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

Shares of Adherex Technologies Inc. (NASDAQ:FENC) have been assigned a consensus recommendation of “Hold” from the five brokerages that are covering the firm, Marketbeat reports. Two investment analysts have rated the stock with a sell rating and three have assigned a buy rating to the company. The average twelve-month target price among analysts that have updated their coverage on the stock in the last year is $13.3333.

A number of equities research analysts recently commented on the company. Wall Street Zen lowered Adherex Technologies from a “strong-buy” rating to a “buy” rating in a research report on Sunday, November 23rd. Zacks Research cut shares of Adherex Technologies from a “hold” rating to a “strong sell” rating in a research note on Tuesday, October 14th. HC Wainwright reiterated a “buy” rating and issued a $13.00 price objective on shares of Adherex Technologies in a research note on Thursday, August 21st. Weiss Ratings reissued a “sell (d-)” rating on shares of Adherex Technologies in a report on Wednesday, October 8th. Finally, Craig Hallum boosted their target price on shares of Adherex Technologies from $13.00 to $14.00 and gave the company a “buy” rating in a research report on Friday, August 15th.

Insider Transactions at Adherex Technologies

In related news, Director Rosty Raykov sold 10,000 shares of Adherex Technologies stock in a transaction that occurred on Wednesday, November 5th. The stock was sold at an average price of $8.10, for a total transaction of $81,000.00. Following the completion of the transaction, the director directly owned 82,318 shares in the company, valued at approximately $666,775.80. This trade represents a 10.83% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Southpoint Capital Advisors Lp sold 160,100 shares of the business’s stock in a transaction that occurred on Friday, November 14th. The shares were sold at an average price of $8.00, for a total value of $1,280,800.00. Following the completion of the transaction, the insider directly owned 3,850,000 shares of the company’s stock, valued at $30,800,000. The trade was a 3.99% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 354,248 shares of company stock valued at $3,037,552 in the last quarter. Company insiders own 11.76% of the company’s stock.

Hedge Funds Weigh In On Adherex Technologies

A number of hedge funds have recently bought and sold shares of the business. Nuveen LLC purchased a new stake in shares of Adherex Technologies in the first quarter valued at approximately $158,000. Jane Street Group LLC purchased a new position in shares of Adherex Technologies during the 1st quarter valued at approximately $90,000. Finally, AQR Capital Management LLC purchased a new position in shares of Adherex Technologies during the 1st quarter valued at approximately $66,000. Hedge funds and other institutional investors own 55.51% of the company’s stock.

Adherex Technologies Price Performance

FENC stock opened at $8.18 on Thursday. The business has a 50 day simple moving average of $8.53 and a two-hundred day simple moving average of $8.43. Adherex Technologies has a 1-year low of $4.68 and a 1-year high of $9.92. The company has a market capitalization of $279.27 million, a price-to-earnings ratio of -19.48 and a beta of 0.71.

Adherex Technologies (NASDAQ:FENC) last posted its quarterly earnings results on Thursday, November 13th. The company reported ($0.02) earnings per share for the quarter, beating the consensus estimate of ($0.08) by $0.06. The firm had revenue of $12.46 million for the quarter, compared to analysts’ expectations of $13.43 million. Sell-side analysts anticipate 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.