Adherex Technologies (NASDAQ:FENC) Upgraded to Strong-Buy at Wall Street Zen

Adherex Technologies (NASDAQ:FENC) was upgraded by stock analysts at Wall Street Zen from a “buy” rating to a “strong-buy” rating in a note issued to investors on Saturday.

Several other research analysts also recently commented on FENC. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Adherex Technologies in a research note on Thursday, January 22nd. B. Riley Securities began coverage on shares of Adherex Technologies in a report on Thursday. They issued a “buy” rating and a $16.00 price target on the stock. Piper Sandler started coverage on shares of Adherex Technologies in a research report on Friday, January 9th. They issued an “overweight” rating and a $18.00 price objective on the stock. Finally, Zacks Research upgraded shares of Adherex Technologies from a “strong sell” rating to a “hold” rating in a report on Friday, December 12th. Five analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Adherex Technologies currently has a consensus rating of “Moderate Buy” and a consensus target price of $14.80.

Adherex Technologies Trading Up 2.7%

Shares of NASDAQ FENC opened at $8.42 on Friday. The business has a 50-day moving average of $7.69 and a 200-day moving average of $8.23. The firm has a market capitalization of $288.13 million, a price-to-earnings ratio of -36.61 and a beta of 0.77. Adherex Technologies has a 12 month low of $4.68 and a 12 month high of $9.92.

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

Insider Buying and Selling

In other news, Director Rosty Raykov sold 10,349 shares of the firm’s stock in a transaction on Monday, February 2nd. The stock was sold at an average price of $7.76, for a total transaction of $80,308.24. Following the completion of the transaction, the director directly owned 98,477 shares in the company, valued at $764,181.52. This trade represents a 9.51% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, 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 value of $7,500,000.00. Following the completion of the transaction, the insider directly owned 2,744,741 shares of the company’s stock, valued at approximately $20,585,557.50. This represents a 26.70% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 1,125,608 shares of company stock valued at $8,580,935. 11.76% of the stock is owned by corporate insiders.

Institutional Trading of Adherex Technologies

A hedge fund recently bought a new stake in Adherex Technologies stock. AQR Capital Management LLC bought a new position in Adherex Technologies Inc. (NASDAQ:FENC) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 10,897 shares of the company’s stock, valued at approximately $66,000. Hedge funds and other 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.