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Anika Therapeutics Inc. (ANIK) Sank To A New Low On Disappointing Study Results

Anika Therapeutics Inc. (ANIK) announced after the bell Tuesday that its Phase 3 study of CINGAL 16-02 in patients with knee osteoarthritis failed to reach statistical significance in terms of the primary endpoint.

Anika Therapeutics gapped open sharply lower Wednesday and declined until mid-morning. Shares finished with a loss of 17.35 at $28.77 on the highest volume of the year. The stock sank to a new low for the year.

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