Adherex Technologies Inc. (NASDAQ:FENC) Receives Average Recommendation of “Moderate Buy” from Brokerages

Shares of Adherex Technologies Inc. (NASDAQ:FENC) have been given a consensus recommendation of “Moderate Buy” by the six ratings firms that are presently covering the stock, Marketbeat Ratings reports. One analyst has rated the stock with a sell rating, one has issued a hold rating and four have assigned a buy rating to the company. The average 1-year target price among analysts that have updated their coverage on the stock in the last year is $14.50.

A number of equities analysts recently issued reports on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Adherex Technologies in a research note on Thursday, January 22nd. Piper Sandler initiated coverage on shares of Adherex Technologies in a report on Friday, January 9th. They set an “overweight” rating and a $18.00 price target on the stock. Zacks Research upgraded shares of Adherex Technologies from a “strong sell” rating to a “hold” rating in a report on Friday, December 12th. Finally, Wall Street Zen cut Adherex Technologies from a “strong-buy” rating to a “buy” rating in a research report on Saturday, January 17th.

Insider Activity

In other Adherex Technologies news, Director Rosty Raykov sold 10,349 shares of the business’s stock in a transaction dated Monday, February 2nd. The stock was sold at an average price of $7.76, for a total value of $80,308.24. Following the completion of the transaction, the director owned 98,477 shares of the company’s stock, valued at approximately $764,181.52. The trade was a 9.51% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Southpoint Capital Advisors Lp sold 1,000,000 shares of the firm’s stock in a transaction dated 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 in the company, valued at approximately $20,585,557.50. The trade was a 26.70% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 1,285,708 shares of company stock valued at $9,861,735 over the last quarter. 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 bought a new position in Adherex Technologies Inc. (NASDAQ:FENC) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 10,897 shares of the company’s stock, valued at approximately $66,000. Institutional investors and hedge funds own 55.51% of the company’s stock.

Adherex Technologies Trading Up 0.3%

Shares of Adherex Technologies stock opened at $7.86 on Tuesday. The business has a fifty day simple moving average of $7.66 and a two-hundred day simple moving average of $8.24. The firm has a market capitalization of $268.97 million, a P/E ratio of -34.17 and a beta of 0.77. Adherex Technologies has a 12 month low of $4.68 and a 12 month high of $9.92.

Adherex Technologies (NASDAQ:FENC) last announced its quarterly earnings data 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 business had revenue of $12.46 million during the quarter, compared to analysts’ expectations of $13.43 million. Analysts predict that Adherex Technologies will post -0.11 earnings per share for the current year.

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.