Anika Therapeutics selloff provides entry point, says Barrington

Barrington lowered the firm’s price target on Anika Therapeutics (ANIK) to $19 from $20 and keeps an Outperform rating on the shares. While the Q1 miss is “frustrating,” Anika’s product pipeline holds material value that will “begin to be unlocked in a significant way” over the next two years, the analyst tells investors in a research note. The firm thinks the recent share price weakness “provides a very good entry point for new investors and is a great opportunity to add to positions for long-suffering, current investors.”