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Anika Therapeutics Sells Off

Shares drop 11% after its earnings report.

Anika Therapeutics

(ANIK) - Get Anika Therapeutics, Inc. Report

shares sank Wednesday after the company's third-quarter earnings and revenue declined from last year.

Shares dropped 11.5% to $13.05 in trading that was more active than usual.

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Anika reported revenue of $6.2 million, down from $10.1 million in the year-ago period. Product revenue fell to $5.5 million from $6 million a year ago.

Overall, the company earned $1.3 million in the third quarter, or 12 cents a share, down from $2.5 million, or 22 cents a share, last year. Analysts were expecting earnings of 11 cents a share in the latest quarter.