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

Adherex Technologies Inc. (NASDAQ:FENC) has been assigned a consensus recommendation of “Moderate Buy” from the six brokerages that are covering the company, Marketbeat Ratings reports. Two research analysts have rated the stock with a sell rating, three have given a buy rating and one has given a strong buy rating to the company. The average 12 month price objective among brokers that have covered the stock in the last year is $15.25.

A number of equities analysts have recently issued reports on FENC shares. Zacks Research cut Adherex Technologies from a “hold” rating to a “strong sell” rating in a report on Wednesday, March 25th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Adherex Technologies in a research note on Thursday, January 22nd. Piper Sandler assumed coverage on Adherex Technologies in a research note on Friday, January 9th. They set an “overweight” rating and a $18.00 price objective for the company. B. Riley Financial initiated coverage on Adherex Technologies in a report on Thursday, February 12th. They set a “buy” rating and a $16.00 price objective for the company. Finally, Wall Street Zen downgraded shares of Adherex Technologies from a “strong-buy” rating to a “buy” rating in a research note on Saturday, March 14th.

Adherex Technologies Stock Performance

Shares of Adherex Technologies stock opened at $6.15 on Wednesday. The firm has a market cap of $211.99 million, a P/E ratio of -18.09 and a beta of 0.75. The firm’s 50-day simple moving average is $7.77 and its 200-day simple moving average is $8.04. Adherex Technologies has a twelve month low of $4.68 and a twelve month high of $9.92.

Adherex Technologies (NASDAQ:FENC) last posted its quarterly earnings results on Friday, March 27th. The company reported ($0.17) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.04 by ($0.21). The business had revenue of $13.78 million during the quarter, compared to analyst estimates of $14.75 million. Adherex Technologies had a negative return on equity of 183.18% and a negative net margin of 22.62%. On average, equities analysts forecast that Adherex Technologies will post -0.11 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Adherex Technologies news, Director Rosty Raykov sold 10,349 shares of the business’s stock in a transaction dated Monday, February 2nd. The shares were sold at an average price of $7.76, for a total value of $80,308.24. Following the transaction, the director directly 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 filing with the Securities & Exchange Commission, which is available at this hyperlink. 10.98% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

An institutional investor recently bought a new position in Adherex Technologies stock. Jane Street Group LLC purchased a new position in shares of Adherex Technologies Inc. (NASDAQ:FENC) during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor 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 as of its most recent SEC filing. 55.51% of the stock is currently owned by 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.