Adherex Technologies (NASDAQ:FENC) Rating Increased to Strong-Buy at Wall Street Zen

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

A number of other analysts have also weighed in on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Adherex Technologies in a research note on Thursday, January 22nd. Zacks Research raised Adherex Technologies from a “strong sell” rating to a “hold” rating in a research report on Friday, December 12th. Piper Sandler assumed coverage on Adherex Technologies in a research note on Friday, January 9th. They set an “overweight” rating and a $18.00 price objective for the company. Finally, B. Riley Securities initiated coverage on Adherex Technologies in a research note on Thursday. They issued a “buy” rating and a $16.00 target price on the stock. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Adherex Technologies has an average rating of “Moderate Buy” and an average target price of $14.80.

Adherex Technologies Stock Performance

Shares of FENC stock opened at $8.42 on Friday. Adherex Technologies has a fifty-two week low of $4.68 and a fifty-two week high of $9.92. The firm has a market capitalization of $288.13 million, a PE ratio of -36.61 and a beta of 0.77. The stock’s 50-day simple moving average is $7.69 and its 200-day simple moving average is $8.23.

Adherex Technologies (NASDAQ:FENC) last released its earnings results on Thursday, November 13th. The company reported ($0.02) EPS 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 analyst estimates of $13.43 million. Sell-side analysts forecast that Adherex Technologies will post -0.11 earnings per share for the current year.

Insider Activity at Adherex Technologies

In other news, major shareholder Southpoint Capital Advisors Lp sold 1,000,000 shares of the company’s stock in a transaction that occurred on Wednesday, December 24th. The stock was sold at an average price of $7.50, for a total transaction of $7,500,000.00. Following the completion of the transaction, the insider directly owned 2,744,741 shares of the company’s stock, valued at $20,585,557.50. This represents a 26.70% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Rosty Raykov sold 10,349 shares of Adherex Technologies stock in a transaction dated Monday, February 2nd. The shares were sold at an average price of $7.76, for a total transaction of $80,308.24. Following the completion of the sale, the director owned 98,477 shares in the company, valued at approximately $764,181.52. This trade represents a 9.51% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 1,125,608 shares of company stock worth $8,580,935. 11.76% of the stock is owned by corporate insiders.

Institutional Trading of Adherex Technologies

An institutional investor recently bought a new position in Adherex Technologies stock. AQR Capital Management LLC purchased a new position in shares of Adherex Technologies Inc. (NASDAQ:FENC) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 10,897 shares of the company’s stock, valued at approximately $66,000. 55.51% of the stock is currently owned by institutional investors.

Adherex Technologies Company Profile

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.