapeutics Inc (ANIKResearch Report) today and set a price target of $44. The company’s shares closed yesterday at $40.49.

Petusky observed:

“We are maintaining our OUTPERFORM investment rating on ANIK shares but are reducing our price target to $44 (from $49 previously). The likely absence of a previously expected $5 million MONOVISC milestone payment is the primary driver behind our price reduction. We arrive at our price target by attaching a 14x multiple to our 2019 adjusted EBITDA estimate. We assume around $182 million in net cash 12 months from now.”

According to TipRanks.com, Petusky is a 4-star analyst with an average return of 6.9% and a 53.2% success rate. Petusky covers the Healthcare sector, focusing on stocks such as Varian Medical Systems, Merit Medical Systems, and Lemaitre Vascular.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Anika Therapeutics Inc with a $40.50 average price target.

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Anika Therapeutics Inc’s market cap is currently $575.4M and has a P/E ratio of 31.63. The company has a Price to Book ratio of 2.25.

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Anika Therapeutics, Inc. is global medical technology company, which develops, manufactures and commercializes therapeutic products for pain management, tissue regeneration, and wound healing. Its products are based on hyaluronic acid, a natural chemical occurring, biocompatible polymer found throughout the body.