Top 10 Holdings of Caligan Partners

3. Anika Therapeutics, Inc. (NASDAQ:ANIK)

Caligan Partners’ Equity Stake: $35.56 Million

Number of Hedge Fund Holders: 19

Anika Therapeutics, Inc. (NASDAQ:ANIK) is a medical instruments & supplies company and one of the top 10 holdings of Caligan Partners. It specializes in creating and delivering advancements in early intervention orthopedic care in osteoarthritis (OA) pain management, regenerative solutions, sports medicine, and arthrosurface joint solutions.

While Anika Therapeutics, Inc. (NASDAQ:ANIK) was down by about 23% in 2023, it is up by about 27% as the bounce back continues at a gathering pace. The bounce back comes on Caligan Partners disclosing a 9.7% stake in the company in the first quarter and engineering an activist campaign to influence the company’s strategic direction.

The activist campaign is already bearing fruit as the hedge fund has secured two board seats and pushed Anika Therapeutics, Inc. (NASDAQ:ANIK) to authorize a $40 million share repurchase program to return value to shareholders.

As of the end of the first quarter, 19 hedge funds out of 920 tracked by Insider Monkey held stakes in the company, a drop from 21 as of the end of the fourth quarter of 2023.