Adherex Technologies (NASDAQ:FENC) Cut to Strong Sell at Zacks Research

Zacks Research downgraded shares of Adherex Technologies (NASDAQ:FENC) from a hold rating to a strong sell rating in a report published on Wednesday morning,Zacks.com reports.

A number of other analysts have also issued reports on FENC. B. Riley Financial initiated coverage on shares of Adherex Technologies in a research note on Thursday, February 12th. They issued a “buy” rating and a $16.00 price target for the company. Piper Sandler assumed coverage on shares of Adherex Technologies in a research note on Friday, January 9th. They set an “overweight” rating and a $18.00 price objective on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of Adherex Technologies in a report on Thursday, January 22nd. Finally, Wall Street Zen downgraded shares of Adherex Technologies from a “strong-buy” rating to a “buy” rating in a research report on Saturday, March 14th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $15.25.

Adherex Technologies Stock Down 9.2%

Shares of NASDAQ FENC opened at $5.91 on Wednesday. Adherex Technologies has a fifty-two week low of $4.68 and a fifty-two week high of $9.92. The business has a 50 day moving average price of $7.83 and a two-hundred day moving average price of $8.09. The firm has a market cap of $203.07 million, a PE ratio of -17.38 and a beta of 0.75.

Adherex Technologies (NASDAQ:FENC) last announced its earnings results on Tuesday, March 24th. The company reported ($0.17) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.20). The business had revenue of $13.78 million during the quarter, compared to the consensus estimate of $14.73 million. On average, analysts anticipate that Adherex Technologies will post -0.11 earnings per share for the current year.

Insider Activity at Adherex Technologies

In other news, Director Rosty Raykov sold 10,349 shares of Adherex Technologies stock in a transaction that occurred on Monday, February 2nd. The stock was 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 in the company, valued at approximately $764,181.52. This trade represents a 9.51% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 11.76% of the company’s stock.

Hedge Funds Weigh In On Adherex Technologies

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

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.