Adherex Technologies (NASDAQ:FENC) Cut to Buy at Wall Street Zen

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

Several other brokerages have also recently weighed in on FENC. Zacks Research raised shares of Adherex Technologies from a “strong sell” rating to a “hold” rating in a report on Friday, December 12th. Piper Sandler initiated coverage on shares of Adherex Technologies in a report on Friday, January 9th. They set an “overweight” rating and a $18.00 price target for the company. B. Riley Financial started coverage on shares of Adherex Technologies in a research report on Thursday, February 12th. They issued a “buy” rating and a $16.00 price objective on the stock. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Adherex Technologies in a report on Thursday, January 22nd. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $15.25.

Adherex Technologies Price Performance

FENC stock opened at $7.52 on Friday. The business’s 50-day moving average is $7.95 and its two-hundred day moving average is $8.23. The firm has a market capitalization of $257.33 million, a P/E ratio of -32.70 and a beta of 0.75. Adherex Technologies has a 1 year low of $4.68 and a 1 year high of $9.92.

Insider Activity at Adherex Technologies

In related news, Director Rosty Raykov sold 10,349 shares of the business’s stock in a transaction that occurred 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 sale, the director owned 98,477 shares in the company, valued at $764,181.52. The trade was a 9.51% decrease in their ownership of the stock. The transaction was disclosed in a document filed 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 the company’s stock in a transaction that occurred on Wednesday, December 24th. The shares were 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 $20,585,557.50. This trade represents a 26.70% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 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 acquired a new position in shares of Adherex Technologies Inc. (NASDAQ:FENC) in the first quarter, according to its most recent disclosure with the SEC. The firm acquired 10,897 shares of the company’s stock, valued at approximately $66,000. 55.51% of the stock is currently owned by hedge funds and other institutional investors.

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.