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

Adherex Technologies (NASDAQ:FENC) was upgraded by Wall Street Zen from a “hold” rating to a “buy” rating in a research note issued on Sunday.

Other equities research analysts have also issued reports about the company. HC Wainwright reaffirmed a “buy” rating and set a $13.00 target price on shares of Adherex Technologies in a research report on Tuesday, May 20th. Craig Hallum raised their target price on Adherex Technologies from $13.00 to $14.00 and gave the company a “buy” rating in a research report on Friday. Four investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $13.33.

Adherex Technologies Trading Down 2.0%

NASDAQ FENC opened at $8.36 on Friday. The firm has a market capitalization of $232.49 million, a P/E ratio of -19.90 and a beta of 0.40. The business has a fifty day simple moving average of $8.42 and a 200 day simple moving average of $7.15. Adherex Technologies has a 12 month low of $3.96 and a 12 month high of $9.42.

Adherex Technologies (NASDAQ:FENC) last released its quarterly earnings results on Thursday, August 14th. The company reported ($0.11) EPS for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.05). The company had revenue of $9.76 million during the quarter, compared to analyst estimates of $9.52 million. As a group, sell-side analysts predict that Adherex Technologies will post -0.11 EPS for the current fiscal year.

Insider Buying and Selling at Adherex Technologies

In other news, Director Rosty Raykov sold 10,000 shares of the firm’s stock in a transaction on Tuesday, August 5th. The stock was sold at an average price of $8.09, for a total transaction of $80,900.00. Following the completion of the sale, the director directly owned 55,878 shares of the company’s stock, valued at $452,053.02. This trade represents a 15.18% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Jeffrey S. Hackman purchased 13,965 shares of the business’s stock in a transaction dated Monday, May 19th. The shares were purchased at an average price of $6.99 per share, with a total value of $97,615.35. Following the purchase, the chief executive officer directly owned 15,000 shares in the company, valued at $104,850. This trade represents a 1,349.28% increase in their position. The disclosure for this purchase can be found here. Over the last ninety days, insiders have sold 31,119 shares of company stock valued at $254,546. Insiders own 11.76% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. AQR Capital Management LLC bought a new position in shares of Adherex Technologies during the 1st quarter worth $66,000. Wells Fargo & Company MN grew its stake in shares of Adherex Technologies by 31.6% during the 4th quarter. Wells Fargo & Company MN now owns 13,152 shares of the company’s stock worth $83,000 after acquiring an additional 3,155 shares during the period. Jane Street Group LLC bought a new position in shares of Adherex Technologies during the 1st quarter worth $90,000. Pinnacle Wealth Planning Services Inc. bought a new position in shares of Adherex Technologies during the 4th quarter worth $97,000. Finally, MetLife Investment Management LLC bought a new position in shares of Adherex Technologies during the 4th quarter worth $99,000. 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.