Anika Therapeutics Announces Accelerated Buyback Program, Shares Jumps

Anika Therapeutics Inc (NASDAQ: ANIK), a manufacturer of therapeutic products for tissue protection, announced after Wednesday's market close an accelerated stock repurchase program.

Anika Therapeutics' Board of Directors authorized a $25 million accelerate share repurchase program which the company expects to be completed in the third quarter of 2016.

"Anika's strong balance sheet and cash flow enable us to return value to shareholders through share repurchases, while continuing to invest in our business to drive long-term growth," said Dr. Charles H. Sherwood, President and Chief Executive Officer. "This program reflects our confidence in the business and deep commitment to creating shareholder value in both the near- and long-term."

Anika Therapeutics' stock showed no trades early Thursday morning but gained nearly 5 percent during Wednesday's after-hours trading session following the announcement.