NEW YORK ( TheStreet) -- Shares of Anika Therapeutics (Nasdaq: ANIK) have taken a tremendous swing upward. The stock is trading at $7.30 as of 9:30 a.m. ET, 20.9% above Wednesday's closing price of $6.04. Volume is at 9,625, 0.4 times the daily average of 21,800. Anika has a market cap of $81.7 million and is part of the health care sector and drugs industry. Shares are down 9.4% year to date as of the close of trading on Wednesday. Anika Therapeutics, Inc., together with its subsidiaries, develops, manufactures, and commercializes therapeutic products for tissue protection, healing, and repair. Its products are based on hyaluronic acid (HA), a naturally occurring biocompatible polymer found in the body. The company has a P/E ratio of 15.8, equal to the average drugs industry P/E ratio and below the S&P 500 P/E ratio of 17.7. TheStreet Ratings rates Anika as a hold. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures and compelling growth in net income. However, as a counter to these strengths, we also find weaknesses including weak operating cash flow and a generally disappointing performance in the stock itself. You can view the full Anika Ratings Report. See our top % gaining stocks list for other stocks that are soaring today, or get investment ideas from our investment research center. Interested in other stocks that are soaring? Get free SMS text alerts sent to you when the action happens by texting SOAR to 95370 or select from multiple alert options.