Adherex Technologies (NASDAQ:FENC) Lowered to Buy Rating by Wall Street Zen

Adherex Technologies (NASDAQ:FENC) was downgraded by research analysts at Wall Street Zen from a “strong-buy” rating to a “buy” rating in a note issued to investors on Sunday.

Several other research firms have also recently commented on FENC. Craig Hallum raised their target price on shares of Adherex Technologies from $13.00 to $14.00 and gave the company a “buy” rating in a research note on Friday, August 15th. HC Wainwright reiterated a “buy” rating and issued a $13.00 price objective on shares of Adherex Technologies in a report on Thursday, August 21st. Weiss Ratings reissued a “sell (d-)” rating on shares of Adherex Technologies in a report on Wednesday, October 8th. Finally, Zacks Research downgraded Adherex Technologies from a “hold” rating to a “strong sell” rating in a research report on Tuesday, October 14th. Three research analysts have rated the stock with a Buy rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, Adherex Technologies presently has an average rating of “Hold” and an average target price of $13.33.

Adherex Technologies Price Performance

Shares of Adherex Technologies stock opened at $7.88 on Friday. Adherex Technologies has a 1-year low of $4.68 and a 1-year high of $9.92. The business’s fifty day moving average price is $8.61 and its two-hundred day moving average price is $8.37. The company has a market capitalization of $221.56 million, a P/E ratio of -18.76 and a beta of 0.71.

Adherex Technologies (NASDAQ:FENC) last issued its quarterly earnings results on Thursday, November 13th. The company reported ($0.02) EPS for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.06. The business had revenue of $12.46 million for the quarter, compared to analyst estimates of $13.43 million. On average, research analysts expect that Adherex Technologies will post -0.11 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Adherex Technologies news, major shareholder Southpoint Capital Advisors Lp sold 19,341 shares of Adherex Technologies stock in a transaction that occurred on Tuesday, November 18th. The shares were sold at an average price of $8.79, for a total value of $170,007.39. Following the transaction, the insider owned 3,744,741 shares in the company, valued at approximately $32,916,273.39. The trade was a 0.51% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Rosty Raykov sold 10,000 shares of the company’s stock in a transaction on Wednesday, November 5th. The shares were sold at an average price of $8.10, for a total value of $81,000.00. Following the completion of the transaction, the director directly owned 82,318 shares in the company, valued at $666,775.80. This represents a 10.83% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 354,248 shares of company stock worth $3,037,552 over the last quarter. Insiders own 11.76% of the company’s stock.

Institutional Investors Weigh In On Adherex Technologies

Large investors have recently modified their holdings of the stock. AQR Capital Management LLC acquired a new position in shares of Adherex Technologies in the 1st quarter worth $66,000. Jane Street Group LLC purchased a new stake in shares of Adherex Technologies during the first quarter valued at $90,000. Finally, Nuveen LLC acquired a new position in shares of Adherex Technologies in the 1st quarter valued at $158,000. 55.51% of the stock is owned by institutional investors.

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.