Health and Healthcare
Anika Arthritis Treatment Approval Brings All-Time Highs, Maybe More to Come
Published:
Last Updated:
Shares of biotechnology company Anika Therapeutics Inc. (NASDAQ: ANIK) soared to an all-time high Wednesday after the company said the U.S. Food and Drug Administration (FDA) had approved its drug to treat pain and improve joint mobility in patients with osteoarthritis of the knee.
Source: Thinkstock
The company said the drug, called Monovisc, will be marketed by DePuy Synthes, a unit of Johnson & Johnson (NYSE: JNJ). Anika will receive a $5 million payment when DePuy Synthes makes its first sale of the drug. It will receive additional payments and royalty fees in the future as well.
Monovisc treats pain and improves joint mobility. It is injected into the synovial fluid of a patient’s knee. It has been available since 2008 in Europe, Canada, the United Kingdom and other countries in Europe, the Middle East and Asia.
The shares were up $15.84, or 46%, to $50.31, after hitting an intraday peak of $51.95 right after the open. Formed in 1992, Anika has been growing steadily in recent years, with sales hitting $71 million in 2012, up from $40 million in 2009.
Fourth-quarter results for 2013 are due after Wednesday’s close, with analysts expecting $0.42 a share in earnings, unchanged from a year ago, on revenue of $21.1 million, down slightly.
ALERT: Take This Retirement Quiz Now (Sponsored)
Take the quiz below to get matched with a financial advisor today.
Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests.
Here’s how it works:
1. Answer SmartAsset advisor match quiz
2. Review your pre-screened matches at your leisure. Check out the advisors’ profiles.
3. Speak with advisors at no cost to you. Have an introductory call on the phone or introduction in person and choose whom to work with in the future
Take the retirement quiz right here.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Editors' Picks
