B.Riley Starts Anika Therapeutics (ANIK) at Buy

B.Riley analyst Anderson Schock initiates coverage on Anika Therapeutics (NASDAQ: ANIK) with a Buy rating and a price target of $21.00.

The analyst comments: "We are initiating coverage of Anika Therapeutics, Inc. (ANIK) with a Buy rating and $21 price target. ANIK leverages its 30+ years of hyaluronic acid (HA) production to develop and commercialize products in the osteoarthritis (OA) pain management and regenerative solutions spaces. The company is the leader in the U.S. OA pain management space, where its HA
products, Monovisc (single injection) and Orthovisc (multi-injection), are distributed exclusively by JNJ's Depuy Synthes. ANIK also is the market leader in OA pain management outside the U.S. in the 40 countries where its co-formulation of steroid and HA injection, Cingal, is available. The OA pain management business provides strong profitability and cash flow to fund the development of the company's regenerative solutions portfolio. We expect ANIK's regenerative solutions product launches to be the main drivers of growth and margin expansion going forward, with multiple near-, mid-, and longer-term product launches in the pipeline. The company launched Integrity, a regenerative implant for tendon repair, in 4Q23, which has seen strong adoption. "

For an analyst ratings summary and ratings history on Anika Therapeutics click here. For more ratings news on Anika Therapeutics click here.

Shares of Anika Therapeutics closed at $13.47 yesterday.

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