Adherex Technologies (NASDAQ:FENC) Raised to “Strong-Buy” at Zacks Research

Adherex Technologies (NASDAQ:FENC) was upgraded by equities research analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research report issued to clients and investors on Thursday, Zacks reports.

Several other equities analysts also recently commented on FENC. Weiss Ratings reiterated a “sell (d-)” rating on shares of Adherex Technologies in a report on Thursday, October 15th. Wedbush raised their target price on shares of Adherex Technologies from $13.00 to $16.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 12th. B. Riley Financial reaffirmed a “buy” rating and set a $18.00 target price (up from $16.00) on shares of Adherex Technologies in a report on Wednesday, August 12th. Finally, HC Wainwright reiterated a “buy” rating and issued a $16.00 price target on shares of Adherex Technologies in a research note on Wednesday, September 9th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $17.00.

Adherex Technologies Stock Up 6.6%

Shares of NASDAQ FENC traded up $0.72 during midday trading on Thursday, hitting $11.62. 461,196 shares of the company’s stock were exchanged, compared to its average volume of 155,058. Adherex Technologies has a 12 month low of $5.65 and a 12 month high of $13.25. The company’s 50 day moving average price is $10.64 and its 200 day moving average price is $9.36. The firm has a market capitalization of $409.20 million, a PE ratio of 1,162.00 and a beta of 1.29.

Adherex Technologies (NASDAQ:FENC) last posted its quarterly earnings results on Thursday, November 12th. The company reported $0.12 earnings per share for the quarter, beating analysts’ consensus estimates of $0.10 by $0.02. Adherex Technologies had a return on equity of 9.58% and a net margin of 2.52%. The business had revenue of $19.61 million for the quarter, compared to analysts’ expectations of $18.87 million. On average, equities research analysts anticipate that Adherex Technologies will post 0.32 EPS for the current year.

Insiders Place Their Bets

In other news, CFO Robert Andrade sold 75,000 shares of Adherex Technologies stock in a transaction on Thursday, August 27th. The stock was sold at an average price of $11.78, for a total transaction of $883,500.00. Following the completion of the sale, the chief financial officer owned 217,675 shares of the company’s stock, valued at approximately $2,564,211.50. This trade represents a 25.63% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Pierre Sargis Sayad sold 12,000 shares of the business’s stock in a transaction dated Monday, August 31st. The shares were sold at an average price of $12.18, for a total transaction of $146,160.00. Following the completion of the sale, the insider directly owned 9,519 shares of the company’s stock, valued at approximately $115,941.42. The trade was a 55.76% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 10.73% of the company’s stock.

About Adherex Technologies

Adherex Technologies was a biotechnology company focused on developing treatments for cancer. In 2014, the company changed its name to Fennec Pharmaceuticals Inc.; Fennec later adopted the Nasdaq ticker FENC. Fennec is a commercial-stage biopharmaceutical company focused on therapies that address complications of cancer treatment. Its principal product is PEDMARK, a sodium thiosulfate injection approved in the United States to reduce the risk of cisplatin-related hearing damage in certain pediatric patients with cancer.