Brokerages Set Adherex Technologies Inc. (NASDAQ:FENC) PT at $14.50

Shares of Adherex Technologies Inc. (NASDAQ:FENC) have been assigned an average recommendation of “Moderate Buy” from the seven ratings firms that are currently covering the company, Marketbeat.com reports. One analyst has rated the stock with a sell rating, one has assigned a hold rating and five have given a buy rating to the company. The average twelve-month price target among brokers that have issued a report on the stock in the last year is $14.80.

Several equities analysts have recently commented on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Adherex Technologies in a report on Thursday, January 22nd. B. Riley Securities started coverage on Adherex Technologies in a research report on Thursday. They issued a “buy” rating and a $16.00 target price on the stock. Wall Street Zen cut Adherex Technologies from a “strong-buy” rating to a “buy” rating in a research note on Saturday, January 17th. Piper Sandler began coverage on Adherex Technologies in a research report on Friday, January 9th. They issued an “overweight” rating and a $18.00 target price for the company. Finally, Zacks Research upgraded shares of Adherex Technologies from a “strong sell” rating to a “hold” rating in a research note on Friday, December 12th.

Insider Buying and Selling

In other Adherex Technologies news, Director Rosty Raykov sold 10,349 shares of the firm’s stock in a transaction that occurred on Monday, February 2nd. The shares were sold at an average price of $7.76, for a total value of $80,308.24. Following the completion of the transaction, the director owned 98,477 shares of the company’s stock, valued at $764,181.52. This trade represents a 9.51% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, major shareholder Southpoint Capital Advisors Lp sold 1,000,000 shares of the business’s stock in a transaction on 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 approximately $20,585,557.50. This trade represents a 26.70% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 1,125,608 shares of company stock worth $8,580,935. 11.76% of the stock is owned by company insiders.

Institutional Inflows and Outflows

An institutional investor recently bought a new position in Adherex Technologies stock. Jane Street Group LLC bought a new position in shares of Adherex Technologies Inc. (NASDAQ:FENC) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 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 quarter. Institutional investors own 55.51% of the company’s stock.

Adherex Technologies Stock Up 4.9%

NASDAQ:FENC opened at $8.20 on Tuesday. Adherex Technologies has a 52 week low of $4.68 and a 52 week high of $9.92. The stock’s fifty day moving average is $7.67 and its two-hundred day moving average is $8.23. The company has a market capitalization of $280.60 million, a P/E ratio of -35.65 and a beta of 0.77.

Adherex Technologies (NASDAQ:FENC) last issued its quarterly earnings data on Thursday, November 13th. The company reported ($0.02) earnings per share (EPS) for the quarter, topping 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. Sell-side analysts anticipate that Adherex Technologies will post -0.11 earnings per share 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. 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.