In a report released today, Michael Petusky from Barrington maintained a Buy rating on Anika Therapeutics Inc (ANIK – Research Report), with a price target of $58. The company’s shares closed last Monday at $52.92.
“We found it very interesting that the company decided to address this issue very directly in its long-term strategic plan through a measure they are calling a vitality index (i.e. new product revenue/overall revenue). Management stated that a key internal goal over the next five years is for new products to be delivering at least 25% of overall revenue. We think such a goal is quite smart and clearly demonstrates that the new management team at Anika (under the direction of CEO Joe Darling) “gets it” when it comes to the value creation that often stems from effective new product development.”
According to TipRanks.com, Petusky is a 4-star analyst with an average return of 4.7% and a 50.9% success rate. Petusky covers the Healthcare sector, focusing on stocks such as Varian Medical Systems, Merit Medical Systems, and DENTSPLY SIRONA Inc.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Anika Therapeutics Inc with a $50.50 average price target, a -2.6% downside from current levels. In a report released yesterday, First Analysis also maintained a Buy rating on the stock with a $54 price target.
Based on Anika Therapeutics Inc’s latest earnings release for the quarter ending June 30, the company reported a quarterly net profit of $9.44 million. In comparison, last year the company had a net profit of $10.09 million.
Based on the recent corporate insider activity of 18 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of ANIK in relation to earlier this year.
TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.
Anika Therapeutics, Inc. is an orthopedic and regenerative medicines 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.