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

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

Several other analysts have also issued reports on FENC. B. Riley Financial assumed coverage on shares of Adherex Technologies in a research report on Thursday, February 12th. They issued a “buy” rating and a $16.00 price target on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Adherex Technologies in a report on Thursday, January 22nd. Zacks Research upgraded shares of Adherex Technologies from a “strong sell” rating to a “hold” rating in a research note on Friday, December 12th. Finally, Piper Sandler assumed coverage on shares of Adherex Technologies in a report on Friday, January 9th. They set an “overweight” rating and a $18.00 target price on the stock. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $15.25.

Adherex Technologies Stock Up 3.7%

NASDAQ FENC opened at $7.80 on Friday. The company has a market cap of $268.01 million, a PE ratio of -33.91 and a beta of 0.75. Adherex Technologies has a 52 week low of $4.68 and a 52 week high of $9.92. The firm’s 50-day simple moving average is $7.95 and its two-hundred day simple moving average is $8.21.

Insiders Place Their Bets

In related news, major shareholder Southpoint Capital Advisors Lp sold 1,000,000 shares of the stock in a transaction on Wednesday, December 24th. The stock was sold at an average price of $7.50, for a total value of $7,500,000.00. Following the sale, the insider owned 2,744,741 shares in the company, valued at approximately $20,585,557.50. This trade represents a 26.70% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Rosty Raykov sold 10,349 shares of Adherex Technologies stock in a transaction on Monday, February 2nd. The shares were sold at an average price of $7.76, for a total value of $80,308.24. Following the sale, the director directly owned 98,477 shares of the company’s stock, valued at $764,181.52. This represents a 9.51% decrease in their position. The disclosure for this sale is available in the SEC filing. Company insiders own 10.98% of the company’s stock.

Institutional Trading of Adherex Technologies

An institutional investor recently bought a new position in Adherex Technologies stock. Jane Street Group LLC bought a new position in Adherex Technologies Inc. (NASDAQ:FENC) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 14,718 shares of the company’s stock, valued at approximately $90,000. Jane Street Group LLC owned approximately 0.05% of Adherex Technologies as of its most recent filing with the Securities & Exchange Commission. 55.51% of the stock is currently owned by hedge funds and other 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.