B.Riley Assumes Anika Therapeutics (ANIK) at Buy

B.Riley analyst Madison El-Saadi assumes coverage on Anika Therapeutics (NASDAQ: ANIK) with a Buy rating and a price target of $23.00.

The analyst comments "We are assuming coverage of ANIK with a Buy rating and raising our price target from $21 to $23. The operational turnaround is now producing the earnings recovery we expect carries its pipeline expansion opportunities, which could have regulatory roadmap clarity in 2H26. Manufacturing upgrades and expense discipline took 2Q26 gross margin to 65% vs 51% (2Q25) and lifted the FY26 adj. EBITDA margin guide to 13%-17%, which we read as a durable base rather than a peak. We think the post-2Q ~40% move (vs XBI 5%) captures the margin step-up but not the cash flow that Hyalofast and Cingal could generate (each ~$1B U.S. opportunity). On Hyalofast, we think the Street is underestimating FDA's willingness to approve despite the FastTRACK co-primary miss (see discussion below); approval could more than double ANIK's topline rev in the years that follow. Cingal layers on a second approval-gated step-up that we model as a free call option. We see both products as misunderstood, with clarity expected near-term; Hyalofast deficiency letter response ~3Q26, and Cingal bioequivalence enrollment completing YE26, CSR update 1Q27, and NDA submission 2H27E."

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 $21.03 yesterday.

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