Adherex Technologies (NASDAQ:FENC) Coverage Initiated at B. Riley Securities

Investment analysts at B. Riley Securities began coverage on shares of Adherex Technologies (NASDAQ:FENC) in a research report issued to clients and investors on Thursday, MarketBeat.com reports. The firm set a “buy” rating and a $16.00 price target on the stock. B. Riley Securities’ price target points to a potential upside of 90.02% from the company’s previous close.

Several other equities analysts have also weighed in 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. Piper Sandler assumed coverage on shares of Adherex Technologies in a research note on Friday, January 9th. They issued an “overweight” rating and a $18.00 target price on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of Adherex Technologies in a research report on Thursday, January 22nd. Finally, Wall Street Zen lowered shares of Adherex Technologies from a “strong-buy” rating to a “buy” rating in a research note on Saturday, January 17th. Five investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Adherex Technologies has a consensus rating of “Moderate Buy” and an average price target of $14.80.

Adherex Technologies Stock Up 2.7%

FENC stock opened at $8.42 on Thursday. The firm has a market cap of $288.13 million, a PE ratio of -36.61 and a beta of 0.77. The business has a 50 day moving average of $7.69 and a 200-day moving average of $8.23. Adherex Technologies has a 12-month low of $4.68 and a 12-month high of $9.92.

Adherex Technologies (NASDAQ:FENC) last issued 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 business had revenue of $12.46 million for the quarter, compared to the consensus estimate of $13.43 million. On average, research analysts expect that Adherex Technologies will post -0.11 earnings per share for the current year.

Insider Buying and Selling

In related news, major shareholder Southpoint Capital Advisors Lp sold 1,000,000 shares of the firm’s stock in a transaction that occurred on Wednesday, December 24th. The shares were sold at an average price of $7.50, for a total value of $7,500,000.00. Following the completion of the transaction, the insider directly owned 2,744,741 shares of the company’s stock, valued at approximately $20,585,557.50. This trade represents a 26.70% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Rosty Raykov sold 10,349 shares of Adherex Technologies stock in a transaction that occurred 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 transaction, 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 disclosure for this sale is available in the SEC filing. Insiders have sold a total of 1,125,608 shares of company stock worth $8,580,935 over the last 90 days. 11.76% of the stock is currently 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 acquired a new stake in shares of Adherex Technologies Inc. (NASDAQ:FENC) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 10,897 shares of the company’s stock, valued at approximately $66,000. Hedge funds and other institutional investors own 55.51% of the company’s stock.

About Adherex Technologies

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.