Analysts Set Adherex Technologies Inc. (NASDAQ:FENC) Price Target at $13.33

Adherex Technologies Inc. (NASDAQ:FENC) has received an average recommendation of “Moderate Buy” from the six research firms that are covering the company, Marketbeat.com reports. One analyst has rated the stock with a sell recommendation, one has issued a hold recommendation, three have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month price target among analysts that have updated their coverage on the stock in the last year is $13.3333.

FENC has been the subject of several recent research reports. Craig Hallum boosted their price objective on Adherex Technologies from $13.00 to $14.00 and gave the company a “buy” rating in a report on Friday, August 15th. Wall Street Zen upgraded Adherex Technologies from a “hold” rating to a “buy” rating in a report on Friday, October 3rd. Zacks Research downgraded Adherex Technologies from a “strong-buy” rating to a “hold” rating in a report on Friday, August 15th. HC Wainwright restated a “buy” rating and set a $13.00 price objective on shares of Adherex Technologies in a report on Thursday, August 21st. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Adherex Technologies in a report on Wednesday.

Insiders Place Their Bets

In other news, major shareholder Southpoint Capital Advisors Lp sold 20,609 shares of the company’s stock in a transaction on Thursday, October 9th. The shares were sold at an average price of $9.35, for a total value of $192,694.15. Following the completion of the sale, the insider owned 4,010,100 shares in the company, valued at $37,494,435. This represents a 0.51% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Rosty Raykov sold 10,000 shares of the stock in a transaction dated Monday, October 6th. The shares were sold at an average price of $9.78, for a total transaction of $97,800.00. Following the completion of the sale, the director owned 82,501 shares of the company’s stock, valued at approximately $806,859.78. This trade represents a 10.81% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 87,114 shares of company stock valued at $815,025 over the last three months. 11.76% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Adherex Technologies

Large investors have recently modified their holdings of the stock. Bank of America Corp DE lifted its position in shares of Adherex Technologies by 32.1% during the 4th quarter. Bank of America Corp DE now owns 35,827 shares of the company’s stock valued at $226,000 after buying an additional 8,703 shares during the last quarter. AQR Capital Management LLC bought a new stake in shares of Adherex Technologies during the 1st quarter valued at $66,000. Jane Street Group LLC bought a new stake in shares of Adherex Technologies during the 1st quarter valued at $90,000. Nuveen LLC bought a new stake in shares of Adherex Technologies during the 1st quarter valued at $158,000. Finally, AIGH Capital Management LLC bought a new stake in shares of Adherex Technologies during the 1st quarter valued at $2,199,000. Hedge funds and other institutional investors own 55.51% of the company’s stock.

Adherex Technologies Stock Performance

Shares of FENC opened at $8.57 on Wednesday. Adherex Technologies has a 52-week low of $3.96 and a 52-week high of $9.92. The business’s 50 day moving average price is $8.81 and its two-hundred day moving average price is $7.78. The firm has a market cap of $239.19 million, a PE ratio of -20.40 and a beta of 0.64.

Adherex Technologies (NASDAQ:FENC) last issued its quarterly earnings results on Thursday, August 14th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.06) by ($0.05). The business had revenue of $9.76 million during the quarter, compared to analysts’ expectations of $9.52 million. Research analysts predict that Adherex Technologies will post -0.11 EPS for the current fiscal year.

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.