Adherex Technologies Inc. (NASDAQ:FENC) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Adherex Technologies Inc. (NASDAQ:FENC) has been given a consensus rating of “Moderate Buy” by the seven analysts that are currently covering the stock, Marketbeat reports. One analyst has rated the stock with a sell rating, one has given a hold rating, four have assigned a buy rating and one has issued a strong buy rating on the company. The average 12 month price target among brokers that have issued ratings on the stock in the last year is $14.80.

FENC has been the subject of a number of analyst reports. Piper Sandler initiated coverage on Adherex Technologies in a report on Friday, January 9th. They issued an “overweight” rating and a $18.00 price objective for the company. Wall Street Zen raised shares of Adherex Technologies from a “buy” rating to a “strong-buy” rating in a research note on Saturday, February 14th. B. Riley Financial initiated coverage on shares of Adherex Technologies in a report on Thursday, February 12th. They issued a “buy” rating and a $16.00 target price on the stock. Zacks Research upgraded shares of Adherex Technologies from a “strong sell” rating to a “hold” rating in a research report on Friday, December 12th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Adherex Technologies in a report on Thursday, January 22nd.

Adherex Technologies Stock Down 2.9%

FENC stock opened at $7.70 on Friday. The business’s fifty day moving average is $7.94 and its 200-day moving average is $8.25. The company has a market cap of $263.49 million, a P/E ratio of -33.48 and a beta of 0.75. Adherex Technologies has a twelve month low of $4.68 and a twelve month high of $9.92.

Insider Activity at Adherex Technologies

In other news, major shareholder Southpoint Capital Advisors Lp sold 1,000,000 shares of the 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 completion of the sale, the insider owned 2,744,741 shares of the company’s stock, valued at $20,585,557.50. This represents a 26.70% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Rosty Raykov sold 10,349 shares of the business’s stock in a transaction on 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 directly owned 98,477 shares in the company, valued at $764,181.52. This represents a 9.51% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 11.76% of the stock is currently owned by insiders.

Institutional Trading of Adherex Technologies

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

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.