Anika Therapeutics price target raised to $37 from $29 at Barrington

Barrington analyst Michael Petusky raised the firm’s price target on Anika Therapeutics to $37 from $29 and keeps an Outperform rating on the shares following the Q4 beat. The analyst cites the company’s stronger than expected adjusted EBITDA guidance for the target increase. While “disappointed by the continuing tepid growth” at JPR, the firm says Anika’s decision to reduce its expense footprint should lead to materially better adjusted EBITDA, which “is a significant incremental positive.”