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

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

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

Adherex Technologies Trading Up 0.3%

FENC stock opened at $7.86 on Tuesday. The company’s 50 day moving average is $7.66 and its 200 day moving average is $8.24. The stock has a market cap of $268.97 million, a price-to-earnings ratio of -34.17 and a beta of 0.77. Adherex Technologies has a 1-year low of $4.68 and a 1-year high of $9.92.

Adherex Technologies (NASDAQ:FENC) last released its quarterly 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 company had revenue of $12.46 million during the quarter, compared to analysts’ expectations of $13.43 million. As a group, sell-side analysts forecast that Adherex Technologies will post -0.11 EPS for the current fiscal year.

Insider Buying and Selling at Adherex Technologies

In other Adherex Technologies news, major shareholder Southpoint Capital Advisors Lp sold 1,000,000 shares of Adherex Technologies stock in a transaction that occurred 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 transaction, the insider directly owned 2,744,741 shares of the company’s stock, valued at $20,585,557.50. The trade was a 26.70% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Rosty Raykov sold 10,349 shares of the company’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 sale, the director owned 98,477 shares of the company’s stock, 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. In the last ninety days, insiders have sold 1,285,708 shares of company stock worth $9,861,735. 10.98% of the stock is owned by insiders.

Hedge Funds Weigh In On Adherex Technologies

A hedge fund recently bought a new stake in Adherex Technologies stock. Jane Street Group LLC acquired a new stake in shares of Adherex Technologies Inc. (NASDAQ:FENC) during the first quarter, according to its most recent Form 13F filing with the SEC. The fund acquired 14,718 shares of the company’s stock, valued at approximately $90,000. Jane Street Group LLC owned 0.05% of Adherex Technologies at the end of the most recent quarter. Institutional investors own 55.51% of the company’s stock.

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.