Adherex Technologies Inc. (NASDAQ:FENC) Receives Average Rating of “Moderate Buy” from Brokerages

Adherex Technologies Inc. (NASDAQ:FENC) has received an average recommendation of “Moderate Buy” from the six research firms that are covering the company, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation and four have assigned a buy recommendation to the company. The average 12-month price objective among analysts that have covered the stock in the last year is $14.50.

Several analysts have recently issued reports on the stock. Piper Sandler assumed coverage on shares of Adherex Technologies in a research report on Friday, January 9th. They issued an “overweight” rating and a $18.00 price target on the stock. Zacks Research upgraded shares of Adherex Technologies from a “strong sell” rating to a “hold” rating in a research note on Friday, December 12th. Wall Street Zen upgraded Adherex Technologies from a “buy” rating to a “strong-buy” rating in a research report on Saturday, December 13th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Adherex Technologies in a report on Wednesday, October 8th.

Adherex Technologies Stock Performance

FENC stock opened at $7.46 on Friday. The stock has a fifty day moving average of $7.75 and a 200-day moving average of $8.36. Adherex Technologies has a fifty-two week low of $4.68 and a fifty-two week high of $9.92. The company has a market capitalization of $254.83 million, a price-to-earnings ratio of -32.43 and a beta of 0.78.

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

Insider Activity

In other Adherex Technologies news, major shareholder Southpoint Capital Advisors Lp sold 1,000,000 shares of Adherex Technologies stock in a transaction dated Wednesday, December 24th. The stock was sold at an average price of $7.50, for a total transaction of $7,500,000.00. Following the completion of the transaction, the insider owned 2,744,741 shares of the company’s stock, valued at $20,585,557.50. The trade was a 26.70% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Rosty Raykov sold 10,000 shares of the company’s stock in a transaction dated Friday, December 5th. The shares were sold at an average price of $7.54, for a total value of $75,400.00. Following the sale, 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. In the last 90 days, insiders sold 1,285,359 shares of company stock valued at $9,862,427. 11.76% of the stock is owned by corporate insiders.

Institutional Trading of Adherex Technologies

An institutional investor recently bought a new position in Adherex Technologies stock. Jane Street Group LLC purchased a new stake in shares of Adherex Technologies Inc. (NASDAQ:FENC) in the first quarter, according to its most recent 13F filing with the SEC. The fund purchased 14,718 shares of the company’s stock, valued at approximately $90,000. Jane Street Group LLC owned approximately 0.05% of Adherex Technologies at the end of the most recent reporting period. Institutional investors 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. 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.