Adherex Technologies Inc. (NASDAQ:FENC) Given Consensus Recommendation of “Hold” by Analysts

Adherex Technologies Inc. (NASDAQ:FENC) has been given a consensus recommendation of “Hold” by the five brokerages that are covering the stock, Marketbeat.com reports. One investment analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation and three have assigned a buy recommendation to the company. The average 12 month price target among brokerages that have covered the stock in the last year is $13.3333.

FENC has been the subject of several research analyst reports. Zacks Research raised shares of Adherex Technologies from a “strong sell” rating to a “hold” rating in a report on Friday, December 12th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Adherex Technologies in a research note on Wednesday, October 8th. Finally, Wall Street Zen raised Adherex Technologies from a “buy” rating to a “strong-buy” rating in a research note on Saturday, December 13th.

Adherex Technologies Stock Up 1.1%

Shares of FENC stock opened at $7.66 on Monday. Adherex Technologies has a 12-month low of $4.68 and a 12-month high of $9.92. The firm has a fifty day moving average of $8.07 and a 200-day moving average of $8.43. The firm has a market capitalization of $261.59 million, a price-to-earnings ratio of -33.30 and a beta of 0.75.

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

Insider Activity

In related news, major shareholder Southpoint Capital Advisors Lp sold 19,341 shares of Adherex Technologies stock in a transaction on Tuesday, November 18th. The shares were sold at an average price of $8.79, for a total transaction of $170,007.39. Following the completion of the transaction, the insider owned 3,744,741 shares of the company’s stock, valued at $32,916,273.39. This trade represents a 0.51% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Rosty Raykov sold 10,000 shares of Adherex Technologies stock in a transaction that occurred on Friday, December 5th. The stock was sold at an average price of $7.54, for a total value of $75,400.00. Following the completion of the sale, the director owned 77,526 shares of the company’s stock, valued at approximately $584,546.04. The trade was a 11.43% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders sold 364,248 shares of company stock valued at $3,112,952. Insiders own 10.98% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in FENC. Nuveen LLC bought a new stake in shares of Adherex Technologies during the 1st quarter valued at $158,000. AQR Capital Management LLC bought a new stake in Adherex Technologies during the first quarter worth about $66,000. Finally, Jane Street Group LLC purchased a new position in shares of Adherex Technologies in the 1st quarter worth about $90,000. 55.51% of the stock is currently owned by hedge funds and other institutional investors.

Adherex Technologies Company Profile

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. The company was formerly known as Adherex Technologies Inc and changed its name to Fennec Pharmaceuticals Inc in September 2014. Fennec Pharmaceuticals Inc was founded in 1996 and is based in Research Triangle Park, North Carolina.