Adherex Technologies (NASDAQ:FENC) Cut to Strong Sell at Zacks Research

Zacks Research lowered shares of Adherex Technologies (NASDAQ:FENC) from a hold rating to a strong sell rating in a report published on Tuesday morning,Zacks.com reports.

FENC has been the topic of a number of other research reports. Wall Street Zen raised Adherex Technologies from a “hold” rating to a “buy” rating in a report on Friday, October 3rd. Weiss Ratings restated a “sell (d-)” rating on shares of Adherex Technologies in a research note on Wednesday, October 8th. Craig Hallum increased their price objective on Adherex Technologies from $13.00 to $14.00 and gave the stock a “buy” rating in a research report on Friday, August 15th. Finally, HC Wainwright restated a “buy” rating and set a $13.00 target price on shares of Adherex Technologies in a research report on Thursday, August 21st. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $13.33.

Adherex Technologies Stock Performance

Shares of FENC opened at $8.64 on Tuesday. The stock has a market capitalization of $241.14 million, a P/E ratio of -20.57 and a beta of 0.64. Adherex Technologies has a 1 year low of $3.96 and a 1 year high of $9.92. The company’s fifty day moving average is $8.84 and its two-hundred day moving average is $7.83.

Adherex Technologies (NASDAQ:FENC) last released its earnings results on Thursday, August 14th. The company reported ($0.11) EPS for the quarter, missing the consensus estimate of ($0.06) by ($0.05). The firm had revenue of $9.76 million for the quarter, compared to the consensus estimate of $9.52 million. Sell-side analysts predict that Adherex Technologies will post -0.11 EPS for the current year.

Insider Buying and Selling at Adherex Technologies

In other news, Director Rosty Raykov sold 10,000 shares of Adherex Technologies stock in a transaction on Monday, October 6th. The stock was sold at an average price of $9.78, for a total transaction of $97,800.00. Following the completion of the transaction, the director owned 82,501 shares of the company’s stock, valued at $806,859.78. The trade was a 10.81% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, major shareholder Southpoint Capital Advisors Lp sold 26,900 shares of the business’s stock in a transaction dated Tuesday, October 7th. The stock was sold at an average price of $9.59, for a total transaction of $257,971.00. Following the completion of the sale, the insider owned 4,050,314 shares in the company, valued at $38,842,511.26. This represents a 0.66% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 88,889 shares of company stock valued at $831,426. 11.76% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Adherex Technologies

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Jane Street Group LLC purchased a new stake in shares of Adherex Technologies in the first quarter valued at about $90,000. AQR Capital Management LLC purchased a new stake in Adherex Technologies in the 1st quarter valued at approximately $66,000. Nuveen LLC purchased a new stake in Adherex Technologies in the 1st quarter valued at approximately $158,000. Finally, AIGH Capital Management LLC acquired a new stake in Adherex Technologies during the 1st quarter valued at $2,199,000. Institutional investors and hedge funds 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.