Insiders have sold. The percentage relative to total held is small, but the fact is, they sold. Why the heck would an insider sell anything before earnings if they didn't expect the stock to drop? Sometimes you just have to reason it out! The stock is not going anywhere except sideways to down for next couple of quarters until Anika proves themselves and can generate the expected profit growth! At best, I rate this stock a hold, but you better be prepared to have extreme patience, average down and "catch the falling knife".