Adherex Technologies (NASDAQ:FENC) Cut to “Buy” at Wall Street Zen

by · The Cerbat Gem

Wall Street Zen lowered shares of Adherex Technologies (NASDAQ:FENC – Free Report) from a strong-buy rating to a buy rating in a report published on Saturday.

Several other research analysts have also weighed in on FENC. Piper Sandler began coverage on Adherex Technologies in a report on Friday, January 9th. They set an “overweight” rating and a $18.00 target price on the stock. Zacks Research upgraded Adherex Technologies from a “strong sell” rating to a “hold” rating in a report on Friday, December 12th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Adherex Technologies in a research note on Wednesday, October 8th. Four investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $14.50.

View Our Latest Analysis on FENC

Adherex Technologies Stock Performance

Shares of NASDAQ FENC opened at $7.59 on Friday. Adherex Technologies has a 52-week low of $4.68 and a 52-week high of $9.92. The stock has a market cap of $259.27 million, a P/E ratio of -33.00 and a beta of 0.78. The firm has a 50 day moving average price of $7.74 and a 200 day moving average price of $8.35.

Adherex Technologies (NASDAQ:FENC – Get Free Report) last announced its quarterly earnings results on Thursday, November 13th. The company reported ($0.02) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.06. The firm had revenue of $12.46 million for the quarter, compared to the consensus estimate of $13.43 million. Analysts predict that Adherex Technologies will post -0.11 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Adherex Technologies news, major shareholder Southpoint Capital Advisors Lp sold 1,000,000 shares of the company’s stock in a transaction on Wednesday, December 24th. The shares were sold at an average price of $7.50, for a total transaction of $7,500,000.00. Following the sale, the insider directly owned 2,744,741 shares of the company’s stock, valued at approximately $20,585,557.50. This represents a 26.70% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Rosty Raykov sold 10,000 shares of the stock in a transaction on Friday, December 5th. The shares were sold at an average price of $7.54, for a total transaction of $75,400.00. Following the completion of the sale, the director owned 77,526 shares of the company’s stock, valued at approximately $584,546.04. This represents a 11.43% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 1,285,359 shares of company stock worth $9,862,427. 10.98% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Adherex Technologies

A hedge fund recently bought a new stake in Adherex Technologies stock. AQR Capital Management LLC acquired a new stake in Adherex Technologies Inc. (NASDAQ:FENC – Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 10,897 shares of the company’s stock, valued at approximately $66,000. 55.51% of the stock is owned by institutional investors and hedge funds.

Adherex Technologies Company Profile

(Get Free Report)

Fennec Pharmaceuticals Inc, a biopharmaceutical company, develops product candidates for use in the treatment of cancer in the United States. Its lead product candidate is the Sodium Thiosulfate, which has completed the Phase III clinical trial for the prevention of cisplatin induced hearing loss or ototoxicity in children. The company was formerly known as Adherex Technologies Inc and changed its name to Fennec Pharmaceuticals Inc in September 2014. Fennec Pharmaceuticals Inc was founded in 1996 and is based in Research Triangle Park, North Carolina.

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