Adherex Technologies (NASDAQ:FENC) Now Covered by Piper Sandler

Piper Sandler began coverage on shares of Adherex Technologies (NASDAQ:FENC) in a research report report published on Friday, MarketBeat Ratings reports. The brokerage issued an overweight rating and a $18.00 target price on the stock.

A number of other brokerages have also recently issued reports on FENC. Zacks Research upgraded 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 report on Wednesday, October 8th. Finally, Wall Street Zen upgraded Adherex Technologies from a “buy” rating to a “strong-buy” rating in a report on Saturday, December 13th. Four equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Adherex Technologies has a consensus rating of “Moderate Buy” and a consensus price target of $14.50.

Adherex Technologies Trading Up 2.5%

Shares of NASDAQ FENC opened at $7.77 on Friday. The firm has a 50-day moving average of $7.79 and a two-hundred day moving average of $8.38. Adherex Technologies has a twelve month low of $4.68 and a twelve month high of $9.92. The company has a market capitalization of $265.35 million, a price-to-earnings ratio of -33.78 and a beta of 0.78.

Adherex Technologies (NASDAQ:FENC) last released its earnings results on Thursday, November 13th. The company reported ($0.02) EPS for the quarter, beating the consensus estimate 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. As a group, research analysts predict that Adherex Technologies will post -0.11 earnings per share for the current year.

Insider Buying and Selling

In other Adherex Technologies news, major shareholder Southpoint Capital Advisors Lp sold 1,000,000 shares of Adherex Technologies stock in a transaction on Wednesday, December 24th. The shares were sold at an average price of $7.50, for a total transaction of $7,500,000.00. Following the completion of the sale, the insider owned 2,744,741 shares of the company’s stock, valued at $20,585,557.50. This trade represents a 26.70% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Rosty Raykov sold 10,000 shares of the business’s stock in a transaction on Friday, December 5th. The shares were sold at an average price of $7.54, for a total transaction of $75,400.00. Following the transaction, the director owned 77,526 shares in the company, valued at approximately $584,546.04. This represents a 11.43% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 1,285,359 shares of company stock valued at $9,862,427 over the last three months. 11.76% of the stock is owned by insiders.

Institutional Trading of Adherex Technologies

An institutional investor recently bought a new position in Adherex Technologies stock. AQR Capital Management LLC bought a new position in Adherex Technologies Inc. (NASDAQ:FENC) in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 10,897 shares of the company’s stock, valued at approximately $66,000. Institutional investors and hedge funds own 55.51% of the company’s stock.

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.