Anika adds to gains following FDA approval of Monovisc

Anika Therapeutics (ANIK) surges 41% to $48.67 following the FDA's approval of the company's Monovisc single injection for pain caused by osteoarthritis of the knee.

The authorization must feel pretty sweet for Anika - it first applied for approval over four years ago.

Summer Street has hiked its price target to $60 a share from a prior PT of $47.

"We believe this product will be competitive in a market that is becoming more focused on single-shot injections," Summer Street says.

There are 27M people in the U.S. who suffer from osteoarthritis, which occurs when cartilage breaks down in joints, causing pain and stiffness as bones rub together.

Sanofi (SNY +0.1%) and Zimmer (ZMH +0.4%) sell rival products.

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